Definition of first mortgage: Primary claim on a property which takes precedence over all other subsequent claims (called junior claims), and will be paid first from .
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A mortgage loan or, simply, mortgage (/ m r d /) is used either by purchasers of real property to raise funds to buy real estate, or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.
first mortgage. A real estate loan made to the borrower and recorded in the public records by the lender,before any other mortgages. First Mortgage. A mortgage that has a first-priority claim against the property in the event the borrower defaults on the loan.
When you buy a home you will have a date on which you close the mortgage. On the closing day the loan starts and the transaction is completed. Your first mortgage payment will be due one month after the last day of the month you close. Your reoccurring monthly payment will be due on the first of each month. RATE SEARCH: Get Approved for a Home Loan
Say you owe $300,000 on your first mortgage. You also owe $30,000 on a second mortgage that you took out a few months after the first mortgage. In addition, there is a $5,000 judgment lien on your house from the time that your neighbor slipped off your porch and sued you.
Definition of first mortgage in the Financial Dictionary – by Free online English dictionary and encyclopedia. What is first mortgage? Meaning of first mortgage as .
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A first mortgage is the primary lien against your real estate, taking precedence to all other mortgages. If the property is sold or if the borrower defaults, the first mortgage is paid before any other mortgage lien on the property. Usually, the loan used to purchase the property is secured by the first mortgage.
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