junior mortgage

Definition of "junior mortgage"
  1. A mortgage that is secondary in priority to a primary or first mortgage
How to use "junior mortgage" in a sentence
  1. The homeowners took out a junior mortgage on their property to finance their daughter's college education.
  2. If the property is sold, the proceeds will first go to pay off the primary mortgage before the junior mortgage.
  3. Interest rates for a junior mortgage can be higher because it involves more risk for lenders.

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