Second mortgages: Popular FAQs
Second mortgages can be useful - but it's important to know what you're getting into As appraisers, it's not unusual for us to be asked to provide a valuation for a property when a second mortgage is being considered. Because second mortgages are, as their name suggests, 'second in line' to be repaid after the first mortgage, the amount of equity in the property is even more crucial than for a first mortgage. Lenders want to be assured that in…...