Secondary Mortgage
/ˈsɛkəndɛri ˈmɔːrɡɪdʒ/
Definitions
- (n.) A mortgage that is subordinate to a primary mortgage, creating a junior lien on the property.
The lender took a secondary mortgage to secure additional funds after the first mortgage was finalized.
Forms
- secondary mortgage
- secondary mortgages
Related terms
See also
Commentary
Secondary mortgages typically have higher interest rates and greater risk due to their subordinate lien position.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.