What is a second mortgage loan or "junior-lien"? A second mortgage or junior-lien is a loan you take out using your house as collateral while you still have another loan secured by your house. home equity loans and home equity lines of credit (HELOCs) are common examples of second mortgages.
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A second mortgage is when an additional loan, with a different mortgage lender, is taken on a property that is already mortgaged. When the mortgage holder makes payments on the second mortgage, they must also continue to make payments on the primary mortgage. So, how does a second mortgage work?
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What Homeowners Need to Know About Second Mortgages. A second mortgage – also referred to as a home equity loan or home equity line of credit – is just what it sounds like: another (second) mortgage on your home. Like with your original mortgage, your second mortgage is secured by your home, meaning that if you don’t pay the loan, the bank can take your home.
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A second mortgage is another loan taken against a property that is already mortgaged. Many people consider using their home equity to finance large financial needs, but mortgage industry jargon has confused the meaning of certain terms – including second mortgage home equity loan and home equity line of credit (HELOC).
The second mortgage is a new loan and there are fees involved. There are loan origination fees, appraisal fees and closing costs as there were with the first mortgage. The second mortgage may be harder to obtain. When a first mortgage is refinanced, the lender has the first lien on the property if there is a foreclosure or loan default.
A second mortgage, also known as a home equity loan and a home equity line of credit (HELOC), is a loan that’s determined by your home’s market value and may be used if you’re in a financial bind or need home improvements.