GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Tandem Loan


Synonyms:added loan, second loan, two loans
Filed Under: financial-banking, mortgages
Tags: banking, mortgage
 

Definition of tandem loan

tandem loan
1. A house which has two loans taken out on it, where the second loan is added to the current mortgage. The term Tandem Loan is not a widely used in Canada.

Related Terms and Acronyms:

  • additional property   A property that is owned by the person that is not being financed.
  • home equity loan (HEL)   A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.
      ➥  Also known as an Equity Take Out (ETO).
  • second mortgage   A mortgage which ranks after a first mortgage in priority on a registered land title.

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