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What is a second mortgage loan or "junior-lien"? – Answer: 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. If there is not enough equity to pay off both loans completely, your second mortgage loan lender may not get the full amount it is owed. As a result, second mortgage loans often carry higher interest rates than first mortgage loans.
Seller carryback financing is basically when a seller acts as the bank or lender and carries a second mortgage on the subject property, which the buyer pays down each month along with their first mortgage.
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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 similar to a first mortgage.It is a loan that is secured by your home. The loan is a set amount and you will receive a one-time payout for the amount of the loan. Then the payments are for a set amount each month for the set term of the loan.
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A second mortgage is an additional loan that can be acquired after the first. The same assets that were used to secure the first, must be used to secure the second. Generally, the interest rate on a second mortgage is higher than that of a first. Equity determines the quantity and type of second mortgage an individual qualifies for.