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    money will be used to pay off the second mortgage after clearing t
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    A second mortgage is a loan that is subordinate to another loan taken against the same property. They are called subordinate in the sense that if the loan is defaulted, the first loan gets paid off first before the second one. In such cases of default, any remaining money will be used to pay off the second mortgage after clearing th
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    ken against the same property. They are called subordinate in the sense that if the loan is defaulted, the first loan gets paid off first before the second one. In such cases of default, any remaining money will be used to pay off the second mortgage after clearing t
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    ense that if the loan is defaulted, the first loan gets paid off first before the second one. In such cases of default, any remaining money will be used to pay off the second mortgage after clearing t
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    rst before the second one. In such cases of default, any remaining money will be used to pay off the second mortgage after clearing t
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    money will be used to pay off the second mortgage after clearing the first.

    The second mortgages are therefore riskier for the lender. Thus, second mortgage loans have a higher interest rate. They also carry closing costs and points that make them more expensive.

    There are different types of second mortgages. In the most

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