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 Since a Heloc is typically a second mortgage on a home, in the event of a foreclosure, the holder of a second mortgage doesn’t get paid unless there is sufficient equity in the property after the first mortgage is paid off. Robyn A. Friedman, WSJ, 29 Apr. 2021 As of their March investor presentation, ARI boasted a $6.5 billion global debt portfolio, with 84% of that in first mortgage loans. Brett Owens, Forbes, 17 Apr. 2021 Wells Fargo Bank said in court papers last month that the hotel’s owner, real-estate investor Thor Equities, was in default on its $333.2 million first mortgage, making the property one of the first major foreclosure actions during the pandemic. Peter Grant, WSJ, 22 Sep. 2020 My interest rate on my first mortgage is 3.625% and 5% (variable) on the HELOC. Peter Dunn, USA TODAY, 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, 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, 9 July 2019 The MyHome Assistance loan must be paired with a first mortgage from the agency. Kathleen Pender, SFChronicle.com, 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, 19 June 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

Time Traveler

The first known use of first mortgage was in 1728

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Statistics for first mortgage

Last Updated

5 Jun 2021

Cite this Entry

“First mortgage.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/first%20mortgage. Accessed 23 Jun. 2021.

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More Definitions for first mortgage

first mortgage

Legal Definition of first mortgage

— see mortgage

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