Robert McLister·General·December 5, 2011Secondary Financing (2nd Mortgages) Secondary financing is when you finance (borrow against) real estate using a loan that is subordinate to (i.e., “behind”) a first mortgage. A second mortgage is used when the borrower doesn’t want to refinance his/her existing first mortgage. Determination of first, second, third mortgage, etc. is determined by priority of registration (time and date). Source: CAAMP Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.