first mortgage definition

first mortgage

Primary claim on a property which takes precedence over all other subsequent claims (called junior claims), and will be paid first from the proceeds in case of the property's foreclosure sale. Also called first lien. See also second mortgage.

first mortgage is in the Accounting & Auditing and Banking, Commerce & Finance subjects.

first mortgage appears in the definitions of the following terms: senior mortgage, secondary financing, piggyback loan and second mortgage

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