Business / Real Estate / Second Mortgage: A mortgage (or trust deed) that is junior or subordinate to a first mortgage, typically, an additional loan imposed on top of the first mortgage, taken out when the borrower needs more money. Because the risk involved to the lender is greater with the second mortgage, the lenders conditions are usually more stringent, the term is shorter and the interest rate is higher than for the first mortgage.
Second Adjective Synonyms: subsequent, following, next
Second Noun Synonyms: alternate, other
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
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