A real estate loan, which is in a first lien position, taking priority over all other liens. In case of a foreclosure, the first mortgage will be repaid before any other mortgages.
- Browse Related Terms: Closing a mortgage loan, Down Payment, First Mortgage, General Agreement on Tariffs and Trade (GATT), Lease, Lien, mortgage, Release of Lien
a mortgage that has a first-priority claim against the property in the event the homeowner defaults on the loan.
- Browse Related Terms: First Mortgage, Guarantee, Hazard Insurance, Lender-Placed Insurance, Lien, mortgage, Mortgage Insurance (MI), second mortgage, Suspension
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