Second mortgage
In Real Estate terminology how do you define what "Second mortgage" mean exactly?
I have the impression I replied to this same question before, anyhow it's a mortgage that it's subordinate to the first mortgage.
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For my answer its when you have a mortgage and then in the process of paying it off you decide to refinance everything and essentially take out a second mortgage that sort of pays off the first and you start new with a different rate.
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