what is a first mortgage and a second mortgage?

hit_man1 asked:


whats the difference between the two? what are examples of second mortgages and first mortgages? thanks!

Philip

Tags: First Mortgage, Second Mortgage, Second Mortgages

This entry was posted on Sunday, July 12th, 2009 at 10:34 pm and is filed under Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

One Response to “what is a first mortgage and a second mortgage?”

1. Meghan Says:
   July 15th, 2009 at 8:02 am

   Crystal

   A first mortgage is simple. It’s the first mortgage gotten on a property. It is typically the largest one.

   A second mortage is jsut a secondary lein to the title of the home. The best known type is a Home-Equity loan. There are a few others, but that is the best type.

   The big difference is if the home is foreclosed on, the first mortgage is paid first. Any money left would go to the second mortgage company.