Second Home Mortgage
Definition
- A mortgage that is used to purchase a second home. A second home mortgage is often used to purchase rental property or a recreational home.
Synonyms
second property mortgage
Related Terms and Acronyms
- Junior Mortgage — Definition,
- A loan that is subsequent to the claims of the holder of a prior (senior) mortgage.
- Mortgage (mtg) — Abbreviation, Important,
- A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
- Rental Property (RP) — Acronym, Important,
- Property that is occupied by rent-paying tenants and not the owner.
- Second Home — Definition,
- An additionally purchased property, often a vacation or a rental property.
- Second Mortgage — Definition, Important,
- A mortgage which ranks after a first mortgage in priority on a registered land title.
- Subordinate Loan — Definition,
- A mortgage whose priority is below that of another mortgage; i.e., a second or third mortgage or a home-equity loan.
- Type 'A' Property — Definition,
- Residential property that is centrally heated and accessible year-round.
- Type 'B' Property — Definition,
- Property that may not be centrally heated or may only be seasonally accessible.
