Definitions for "FIRST LIEN"
Keywords:  priority, lien, claim, realty, satisfy
Usually used in the mortgage world to signify the difference between a mortgage and a home equity loan. In case of default, the first lien -- the mortgage -- gets paid first. The rate for a first lien (mortgage) will be lower than for a second lien (home equity loan) because there's greater risk that the holder of the second loan won't be paid.
A lien refers to a mortgage loan or some other encumbrance or attachment on real-estate property. The first lien must be paid before any other lien is paid. First Mortgage The loan on a property that holds priority over all other loans on the same property. If the property is sold, the first mortgage must be paid before any other lenders are paid.
The debt recorded first (earliest in time) such as a first mortgage or first deed of trust. This debt has priority as a lien over all other debts. In cases of foreclosure, the first lien will be satisfied before other liens are paid off.