TeachMeFinance.com - explain second mortgage
second mortgage -- see junior mortgage.
junior mortgage -- a mortgage that is subordinate to claims of a prior lien or mortgage. Borrowers sometimes use junior mortgages to obtain additional funds needed for downpayments or closing costs. Lenders tend to discourage junior financing because the borrower has little or no equity in the home. Also called a second mortgage.
Second mortgage -- The mortgage that is a lien after the first mortgage.
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