Term of Day
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by the home owner's equity (market
on the first mortgage) in a property that is already mortgaged. Second mortgages are junior (subordinate) to the
and, in case of a
, are paid out only after the full
of the first
. Both mortgages run concurrently and, typically, the second mortgage has shorter
than the first one.
home equity lin...
home equity loa...
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Popular 'Banking, Commerce, Credit, & Finance' Terms
letter of credit (L/C)
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