Real Estate Terms Glossary
What is a First Mortgage?
Note that a first mortgage, also known as a primary loan, is a loan that’s in the first lien position. It means that this mortgage takes priority over all the other liens when you finance a piece of real estate by multiple mortgage loans. So, it is a loan that you obtain for financing the purchase of a property.
While the homebuyer may have several properties in his or her name, it’s the original mortgage that you take out in order to secure your properties that constitutes the first mortgage.
Examples of a First Mortgage
- Example 1: Home equity loan
- Example 2: Conventional loan
Here’s Investopedia’s definition of a First Mortgage .
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