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2nd Mortgage

Posted in: 2nd Mortgage
By Taylor Mortgage Group

What is a 2nd mortgage?

 Second mortgages are subordinate because, if the loan goes into default, the first mortgage gets paid off first before the second mortgage.

2nd mortgage refers typically to a secured loan 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 City registry first is called the first mortgage or first position trust deed. The lien registered second is called the second mortgage. A property can have a third or even fourth mortgage, but those are rare.

Lenders reviewing the application for a second mortgage look for the following:

Significant equity in the first mortgage

High credit score

Low debt-to-income ratio

Solid employment history  

For more information about creative solutions for home loans, reverse mortgages, and other mortgage products used to develop housing, industries, businesses, and cooperatives, call Taylor Mortgage Group LLC at 303-339-5950 or Janie Taylor direct at 303-884-9393.


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