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LendingRisk.com Mortage Industry Dictionary

Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.

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Second Mortgage

A mortgage loan in a subordinated position to the primary mortgage loan on a subject property. Second mortgages typically carry a higher rate than a first mortgage since they represent a higher risk for an investor.

See Home Equity Loan

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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.