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Second Mortgages

Second Mortgages = CashHere’s an overview of second mortgages and why you may be in the market for them one of these days:

  • As the name suggests, mortgages of this nature are subordinate to your initial home loan. They follow it in sequence.
  • While it’s rare to ever have a third or fourth mortgage, they are accepted. Typically, however, real estate has one loan which is registered with county or city registry first - followed by second mortgages for those that need extra cash.
  • Second home mortgages are riskier because if the loan goes into default, the first mortgage gets paid off before the second. Therefore, lenders charge higher interest on the latter.

So, why would you apply for second mortgages?

Because you may need money in a pinch. Taking out another home loan provides you with the funds necessary to send a child to college or purchase a car. Just keep the extra set of payments in mind.

Speak with our brokerage to understand how to afford two mortgages. It’s not as difficult as it may seem - but it’s important to have all the facts.