First Mortgage

Definition

  • A mortgage loan that is the first or primary lien against a property.

Synonyms
main loan on property, primary mortgage

Alternate Spellings
1st

Related Terms and Acronyms

  • First Lien Definition,
    • Primary claim by the lender for satisfaction of outstanding debt. A first mortgage creates a first lien.
  • Junior Mortgage Definition,
    • A loan that is subsequent to the claims of the holder of a prior (senior) mortgage.
  • Mortgage (mtg) Abbreviation, Important,
    • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
  • Second Mortgage Definition, Important,
    • A mortgage which ranks after a first mortgage in priority on a registered land title.
  • Starter Home Definition,
    • A dwelling that is relatively small and inexpensive and bought as a first home.
  • Subordinate Loan Definition,
    • A mortgage whose priority is below that of another mortgage; i.e., a second or third mortgage or a home-equity loan.
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