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Meaning of "second mortgage" in the English dictionary

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DICTIONARY
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PRONUNCIATION OF SECOND MORTGAGE

second mortgage play
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GRAMMATICAL CATEGORY OF SECOND MORTGAGE

noun
adjective
verb
adverb
pronoun
preposition
conjunction
determiner
exclamation
Second mortgage is a noun.
A noun is a type of word the meaning of which determines reality. Nouns provide the names for all things: people, objects, sensations, feelings, etc.

WHAT DOES SECOND MORTGAGE MEAN IN ENGLISH?

Second mortgage

On conventional loans a 2nd Mortgage is a second lien on a property. Called lien holders positioning the 2nd mortgage falls behind the 1st mortgage. When refinancing if the homeowner wants to refinance the 1st mortgage and keep the 2nd mortgage, the homeowner has to request a subordination from the 2nd lender to let the new 1st lender step into the first lien holder position. A 2nd mortgage can be structured as a fixed amount to be paid off in a specific time, called home equity term. They can also be structured like a credit card giving the borrower the option to make a payment less than the interest charged each month. 2nd mortgages are riskier for lenders and thus generally come with a higher interest rate than first mortgages. This is due if the loan goes into default, the first mortgage gets paid off first before the second mortgage. Commercial loans can have multiple loans as long as the equity supports it. Due to lender guidelines, it is rare for conventional loans for a property having a 3rd or 4th mortgage. In the terms of foreclosure, a second lien holder can start the foreclose process when a homeowner stops making payments.

Definition of second mortgage in the English dictionary

The definition of second mortgage in the dictionary is a mortgage incurred after a first mortgage and having second claim against the security.

WORDS THAT BEGIN LIKE SECOND MORTGAGE

second generation
second growth
second hand
second home
second house
Second International
second language
second lieutenant
second man
second mate
second name
second nature
second officer
second opinion
second person
second reading
Second Reich
Second Republic
second row
second sight

WORDS THAT END LIKE SECOND MORTGAGE

baggage
carry-on luggage
chattel mortgage
disengage
emotional baggage
endowment mortgage
engage
first mortgage
gage
hand baggage
hand luggage
joint mortgage
left luggage
low-start mortgage
luggage
mortgage
pension mortgage
re-engage
remortgage
repayment mortgage

Synonyms and antonyms of second mortgage in the English dictionary of synonyms

SYNONYMS

Translation of «second mortgage» into 25 languages

TRANSLATOR
online translator

TRANSLATION OF SECOND MORTGAGE

Find out the translation of second mortgage to 25 languages with our English multilingual translator.
The translations of second mortgage from English to other languages presented in this section have been obtained through automatic statistical translation; where the essential translation unit is the word «second mortgage» in English.

Translator English - Chinese

第二套房贷
1,325 millions of speakers

Translator English - Spanish

segunda hipoteca
570 millions of speakers

English

second mortgage
510 millions of speakers

Translator English - Hindi

दूसरा बंधक
380 millions of speakers
ar

Translator English - Arabic

الرهن العقاري الثاني
280 millions of speakers

Translator English - Russian

Второй ипотечный
278 millions of speakers

Translator English - Portuguese

segunda hipoteca
270 millions of speakers

Translator English - Bengali

দ্বিতীয় বন্ধকী
260 millions of speakers

Translator English - French

hypothèque de deuxième rang
220 millions of speakers

Translator English - Malay

Gadai janji kedua
190 millions of speakers

Translator English - German

zweite Hypothek
180 millions of speakers

Translator English - Japanese

二番抵当
130 millions of speakers

Translator English - Korean

둘째 모기지
85 millions of speakers

Translator English - Javanese

Hipotek kapindho
85 millions of speakers
vi

Translator English - Vietnamese

thế chấp thứ hai
80 millions of speakers

Translator English - Tamil

இரண்டாவது அடமானம்
75 millions of speakers

Translator English - Marathi

दुसरा गहाण
75 millions of speakers

Translator English - Turkish

Ikinci ipotek
70 millions of speakers

Translator English - Italian

seconda ipoteca
65 millions of speakers

Translator English - Polish

drugi kredyt hipoteczny
50 millions of speakers

Translator English - Ukrainian

другий іпотечний
40 millions of speakers

Translator English - Romanian

al doilea credit ipotecar
30 millions of speakers
el

Translator English - Greek

δεύτερη υποθήκη
15 millions of speakers
af

Translator English - Afrikaans

tweede verband
14 millions of speakers
sv

Translator English - Swedish

topplån
10 millions of speakers
no

Translator English - Norwegian

andre boliglån
5 millions of speakers

Trends of use of second mortgage

TRENDS

TENDENCIES OF USE OF THE TERM «SECOND MORTGAGE»

The term «second mortgage» is regularly used and occupies the 63.340 position in our list of most widely used terms in the English dictionary.
0
100%
FREQUENCY
Regularly used
71
/100
The map shown above gives the frequency of use of the term «second mortgage» in the different countries.
Principal search tendencies and common uses of second mortgage
List of principal searches undertaken by users to access our English online dictionary and most widely used expressions with the word «second mortgage».

FREQUENCY OF USE OF THE TERM «SECOND MORTGAGE» OVER TIME

The graph expresses the annual evolution of the frequency of use of the word «second mortgage» during the past 500 years. Its implementation is based on analysing how often the term «second mortgage» appears in digitalised printed sources in English between the year 1500 and the present day.

Examples of use in the English literature, quotes and news about second mortgage

EXAMPLES

10 ENGLISH BOOKS RELATING TO «SECOND MORTGAGE»

Discover the use of second mortgage in the following bibliographical selection. Books relating to second mortgage and brief extracts from same to provide context of its use in English literature.
1
How to Be A Second Mortgage Loan Broker
Covers money sources, operating without a license, finding clients, fees that the broker can earn, building one's business, and expanding, to wider income sources. This complete guide can easily get a person started in business quickly.
Richard Briskey, 2006
2
Navigating the Mortgage Minefield: Your Complete Guide to ...
Home Equity Loan (Second Mortgage). A home equity loan, also known as a second mortgage, is a separate mortgage in addition to your primary, or first, mortgage. It requires an application, appraisal, title search, underwriting, and closing ...
Richard Giannamore, 2009
3
Census of population and housing (2000): American Samoa ...
SECOND OR JUNIOR MORTGAGE PAYMENT OR HOME EQUITY LOAN The data on second mortgage or home equity loan payments were obtained from answers to questionnaire Items 57a and 57b, which were asked at owner- occupied ...
4
Census of population and housing (2000): Guam Summary ...
SECOND OR JUNIOR MORTGAGE PAYMENT OR HOME EQUITY LOAN The data on second mortgage or home equity loan payments were obtained from answers to questionnaire Items 57a and 57b, which were asked at owner- occupied ...
5
Second Homes for Dummies
The two main types of second mortgage loans include Home equity loans: You borrow a lump sum amount against the total amount of your home's value. A homeowner with a $500,000 house that she only owes $200,000 on (in the form of a ...
Bridget McCrea, Stephen J. Spignesi, 2011
6
106 Mortgage Secrets All Borrowers Must Learn - But Lenders ...
As another possibility, Patrick (or a mortgage lender) could finance some or all of that $40,000 as a second mortgage. For instance, if the buyers had $20,000 cash , they could offer Patrick a price of $110,000 to be paid as follows: $72,300 ...
Gary W. Eldred, 2008
7
Ask Your Mortgage Broker: The Most Practical Guide for ...
The reasons for considering a second mortgage can vary. If you wish to buy a house and are just shy of putting down 20%, you may consider using a second mortgage to avoid paying the expensive default insurance. As a rule, this strategy  ...
Blair Anderson, 2011
8
Characteristics of American Indians and Alaska Natives by ...
SECOND OR JUNIOR MORTGAGE PAYMENT OR HOME EQUITY LOAN The data on second mortgage or home equity loan payments were obtained from answers to long-form questionnaire Items 48a and 48b, which were asked on a ...
‎2003
9
2000 Census of Population and Housing
The data on second mortgage or home equity loan payments were obtained from answers to long-form questionnaire Items 48a and 48b, which were asked on a sample basis at owner-occupied housing units. Question 48a asks whether a ...
‎2003
10
How to Modify Your Loans: And Save Thousands of Dollars by ...
SECOND MORTGAGE LOAN MODIFICATION Second mortgage loan modifications are truly hard to do. There is very little motivation for a second mortgage company to modify rate, change terms, or reduce principal. They may reduce the rate ...
Paul Stemborowski, 2009

10 NEWS ITEMS WHICH INCLUDE THE TERM «SECOND MORTGAGE»

Find out what the national and international press are talking about and how the term second mortgage is used in the context of the following news items.
1
Justices Curb Bankruptcy Filers' Ability to Have Second Mortgages
Handing banks a victory, the Supreme Court ruled that financially struggling homeowners who file for bankruptcy may not expect to have their second mortgage ... «New York Times, Jun 15»
2
A Guide to Getting a Mortgage After You've Had a Loan Modification
The difference was repositioned as a lien on the home in the form of a silent second mortgage (a mortgage not disclosed to the original lender), which did not ... «Credit.com News, Apr 15»
3
Second-Mortgage Case Has Justices Second-Guessing An Old …
A case to decide whether homeowners can erase underwater second mortgages through bankruptcy quickly turned into a debate over whether the U.S. ... «Forbes, Mar 15»
4
15-year mortgage rate dips below 3%
You get a no-cost 80 percent first mortgage at 4 percent (up to $417,000) and a 10 percent second mortgage fixed for 30 years at 4 percent interest rate. «OCRegister, Jan 15»
5
Supreme Court to Review Second-Mortgage Bankruptcy Liens
The country's top court Monday agreed to hear arguments on whether homeowners can cancel their second mortgages in bankruptcy when their properties ... «Wall Street Journal, Nov 14»
6
Reverse Mortgage Or Home-Equity Loan?
It works the same way as your primary mortgage – in fact, a home equity loan is also called a second mortgage – in that you receive the loan as a single ... «Investopedia, Oct 14»
7
Mortgage Settlement Report Finds Banks Reluctant To Reduce …
The largest mortgage settlement in U.S. history was pitched by its creators as a .... banks do offer principal reduction, it most often comes on a second mortgage, ... «Huffington Post, Feb 13»
8
$25 Billion Settlement for Mortgage Relief: Will You Qualify?
According to the government's National Mortgage Settlement website, it will take ... will go to provide help for principal reduction for first and second mortgages. «Huffington Post, Feb 12»
9
Twelve Questions on Obama's Refi Plan
What if I have a second mortgage? Borrowers with a second mortgage, such as a home-equity loan, need the mortgage owner to agree to “re-subordinate” the ... «Wall Street Journal, Oct 11»
10
Second-Mortgage Misery
Almost 40% of homeowners who took out second mortgages—extracting cash from their residences to cover everything from vacations to medical bills—are ... «Wall Street Journal, Jun 11»

REFERENCE
« EDUCALINGO. Second mortgage [online]. Available <https://educalingo.com/en/dic-en/second-mortgage>. Apr 2024 ».
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