Definition: A second mortgage is a mortgage lien subordinate to the first mortgage on the same property.
Example
An owner keeps the existing first mortgage and obtains a second secured loan for improvements.
Keep the distinction clear
Second describes lien position, not necessarily a second home. The borrower can owe payments on both loans.
Related terms
First Mortgage · Junior Mortgage · Equity
Keep studying
Mortgages: Borrower, Lender, Ownership, and Key Clauses
References: CFPB: mortgage key terms
Pronunciation (US): SEK-uhnd MOR-gij (capitals show stress)
Pronunciation reference: Merriam-Webster
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