What is the Difference between a
New Second Mortgage and my Existing Mortgage?


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2nd mortgage loan

The primary difference between your existing mortgage and a new second mortgage is that they are different mortgage loans. A second mortgage is a new loan that would be taken out, in addition to your existing mortgage.

It is called a "second mortgage" because it is a loan in 2nd position on the title to your property. If you were to sell your house, the first mortgage company would be the first paid, and the second mortgage company would be the second company paid.

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