second mortgage

Definition of "second mortgage"
  1. A loan subordinate to a primary one, typically with a higher interest rate and shorter term
How to use "second mortgage" in a sentence
  1. They took out a second mortgage on their home to pay off their debt.
  2. A second mortgage can carry a higher risk for the lender.
  3. Using a second mortgage to finance big expenses can lead to financial hardship if not managed well.

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