Home
E-Mail
Latest

Second Mortgage Financial Glossary

What is it? A junior mortgage that 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.

Finance Term Definition Added By: Alexis

The Second Mortgage definition has been viewed 1926 Time(s)!




Send To Friends!

If you'd like to send the Second Mortgage definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -





We hope you now understand the meaning of Second Mortgage. If you need any more information on this term, please don't hesitate to contact us.

Other Similar Finance Terms:

Financial Term Subordinated Debt is A financial instrument with qualities of both debt and equity, often used in transactions as an alternative, or complement to, pure equity. See also Mezzanine Financing.

Financial Term Permanent Health Insurance (PHI) is This is a type of insurance which will pay a proportion of normal income in the event that the policyholder is unable to work due to accident, sickness or disability. These policies are normally used to replace a percentage of full income rather than just the mortgage repayment but the level of cover can be selected up to certain maximum levels. This type of cover should not be confused with ASU/ASR policies which will normally only cover the mortgage payment for a limited period of time. PHI policies can be arranged to pay income until a return to work or normal retirement age.

Financial Term Operating Ledger is Stores cumulative totals of revenue, expense and transfer transactions on a fiscal year basis.

Financial Term Load Fund is A mutual fund that carries a sales charge.

Financial Term Agreement for Sale is A document in which the purchaser agrees to buy certain real estate (or personal property) and the seller agrees to sell under stated terms and conditions. Also called sales contact, binder or earnest money contract.