- A house which has two loans taken out on it, where the second loan is added to the current mortgage. The term Tandem Loan is not a widely used in Canada.
second loan, two loans, added loan
Related Terms and Acronyms
- Additional Property — Definition,
- A property that is owned by the person that is not being financed.
- Home Equity Loan (HEL) — Acronym, Very Important,
➥ Also known as an Equity Take Out (ETO).
- A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.
- Second Mortgage — Definition, Important,
- A mortgage which ranks after a first mortgage in priority on a registered land title.