second mortgage is 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 lender's conditions are usually more stringent, the term is shorter and the interest rate is higher than for the first mortgage. (See mortgage).
Barry Goldsmith
| APA | Barry Goldsmith. (2010). second mortgage. Retrieved September 22, 2026, from http://smartdefine.org/second_mortgage/definitions/1163038 |
| Chicago | Barry Goldsmith. 2010. "second mortgage" http://smartdefine.org/second_mortgage/definitions/1163038 (accessed September 22, 2026). |
| Harvard | Barry Goldsmith 2010, second mortgage, Smart Define, viewed 22 September, 2026, <http://smartdefine.org/second_mortgage/definitions/1163038>. |
| MLA | Barry Goldsmith. "second mortgage" 21 October 2010. Web. 22 September 2026. <http://smartdefine.org/second_mortgage/definitions/1163038> |