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Second mortgage |
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Second MortgageA mortgage which ranks after a first mortgage in priority. Properties may have two, three, or more Mortgages, deeds of trust, or land contracts, as liens at the same time. Legal priority would determine whether they are called a first, second, third, etc. lien.Second mortgageThe taking out of a mortgage on a property which is already mortgaged. This can be used to raise capital if the property has significantly increased in value and would involve finance companies rather than banks or building societies. Since the first mortgagee (lender) usually holds the deeds of the property, the second mortgagee will carry a higher risk and thus charges a considerably higher rate of interest.Similar MatchesSecondary mortgage marketSecondary mortgage marketBuying and selling existing mortgage loans, which are often pooled and traded as mortgage-backed securities. Multifamily mortgageMultifamily mortgageA mortgage on a multifamily dwelling with more than four families, typically an apartment building. Federal National Mortgage Association (FannieMae)Federal National Mortgage Association (FannieMae)A publicly owned, government-sponsored corporation chartered in 1938 to purchase mortgages from lenders and resell them to investors. Known by the nickname Fannie Mae, it packages mortgages backed by the Federal Housing Administration, but also sells some nongovernment-backed mortgages. Government insured mortgageGovernment insured mortgageLoans in which the government promises to make good on the insured portion, should the borrow default on the loan. Generally, government loans do not require large down payments. They do, however, have strict eligibility requirements. Chattel MortgageChattel MortgageA loan agreement that grants to the lender a lien on property other than real estate. Chattel is personal or movable property. Further SuggestionsMortgage pipeline riskMortgage Company Consolidated mortgage bond Lehman Brothers Mortgage Backed Securities Index Non status mortgage Guarantee mortgage MIG Mortgage Indemnity Guarantee Mortgage pool mortgagee Mortgage confirmation Reverse mortgage Bi weekly mortgage loan Private Mortgage Insurance (PMI) Mortgage types Mortgage Low start mortgage Federal National Mortgage Association variable rate mortgage interest only mortgage Standing mortgage base rate tracker mortgage Index tracker mortgage adjustable rate mortgage Euro mortgage Take back mortgage |
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