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Tandem Loan

Definition

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.

Synonyms
two loans, added loan, second 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,
- 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).
Second Mortgage — Definition, Important,
- A mortgage which ranks after a first mortgage in priority on a registered land title.