The home loan on a property that has preferred status over other loans taken out on the property.This mortgage is usually paid first and in case of default or repossession, this loan is paid first from any liquidation or secruities.Subordinate loans are paid with whatever remains after this primary loan is repaid.Because of its preferred status, the first mortgage usually offers a better interest rate.
A mortgage whose lien is superior to the lien of any other mortgage on the same property. This lien is superior either because it was recorded prior to all other mortgages or because the mortgagee of another mortgage which had been recorded ahead of this mortgage has agreed to have a lien subordinated to the lien of this mortgage.
That mortgage which is recorded at the earliest time. The time of recording is the sole criteria. Size of loan and type of mortgage are immaterial. When the first mortgage is paid off and released, the second mortgage (if any existed) becomes the first mortgage.
Sometimes there is more than one mortgage on a property. In the event of a default by the borrower, the holder of the first mortgage will be repaid first by the proceeds of a sale. The second mortgage holder (if there is one) will be paid with any remaining proceeds.
This is what most people think of when someone says mortgage. It is a loan in first position against a property that is usually the balance of the loan used to purchase a property in the first place. All other loans against the property are subordinate to this loan.
A mortgage which is in first lien position, taking priority over all other liens (which are financial encumbrances). Most mortgage lenders require that they be in first position before they will lend to you unless you are obtaining a second mortgage.
Gives the lender a primary lien/charge against your house and property which has precedence over all other mortgages. Priority is determined by the date and time registered, so a first mortgage was literally and legally registered "first". A new first mortgage can therefore only be registered as a "first" mortgage upon the discharge of an existing one if the holder of a second mortgage "postpones" (i.e., "puts back in time") to a time immediately following the registration of the new first mortgage.
A type of mortgage that through a lien gives precedence to the lender of the first mortgage over all other lenders in case of default.!-- google_ad_client = "pub-5825843460569263"; google_ad_width = 468; google_ad_height = 15; google_ad_format = "468x15_0ads_al"; google_ad_channel = ""; google_color_border = "FFFFFF"; google_color_bg = "FFFFFF"; google_color_link = "191919"; google_color_text = "000000"; google_color_url = "008000";
A mortgage creating a lien against a property that has priority over all other voluntary liens that exist against the property. Foreclosure of a first mortgage lien will generally extinguish or cut off any second mortgage lien or other subordinate lien.
In order to protect the rights of the lender and the borrower, liens on real estate are usually recorded in the county where the property is located. A deed of trust or mortgage typically becomes a lien against the property when it is recorded, and this record typically establishes the priority of liens if the property is sold for any reason. The loan with first rights is the First Deed of Trust or First Mortgage.
A lien on property in which the lender¹s claims are superior to the rights of subsequent lenders. Such a lien position means less risk to the lender and thus normally results in a lower interest rate charged to the borrower than that charged on second or junior mortgages. Certain lenders only make first mortgages due to regulatory requirements; others limit mortgages to these senior instruments due to company policy.
A real estate loan with the right to payment in full before payments to other lenders are made. First mortgages are generally considered low-risk investments, although the quality of real estate pledged as collateral is of crucial importance in determining the risk level of the mortgage.
A lien on property in which the lenders claims are superior to the rights of subsequent lenders. Certain lenders only make first mortgages due to regulatory requirements; others limit mortgages to these senior instruments due to company policy. Usually refers to the date in which loans are recorded, but there are exceptions.
A mortgage on property creating a prior claim over any subsequent mortgages or charges and usually conveying the legal estate to the mortgagee. Upon foreclosure of the mortgage, the first mortgagee must be fully satisfied out of the proceeds before any subsequent claims.