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which of the following is true of a second mortgage?

Solved: Which Of The Following Statements Is/are TRUE Rega. – Which of the following statements is/are TRUE regarding a "second mortgage"? CIRCLE ALL THAT APPLY 5. (2 points) A second mortgage is an unsecured loan obtained by a person who has paid off their original mortgage. When a homeowner sells the house, the sale proceeds must be used to pay off the second n proceeds.

Of The Which Following Of A Mortgage? Is True Second. – – All of the following statements are not true:. Answer: A. True. It’s true that a second mortgage is a loan you take out using your house as collateral. There are pros and cons to taking out a second mortgage if you’re in need of cash.

Requirements and FAQS for Second Mortgages – Discover – Second mortgages can be a great way of using the equity in your house to free up cash for important needs. Before you start the application process, review these FAQs and requirements related to second mortgages. Second Mortgage FAQs What is a second mortgage? Is it the same as a home equity loan?

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Second mortgage – Wikipedia – A second mortgage is a lien on a property which is subordinate to a more senior mortgage or loan.Called lien holders positioning, the second mortgage falls behind the first mortgage.This means second mortgages are riskier for lenders and thus generally come with a higher interest rate than first mortgages.

mortgage? true – Commercialloanssolutions – (2 points) A second mortgage is an unsecured loan obtained by a person who has paid off their original mortgage. Less Than 2% of People Got This Fact Right About Buying a. – All of the following statements are not true:.

Second mortgages are similar in concept to traditional mortgages. For example, second mortgages generally must be repaid over a fixed period. Some lenders may offer fixed rates on these loans; others might offer variable rates. Like first mortgages, most banks will also charge points and other fees for generating the second mortgage (attorney fees, title fees, insurance and documentation fees.

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A second mortgage is another loan taken against a property that is already mortgaged. Many people consider using their home equity to finance large financial needs, but mortgage industry jargon has confused the meaning of certain terms – including second mortgage home equity loan and home equity line of credit (HELOC) .