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Does a Second Mortgage Get Paid Off Before a First Mortgage?

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Does a Second Mortgage Get Paid Off Before a First Mortgage?

Does a Second Mortgage Get Paid Off Before a First Mortgage?


I’m considering taking out a second mortgage for debt consolidation purposes and was wondering if a second mortgage gets paid off before a first mortgage?

 

How does the repayment work?

 

Are interest rates bundled?

 

Are they two separate things?

 

Just curious. Thank you.

Answers

By Canadalend
You would still have your first mortgage and then your second mortgage would be a separate payment, two separate payments that could have two separate interest rates, no your second mortgage is not necessarily paid off first. 
 
Need additional information about the First and Second Mortgage options available through Canadalend?
 
 
Feel free to also contact our team directly to learn more about how we can help with all your mortgage needs.
 
 
Level 4 (XP: 1250)
6 months ago
Remember to contact a member of the Canadalend team directly for additional information about the loan options available to you.

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