Tandem Loan

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • second loan
  • added loan
  • two loans

Definition of Tandem Loan

  1. 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.

Related Terms and Acronyms

  • Additional Property Definition,
    • A property that is owned by the person that is not being financed.
  • Second Mortgage Definition, Important,
    • A mortgage which ranks after a first mortgage in priority on a registered land title.
  • Home Equity Loan (HEL) Bank, Very Important,
    • A loan that can replace or be an addition to the first mortgage. Typically used as a home improvement loan.
    Also known as an Equity Take Out (ETO).
Compare. Calculate. Apply today.
Compare Mortgage RatesMortgage CalculatorsApply for a Mortgage