Secondary financing is when you finance (borrow against) real estate using a loan that is subordinate to (i.e., “behind”) a first mortgage.
A second mortgage is used when the borrower doesn’t want to refinance his/her existing first mortgage.
Determination of first, second, third mortgage, etc. is determined by priority of registration (time and date).
Source: CAAMP
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Last modified: December 5, 2011
