Mortgage Broker Company - A Second Mortgage

A second mortgage is a mortgage that is an amount borrowed on a property that already has a mortgage attached.

It is another loan on a piece of property. A second mortgage usually has a higher interest rate than the first mortgage.  The first mortgage is a higher priority. 

Before you can obtain a second mortgage the lender will check the feasability that you can pay the first mortgage and the second mortgage. So be prepared with all of your financial information.  

 

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