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English definition of “second mortgage”

second mortgage

noun [C]
 
 
( 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 bank offers a 20-year, fixed-rate second mortgage option at an amount up to 4% of the appraised value of the home.
(Definition of second mortgage from the Cambridge Business English Dictionary © Cambridge University Press)
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