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

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 Those debts have secondary claims to properties that are collateral for first mortgages. Ryan Dezember, WSJ, "A Hedge Fund Makes Billions Off Americans’ Underwater Mortgages," 25 Dec. 2018 If a property has lost value when the borrower defaults, there may be no value left once the first mortgage is paid. Ryan Dezember, WSJ, "A Hedge Fund Makes Billions Off Americans’ Underwater Mortgages," 25 Dec. 2018 Terra Capital Partners, a New York investment firm that specializes in commercial property debt, is offering fewer construction loans and making more first mortgages, which are safer. Peter Grant, WSJ, "Rising Borrowing Costs Spell Trouble for Commercial Real Estate," 18 Dec. 2018 This involves replacing your current first mortgage with a larger one, allowing you to pocket the additional funds. Kenneth R. Harney, chicagotribune.com, "Equity-rich Americans have options for tapping into funds," 10 Apr. 2018 Because if the condo association prevails, under many court decisions, that would literally wipe out a first mortgage. Benny L. Kass, chicagotribune.com, "You think your for-sale house is haunted. Do you have to tell potential buyers?," 14 Dec. 2017 This involves replacing your current first mortgage with a larger one, allowing you to pocket the additional funds. Kenneth R. Harney, chicagotribune.com, "Equity-rich Americans have options for tapping into funds," 10 Apr. 2018 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

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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Statistics for first mortgage

Last Updated

13 Jul 2019

Look-up Popularity

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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