![\"Is](\"https:\/\/www.matrixmortgageglobal.ca\/wp-content\/uploads\/2019\/08\/matrixblog6-4.jpg\")
<\/p>\nThe term second mortgage is thrown around quite a bit, sometimes it\u2019s used correctly and sometimes it isn\u2019t. There are a number of facts about second mortgages that are important to know before you start the process of applying for one.<\/p>\n
<\/p>\n
It\u2019s not a mortgage on a second property<\/strong><\/p>\n A second mortgage is another mortgage on a single property where there\u2019s already another mortgage. It simply means that if you default, or when you sell your house, the lender with the second mortgage is second in line to be paid out after your primary lender.<\/p>\n <\/p>\n It\u2019s not a last resort<\/strong><\/p>\n Sometimes second mortgages are seen as a last resort for people who can\u2019t get a loan via conventional channels, but that isn\u2019t true. Many products, like a Home Equity Line of Credit (HELOC) are technically second mortgages but they aren\u2019t labeled as such. There are a variety of options when it comes to second mortgages.<\/p>\n <\/p>\n