Best Life Mortgage Minute: Second mortgages: what you need to know

Ok, today we are going to review everything you need to know about second mortgages. What is a second mortgage? A second mortgage is an additional loan taken out on a property that’s already mortgaged. Second mortgages are riskier for lenders than first mortgages because they’re in second position on your property's title. As a result, the interest rate on second mortgages is higher. Here’s what you need to know about second mortgages.