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Second Mortgage with Mortgagor's Recertification of Representations...

Oregon Second Mortgage with Mortgagor's Recertification of Representations, Warranties and Covenants in First Mortgage

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

Control #:

US-0385BG

Format:

Instant download

Description

A second mortgage is a lien on a property which is subordinate to a more senior mortgage or loan. Called lien holders positioning the second mortgage falls behind the first mortgage. This means second mortgages are riskier for lenders and thus generally come with a higher interest rate than first mortgages. This is because if the loan goes into default, the first mortgage gets paid off first before the second mortgage. Commercial loans can have multiple loans as long as the equity supports it.

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FAQ

TL;DR: The primary mortgage market is used for homebuyers and lenders. Lenders finance a borrower's purchase of a home. The secondary mortgage market is between lenders and mortgage investors. Lenders will sell the debt to the investor who will buy it to make a profit.

How to Combine Two Mortgages Review Your Refinance Options. Before you start the consolidation process, read up on the different refinancing options available. ... Apply for the Refinance Loan. ... Get an Appraisal. ... Close on the New Loan. ... Lower Interest Rate. ... Switch From ARM to Fixed-Rate. ... Shorter Loan Term. ... Lower Monthly Payments.

First Mortgagee means any person named as a mortgagee or beneficiary in any First Mortgage, or any successor to the interest of any such person under such First Mortgage.

A second mortgage is a loan made in addition to the homeowner's primary mortgage. Home equity lines of credit (HELOCs) are often used as second mortgages. Homeowners might use a second mortgage to finance large purchases like college, a new vehicle, or even a down payment on a second home.

Key Takeaways. A first mortgage is a primary lien on the property that secures the mortgage. The second mortgage is money borrowed against home equity to fund other projects and expenditures.