Second mortgage discussion with Vancouver mortgage broker Mark Fidgett and Jessica Whyte from Reliable Mortgages. http://www.notapennydown.com
What is a Second Mortgage?
You may be familiar with a plan-vanilla mortgage, so what’s a second mortgage? It’s simply another mortgage on your home – a loan secured against the property. The term “second” indicates that the loan does not have priority on your home in case you default. Instead, your first mortgage has priority and would be paid before any funds go towards the second mortgage.