What is a second mortgage and when does it make sense in Washington?

A second mortgage in Washington is a loan secured by your home that sits behind your primary (first) mortgage in lien priority. Types include HELOCs, closed-end home equity loans (lump sum), and piggyback seconds (used at purchase to avoid PMI or jumbo pricing). Second mortgages carry higher rates than first mortgages because the lender is in a subordinate position. They make sense when you need capital, have substantial equity, and don't want to refinance your entire first mortgage — especially if your first mortgage carries a rate you'd rather keep.