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The exact date and time that a loan records in the county recorder’s office is the only thing that determines whether a mortgage is a first mortgage or a second mortgage. If the first mortgage is paid in full prior to the second mortgage, the second mortgage becomes the new first mortgage.
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The primary mortgage lender has the first claim to the proceeds from foreclosure, and the secondary lien holder has a claim to anything that is left over. The home equity loan or second mortgage has a slightly higher interest rate than the interest rate on a first mortgage.
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A second mortgage is a loan that uses your home as collateral, similar to a loan you might have used to purchase your home. The loan is known as a "second" mortgage because your purchase loan is typically the first loan that is secured by a lien on 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.
A second mortgage is a home equity loan you take out using the equity you’ve built in your home, either through paying down (or making payments toward) the principle of the first mortgage or through an increase in the property’s real estate value.
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When you take out a home equity loan, you don’t get a big loan used to repay your current mortgage and keep the cash left over. Instead, you keep your current mortgage and take out a second smaller.
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Second Mortgage Loans A second mortgage is an additional loan taken out on a property that is already mortgaged. For the lender, this is more risky than the first mortgage, because they are in second position on your property’s title.