A second mortgage is an additional loan taken against a property. The first mortgage must be paid off first, thats why lenders consider second mortgages riskier. Therefore they typically charge higher interest rates and points for the transaction. There Are Some Things About Second Mortgages You Should Know9 Sep, 2009 in Realestate tagged finance / house / loan / mortgage / real estate / Realestate / second mortgage by Iestar Yrlzunp