Second Mortgage
In the real estate world, properties can have multiple loans or liens against them. The first mortgage, or first position trust deed, is the original loan which is registered with the city or county registry. The next lien registered is called the second mortgage, which is usually subordinate to the original. In rare cases, a property can have a third, or even fourth mortgage, but this is not the norm.
A second mortgage usually takes the form of a home equity loan, and the two are synonymous from a financial standpoint. The only difference is that a mortgage, from a legal standpoint, typically refers to the lien rather than the debt itself.
When lenders consider an application for a second mortgage, they usually look for substantial equity in the first mortgage, high credit scores, solid employment history, and a high income-to-debt-ratio.
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