Junior mortgage

A mortgage that is subordinate to claims of a prior lien or mortgage. Borrowers sometimes use junior mortgages to obtain additional funds needed for downpayments or closing costs. Lenders tend to discourage junior financing because the borrower has little or no equity in the home. Also called a second mortgage.

Now he's Trump: the mortgage broker: 'the art of the deal' takes on new meaning for developer Donald.(Fly On The Wall)(Trump Mortgage Services L.L.C.): ... from: Westchester County Business Journal

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