BOCOM defines “second” mortgage

If any of the loan applicant, either an individual borrower or a co-borrower has a house mortgage that has not been paid off, his or her new loan application will be considered as a вЂsecond’ mortgage, which means the person will have to face a higher down-payment and interest rate. But whether the applicant’s spouse has already had an apartment will not be taken into consideration unless the spouse is registered in the lending account as a co-borrower.

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