Business / Debt / Second Mortgage: A second mortgage is taking out a mortgage on a property which is already mortgaged. This can be used to raise capital if the property has significantly increased in value and would involve finance companies rather than banks or building societies. Since the first mortgagee (lender) usually holds the deeds of the property, the second mortgagee will carry a higher risk and thus charges a considerably higher rate of interest.Secured BondA bond which is secured by the guarantee of assets or collateral is a secured bond.
Second Adjective Synonyms: subsequent, following, next
Second Verb Synonyms: moment, instant, flash, minute, twinkling or wink or bat (of an eye), split second, sec, jiffy, two shakes (of a lamb's tail), tick, half a mo
Second Noun Synonyms: alternate, other
Business / Real Estate / Junior Lien-Mortgage: An obligation, such as a second mortgage, that is subordinate in right or lien priority to an existing lien (senior loan) on the same real estate. MORE
Business / Finance / Purchase-Money Mortgage: A mortgage given by a buyer in lieu of cash when the buyer is unable to borrow commercially for the purchase of property. MORE