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 My interest rate on my first mortgage is 3.625% and 5% (variable) on the HELOC. Peter Dunn, USA TODAY, "Borrowed money is cheap right now, but don’t let it distract you from your retirement," 7 June 2020 Instead, the second lien comes due when the first mortgage is paid off or the borrower sells the property. Kathleen Pender, SFChronicle.com, "California homeowners: Can't pay your mortgage because of the coronavirus? Here's what to do," 9 Apr. 2020 To qualify, homebuyers can earn up to 80% of the median income for the market and must gain preapproval for a first mortgage. Kara Carlson, Dallas News, "Big banks look to boost homeownership with help for down payments, closing costs," 9 July 2019 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 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 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 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 To qualify, homebuyers can earn up to 80% of the median income for the market and must gain preapproval for a first mortgage. Kara Carlson, Dallas News, "Big banks look to boost homeownership with help for down payments, closing costs," 9 July 2019

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

Time Traveler

The first known use of first mortgage was in 1728

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Statistics for first mortgage

Last Updated

16 Jun 2020

Cite this Entry

“First mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/first%20mortgage. Accessed 13 Jul. 2020.

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More Definitions for first mortgage

first mortgage

Legal Definition of first mortgage

see mortgage

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