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A first mortgage and second mortgage have a primary element in common: They are both loans that are financed with your home as collateral. The term "first mortgage" refers to the original loan you.
A second mortgage will go through a closing process just like the first mortgage but will not cost as much, because the title search work is already done from the first mortgage. As you can see, the first and second mortgages are pretty similar. But there are a few differences that one should be aware of.
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Usually when the first mortgage lenders paid off, the second mortgage lender moves in first place. FHA requires their loan be in first place on the title, so if there is an existing second lienholder, they require the second mortgage company to subordinate their loan to the new FHA loan.
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Second Mortgages Explained. A second mortgage, or home equity loan, lets you borrow money against the equity in the appraised value of your house. If your home’s value is put at $200,000 but you only owe $150,000 on your current mortgage, you have $50,000 in home equity.
This is where the second mortgage comes into the picture. The home buyer might put, say, 5% down on the house. Then they’ll get an 80% loan from one lender and a second loan for the remaining 15%. They now have a first and second mortgage on their home. How to Refinance First and Second Mortgages. Now to the question at hand.
What is Second Mortgage? Basically, a second mortgage allows the borrower to tap into the equity they have accumulated over the course of repaying their first mortgage. Equity is the difference between what you owe on the home and what the home is expected to sell for. So if you currently owed $125,000 on a home that would sell for $150,000.