- second mortgage second mortgage ➔ mortgage1
* * *second mortgage UK US noun [C] (also remortgage, also US home equity loan) FINANCE, PROPERTY► a loan that someone gets using their property as security (= an asset that the lender can take if the loan is not paid back), when they have already used this type of loan to buy the property: »
The bank offers a 20-year, fixed-rate second mortgage option at an amount up to 4% of the appraised value of the home.
Financial and business terms. 2012.
Look at other dictionaries:
second mortgage — see mortgage Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. second mortgage n … Law dictionary
second mortgage — n. an additional mortgage placed on property already mortgaged: it ranks below the first mortgage in priority of claim … English World dictionary
Second mortgage — A second mortgage typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property. In real estate, a property can have multiple loans or liens against it. The loan which is registered with county or… … Wikipedia
Second Mortgage — A type of subordinate mortgage made while an original mortgage is still in effect. In the event of default, the original mortgage would receive all proceeds from the liquidation of the property until it is all paid off. Since the second mortgage… … Investment dictionary
second mortgage — A mortgage taken out on a property that is already mortgaged. Second and subsequent mortgages can often be used to raise money from a finance house (but not a commercial bank or building society) if the value of the property has increased… … Big dictionary of business and management
second mortgage — additional mortgage, second loan gained by placing a property in mortgage … English contemporary dictionary
second mortgage — A junior mortgage, a mortgage to which another mortgage is prior … Ballentine's law dictionary
second mortgage — noun a mortgage that is subordinate to a first mortgage • Hypernyms: ↑mortgage … Useful english dictionary
second mortgage — Fin a loan, that uses the equity on a mortgaged property as security, taken out with a different lender than the first mortgage. As the first mortgagee holds the deeds, the second mortgagee has to register its interest and cannot foreclose… … The ultimate business dictionary
second mortgage — noun Date: 1912 a mortgage the lien of which is subordinate to that of a first mortgage … New Collegiate Dictionary