All Topics / Finance / What is a resistible second mortgage?

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  • Profile photo of G3ipdG3ipd
    Member
    @g3ipd
    Join Date: 2003
    Post Count: 7
    June 17, 2006 - 8:18 am

    Can anyone shed some light a resistible second mortgage is and how it works.

    Thanks
    G3ipd[exhappy]

    Profile photo of Josh-PrestigeloansJosh-Prestigeloans
    Member
    @josh-prestigeloans
    Join Date: 2006
    Post Count: 62
    June 17, 2006 - 8:42 am

    G3ipd,

    Unfortunately i never heard of a resistible second mortgage, would you be able to explain where you found this?

    To me a second mortgage is where a lender takes the equity in your existing home as a second mortgage over your new home loan. Some lenders will be ok with having the second priority over the mortgage, however some lenders will want the whole security to be with them. If that makes any sense.

    However if you could reply my request then i could help you further. See what other consultants have to say aswell.

    Cheers

    Joshua McEwen
    Finance Consultant – WA

    Mob:0430 452 497
    http://www.prestigeloans.com.au

    Brokers Lic 1297
    Licensee Brett Christie

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    June 17, 2006 - 11:58 pm

    I suspect it is an American term and you may not find an answer on this Australian forum.

    Cheers,

    Simon Macks
    Residential and Commercial Finance Broker
    ***NODOC @ 7.15% to 70% LVR***
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

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