Is a mortgage and second mortgage the same?

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Otherwise, can someone explain how a second mortgage understandable? Can I get a second mortgage if I’m not home that long?


  1. Reply
    Robert H
    January 24, 2011 at 3:12 pm

    These are not necessarily the same thing. Normally, a Home equity line is secured by a second mortgage because the person who is getting the loan already has a traditional first mortgage on their house. However, they are two different things.
    A Home Equity Line of Credit is a revolving line allowing you to borrow up to a maximum amount whenever you request a draw and it is secured by a mortgage on your residence.
    A second mortgage just refers to the position that the mortgage is in. If there are no other liens on your house than it is a first mortgage, if it is filed second, then it is a second mortgage, and so on.
    A Home equity line can be secured by a first, second, third, or more mortgage.

  2. Reply
    Homer J. Simpson
    January 24, 2011 at 3:21 pm

    they are the same thing. the second mortgage works the exact same way that your first mortgage works- with one exception described below. as long as you have enough equity in the property and meet all other underwriting standards (i.e. credit, income, debt ratios, etc), you can get one.

    The exception is called a home equity line of credit (HELOC). This works just like a credit card or other revolving line of credit, but is secured by your home. The HELOC lets you borrow any amount up to the max whenever you want and then pay it back in installments or all at once, and then borrow again.

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