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Brief facts about 2nd mortgage:

Second mortgages, commonly referred to as junior liens, are loans secured by a property in addition to the primary mortgage. Depending on the time at which the second mortgage is originated, the loan can be structured as either a standalone second mortgage or piggyback second mortgage. Whilst a standalone second mortgage is opened subsequent to the primary loan, those with a piggyback loan structure are originated simultaneously with the primary mortgage. With regard to the method in which funds are withdrawn, second mortgages can be arranged as home equity loans or home equity lines of credit. Home equity loans are granted for the full amount at the time of loan origination in contrast to home equity lines of credit which permit the homeowner access to a predetermined amount which is repaid during the repayment period. Depending on the type of loan, interest rates charged on the second mortgage may be fixed or varied throughout the loan term.

Home equity loan - A home equity loan is a type of loan in which the borrowers use the equity of their home as collateral. The loan amount is determined by the value of the property, and the value of the property is determined by an appraiser from the lending institution.

Mortgage Investment Corporation - Requires updating to reflect the current Income Tax Act and the growth of MICs that trade on the TSX. A mortgage investment corporation or MIC is an investment and lending company designed specifically for mortgage lending in Canada.

Mortgage loan - A mortgage loan or simply mortgage, in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged.

Mortgage law - A mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt, usually a mortgage loan.

Refinancing - Refinancing is the replacement of an existing debt obligation with another debt obligation under a different term and interest rate.

Mortgage