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.
