junior mortgage is a mortgage that is subordinate to claims of a prior lien or mortgage. Borrowers sometimes use junior mortgages to obtain additional funds needed for downpayments or closing costs. Lenders tend to discourage junior financing because the borrower has little or no equity in the home. Also called a second mortgage.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). junior mortgage. Retrieved September 25, 2026, from http://smartdefine.org/junior_mortgage/definitions/1156755 |
| Chicago | Barry Goldsmith. 2010. "junior mortgage" http://smartdefine.org/junior_mortgage/definitions/1156755 (accessed September 25, 2026). |
| Harvard | Barry Goldsmith 2010, junior mortgage, Smart Define, viewed 25 September, 2026, <http://smartdefine.org/junior_mortgage/definitions/1156755>. |
| MLA | Barry Goldsmith. "junior mortgage" 21 October 2010. Web. 25 September 2026. <http://smartdefine.org/junior_mortgage/definitions/1156755> |