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.
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.
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