second mortgage Meaning in the Cambridge English Dictionary
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Meaning of “second mortgage” in the English Dictionary

"second mortgage" in Business English

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second mortgagenoun [C]

uk   us   (also remortgage, also US home equity loan) FINANCE, PROPERTY
a ​loan that someone gets using their ​property as security (= an ​asset that the ​lender can take if the ​loan is not ​paid back), when they have already used this ​type of ​loan to ​buy the ​property: The ​bankoffers a 20-year, fixed-rate second ​mortgageoption at an ​amount up to 4% of the ​appraisedvalue of the ​home.
(Definition of second mortgage from the Cambridge Business English Dictionary © Cambridge University Press)
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