What is a Third Mortgage?
A third mortgage is a lien on a real estate property that is subordinate to both the first mortgage and second mortgage loans. If the borrower defaults on his mortgage payments, the proceeds of the real estate property will channel to the third mortgage payment, only after the first and second mortgage positions are fully paid off.
This type of loan is typically used to finance major home improvements, consolidate debt, or pay for college education. With the right guidance, taking out a third mortgage can help borrowers achieve their financial goals!
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While it may seem like a daunting task to take on another mortgage, our team of experts can help you to find a loan that fits your needs and budget. We will work with you to determine the best way to use the additional funds. Whether you are looking to make some major home improvements or simply need some extra cash for unexpected expenses, a third mortgage can be a helpful solution. Looking for an estimate on your mortgage? Check out our mortgage calculator below.
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