whats the difference between the two? what are examples of second mortgages and first mortgages? thanks!
A first mortgage is simple. It’s the first mortgage gotten on a property. It is typically the largest one.
A second mortage is jsut a secondary lein to the title of the home. The best known type is a Home-Equity loan. There are a few others, but that is the best type.
The big difference is if the home is foreclosed on, the first mortgage is paid first. Any money left would go to the second mortgage company.
June 28th, 2010 at 9:47 pm
A first mortgage is simple. It’s the first mortgage gotten on a property. It is typically the largest one.
A second mortage is jsut a secondary lein to the title of the home. The best known type is a Home-Equity loan. There are a few others, but that is the best type.
The big difference is if the home is foreclosed on, the first mortgage is paid first. Any money left would go to the second mortgage company.
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