second mortgage

noun

Definition of second mortgage

: a mortgage the lien of which is subordinate to that of a first mortgage

Examples of second mortgage in a Sentence

Recent Examples on the Web Home equity line of credit Also referred to as a HELOC, this is a second mortgage that allows a homeowner to borrow money against their home's value. Monique Valeris, Good Housekeeping, "The Top Real Estate Terms You Need to Know," 18 Mar. 2021 The assistance would come in the form of a no-interest second mortgage, which requires no repayment until the property is sold or transferred, or in some cases, when the mortgage is refinanced, Parks Jackson told The Plain Dealer and cleveland.com. Courtney Astolfi, cleveland, "Cuyahoga County Council committee approves mortgage assistance for homeowners financially hit by pandemic," 30 Nov. 2020 The downside includes having to secure a second mortgage to obtain LPs that barely made it to the thrift-store dollar bins a decade earlier. Jim Allen, Popular Mechanics, "The Best Turntables at Any Price You Can Buy Right Now," 23 Nov. 2020 The downside includes having to secure a second mortgage to obtain LPs that barely made it to the thrift-store dollar bins a decade earlier. Jim Allen, Popular Mechanics, "The Best Turntables at Any Price You Can Buy Right Now," 23 Nov. 2020 When Yellow-Green closed, Hadley drained his savings account and took out a second mortgage on his house. Phillip Valys, sun-sentinel.com, "Here’s when Hollywood’s Yellow-Green Farmers Market plans to reopen," 4 Nov. 2020 Such loans are essentially a second mortgage and allow homeowners to borrow against their equity a predetermined amount at their discretion. Andrew Khouri, Los Angeles Times, "Even if you want to buy a home, it’s harder now to get a loan. Or tap home equity," 7 May 2020 Refinancing occurs for reasons besides lower rates, including removal of mortgage insurance, pulling cash out for home improvements, debt consolidation and combining a first and second mortgage. Washington Post, "What to know before refinancing your home loan," 17 Sep. 2019 The same thinking held sway with millions of other Americans who had both first and second mortgages. Ryan Dezember, WSJ, "A Hedge Fund Makes Billions Off Americans’ Underwater Mortgages," 25 Dec. 2018

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'second mortgage.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of second mortgage

1912, in the meaning defined above

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Time Traveler for second mortgage

Time Traveler

The first known use of second mortgage was in 1912

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Statistics for second mortgage

Last Updated

22 Mar 2021

Cite this Entry

“Second mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/second%20mortgage. Accessed 13 Apr. 2021.

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More Definitions for second mortgage

second mortgage

Legal Definition of second mortgage

— see mortgage

Comments on second mortgage

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