Blog Category: 2nd trust

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HELOC Piggyback 2nd Trust Mortgage

Getting a 2nd trust mortgage when you bought a home was something I had never heard about when I got in the mortgage business in 1986. This is called a “Purchase Money 2nd trust.” I’d always thought a 2nd trust was something you got when you lived in a property for a long time and had built up a lot of equity (i.e. an equity line). For example when you wanted to tap the equity for home renovations or debt consolidation. However, 2nd trusts to help purchase a new home became common in the real estate boom Read More