Second Mortgage
A Second Mortgage is simply another mortgage on your home – a loan secured against the property. The term “second” indicates that the loan does not have priority on your home in case you default. Instead, your first mortgage has priority and would be paid before any funds go towards the second mortgage.
These types of loans are appropriate for times when you need extra money. You may not have unlimited credit on your credit cards, and finding the cash just lying around is difficult.
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