MortgagesHomebuying Glossary
Second Mortgage
An additional loan taken out against a home that already has a primary mortgage.
In plain English
A second mortgage is a separate loan secured by your home's equity, taken out in addition to your original (first) mortgage. Home equity loans and HELOCs are the most common types.
Why it matters
In a foreclosure, second mortgages are repaid after the first mortgage — which is part of why they typically carry a higher interest rate.
Where you'll run into it
Guides and tools on TheBuyingPath that cover second mortgage in context.
Related terms
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