first mortgage

noun

Definition of first mortgage 

: a mortgage that has priority as a lien over all mortgages and liens except those imposed by law

Examples of first mortgage in a Sentence

Recent Examples on the Web

The MyHome Assistance loan must be paired with a first mortgage from the agency. Kathleen Pender, SFChronicle.com, "Enter soon for chance to score $375,000 in SF down-payment lottery," 5 July 2018 The 30-year first mortgage, however, may have a higher interest than a market-rate loan. Hudson Sangree, sacbee, "Here's how you can buy a house in the Sacramento area with zero or 1 percent down | The Sacramento Bee," 19 Mar. 2018 Their collateral includes a subordinated mortgage on the Moderne's apartment, parking and retail portions; a first mortgage on the condominium units; and personal guarantees from Barrett and his partner, Tan Lo. Tom Daykin, Milwaukee Journal Sentinel, "City loan to help finance downtown Milwaukee's Moderne apartment high-rise paid off," 19 June 2018 According to Rick Bechtel, executive vice president and head of U.S. mortgage banking at TD Bank in Cherry Hill, N.J., many vacation-home buyers are applying for first mortgages to finance their purchases. Robyn A. Friedman, WSJ, "Want a Vacation Home? Check the Tax Laws First," 9 May 2018 The first mortgage was for $500,000 and the second was for $50,000, according to the filings, which were recorded on April 26. Sharon Coolidge, Cincinnati.com, "Cincinnati Councilman Jeff Pastor's boss and benefactor seeks city help with $500K sewer dispute," 2 May 2018 This involves replacing your current first mortgage with a larger one, allowing you to pocket the additional funds. Kenneth R. Harney, miamiherald, "Equity-affluent Americans have options for tapping into funds | Miami Herald," 11 Apr. 2018 Last year, Sweden got its first mortgage fund when Stabelo started offering home loans through online bank and broker Avanza. Frances Schwartzkopff, Bloomberg.com, "Sweden Finds It Left Some Holes in Its World-Beating Bank Rules," 25 Mar. 2018

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'first mortgage.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

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First Known Use of first mortgage

1728, in the meaning defined above

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Time Traveler for first mortgage

The first known use of first mortgage was in 1728

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More Definitions for first mortgage

first mortgage

Legal Definition of first mortgage 

see mortgage

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