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Second Mortgage New York

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2nd Mortgage

A 2nd mortgage is a mortgage loan taken out on a home that is already being used as collateral for a first mortgage loan. The term 2nd mortgage is frequently used to describe home equity loans or piggyback loans, which are used to borrow from equity or finance down payment costs. A 2nd mortgage is always subordinate to the first. In other words, whoever holds the first mortgage has first rights in the event of foreclosure.

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2nd Mortgage Fast Fact

2nd Mortgage Success

The interest-paid tax deduction on a 2nd mortgage is subject to restrictions. Factors include the loan amount, residence type, use of the funds and remaining equity. Before taking that deduction, be certain it's legal.

New York Fast Fact

New York

The Gross State Product of New York is about $822 billion per year, ranking the state as the eleventh largest economy in the world. According to Cyberstates 2005 report, New York ranked third in the nation for high-tech employment with a payroll of $21.4 billion.

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