second mortgage
n. A mortgage taken out on property that already has one mortgage, with priority in settlement of claims given to the earlier mortgage. |
The American Heritage® Dictionary of the English Language, Fourth Edition
Copyright © 2009 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Financial Dictionary
second mortgage
- A real estate mortgage with a subordinate claim to another mortgage on the same property. The second mortgage is more risky to the lender than the first mortgage; thus, it carries a higher rate of interest.
Wall Street Words: An A to Z Guide to Investment Terms by David L. Scott.
Copyright © 2003. Published by Houghton Mifflin.
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Legal Dictionary
Main Entry:
second mortgagesee
MORTGAGE
Merriam-Webster's Dictionary of Law, © 1996 Merriam-Webster, Inc.
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