A mortgage is a legal document stating a secured interest in real property, typically a person's home. A second mortgage loan refers to a home loan that is second in line in the event of foreclosure or sale of the property. Essentially among the secured mortgage lenders, the second mortgage holder stands behind the first mortgage holder and any liens filed against the property prior to the filing of the 2nd mortgage.

Second mortgage loans can be taken out for a variety of uses, such as debt consolidation and home improvements. These loans are often at a higher rate than first mortgages as they represent a greater risk for the home mortgage lender. But, the interest rate can also be affected by other factors (other than current market conditions), the most likely being:

1. The borrower's credit history.
2. The CLTV (combined loan to value). This is the percentage of the home's value that has been borrowed against. For example: Having a first mortgage of $75,000 and a second of $15,000 borrowed against a house valued at $100,000 is 90% ($90,000 divided by $100,000).
   

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Additional 2nd Mortgage Loan Information:

Second mortgages are often considered synonymous with home equity loans, however that is like comparing apples and oranges. A home equity loan can be in first or second lien position on a home. For example: When a homeowner pays off their first mortgage balance and then subsequently obtains a home equity loan, it is in the primary lien position on the house, and not a second mortgage.

Other uses:
Second mortgages are also often used by banks as collateral to secure small business credit lines and other non-real estate related debt. In addition, a lender making a basically a larger unsecured loan to a consumer for non-real estate purposes (automobile financing, credit card debt consolidation or educational expenses for example) will sometimes request that they be granted a 2nd mortgage against the consumer's real estate. In some cases, the consumer may not even have any equity available in their home.

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