A mortgage for a vacation home is similar to that of your primary residence, except for a few critical differences: Second home mortgage rates tend to be higher, and it may be harder to qualify ...
So the primary lender in a mortgage is the first lienholder. Another bank that grants a second mortgage assumes the role of the second lienholder. As such, a second-lien debt is subordinate to the ...
Text Callout : Key Takeaways - What Is a Second Mortgage? A second mortgage is a loan secured by real estate when there is already another loan on the property. Second mortgages are sometimes ...