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What is a second mortgage?

July 10, 2018

A second mortgage may also be known as a home equity loan. The mortgage you obtained when you purchased your home is your first mortgage and a subsequent mortgage, or home equity loan, would be a second mortgage.

Second or third mortgages can be used to consolidate outstanding debt from other sources, renovate your home, pay for your child’s education, start or finance a business or for any reason you see fit.

If you’re considering taking out an additional mortgage on your home, we encourage you to speak with our mortgage specialist who will discuss your unique financing needs. After researching and discussing your options, we will provide you with the best financing solution for you.