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How does getting a second mortgage work? It's where a loan secured on the property is given from a source other than the original lender. The second lender takes second priority to the first lender. This means if the property ever needs to be sold, the first lender will have first call on equity in the property.
Generally, you can get a maximum of two simultaneous mortgages on a single property. You will have a first mortgage ? called the first-position mortgage ? and you can get a second mortgage ? called the second-position mortgage.
Legally, there isn't a limit on how many times you can refinance your home loan. However, mortgage lenders do have a few mortgage refinance requirements you'll need to meet each time you apply for a loan, and some special considerations are important to note if you want a cash-out refinance.
There's no limit to the number of conventional mortgages you can have for a primary residence. However, you can only have one primary residence at a time. And you're limited to two mortgages if you're using first-time homebuyer conventional loans such as Fannie Mae Home Ready or Freddie Mac Home Possible.
Although second mortgages are often difficult to qualify for with bad credit, it's not impossible. Obtaining a second mortgage with a low credit score likely means that you'll be paying higher interest rates or using a co-signer on your loan.