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which of the following is true of a second mortgage?

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Considering buying a second home? Better Money Habits can help you understand the second home mortgage process so you can make an informed decision.. Buying vs. leasing a car Comparing the cost of new and used cars The true cost of a car. Retirement.

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Real Estate: Chapter 12 Quiz Flashcards | Quizlet – Which of the following is TRUE about a second mortgage? A. It has priority over a first mortgage B. It cannot be used as a security instrument C. It is not negotiable D. It is usually issued at a higher rate of interest than a first mortgage

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What's the Difference Between a Mortgage and Deed of Trust? – To fully understand the difference between a mortgage and a deed of trust, you must first understand promissory notes. Homebuyers usually think of the mortgage or deed of trust as the contract they are signing with the lender to borrow money to purchase a house.

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The second mortgage is a new loan and there are fees involved. There are loan origination fees, appraisal fees and closing costs as there were with the first mortgage. The second mortgage may be harder to obtain. When a first mortgage is refinanced, the lender has the first lien on the property if there is a foreclosure or loan default.

A second mortgage may also come into play when getting down payment assistance during a home purchase, whereby the loan is subordinate to the FHA loan. Does FHA do construction loans? Yep.. Is this true? From what I have read we would be refunded starting at 80% after the first month after.

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