Mortgage Second

A second mortgage is a secured loan or mortgage that is secondary to another loan against the same property. The loan which is registered with county or city registry first is called the first mortgage. The loan registered second is called the second mortgage.

Second mortgages are called subsidiary mortgage because, if the borrower of the loan fails to pay the actual amount of the loan than the first mortgage gets paid off first, before the second mortgage gets any money. Thus, second mortgages are riskier for the lender, who generally charges a higher interest rate.
A borrower goes for the second mortgage as it is much simpler than borrowing at the first time, and the cost of the transactions involved will be significantly lower.

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