Is there such a thing as a 3rd Mortgage?
Sure, but why would you want one? I suggest you only have it on the third house you own.
The point? Lenders take a risk as they go into a position behind another. If there is a foreclosure, the 3rd may have to buy out everyone in front to save his position. So even though it is possible to get a 3rd, you possibly are better off refinancing a new first. This may especially be true with the state of the current interest rates. Larry Cragun
