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The phrase "a third mortgage" is correct and usable in written English.
It can be used when referring to a type of loan secured by a property that is already subject to two prior mortgages.
Example: "After struggling to keep up with payments, she decided to take out a third mortgage to consolidate her debts."
Alternatives: "tertiary mortgage" or "third lien mortgage".
Exact(6)
And then came a third mortgage with a different broker, for $28,563 at 12.59 percent.
Mr. Missirlian took out a third mortgage on his home and approached an uncle for a loan.
But Mr. Alperin said his chief job is to guard against theft, though he would question an investment that seemed highly unusual, like a third mortgage.
Just last month, Wes had been forced to take out a third mortgage on the house, and financial woes circled in his skull every day like sharp-winged black dragons.
But at least I don't have to take out a third mortgage to witness this eyesore.
In one potted example, Cowherd said that those workers might be laying brick in -34 degree weather, to take out a third mortgage to send their kid, who might have a learning disability, to a better school.
Similar(54)
His father took out a second mortgage.
And if not, there's always a second mortgage.
The Dollar Savings Bank has provided a first mortgage loan of $230 , 000
A second mortgage of $28,219 was through the Community Development Corporation.
A second mortgage of $53,300 was obtained through the Community Development Corporation.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com