Whether you have one or two houses, if you have only one mortgage on a house, it is always considered the first mortgage. If your financial situation allows it, you can get multiple mortgages with good terms.

When you first purchase a house, if you haven't borrowed up to 80% of its value or if the value has increased since then and now 80% is worth more than it was at the time, a second mortgage is possible.

Getting a second mortgage is easier and has much lower interest rates than obtaining a business loan. Therefore, it can be considered for starting a business or for a major event such as a child's wedding, where a large amount of money is needed.