Second Mortgage
A mortgage registered on title to a property but ranking in priority immediately below a first mortgage. If the borrower defaults and the property is sold, the second mortgage does not get paid until after the first mortgage is paid off in full.
About The Author
Don Scott
Don Scott is the founder of a challenger mortgage brokerage that is focused on improving access to mortgages. We can eliminate traditional biases and market restrictions through the use of technology to deliver a mortgage experience focused on the customer. Frankly, getting a mortgage doesn't have to be stressful.
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