Mortgage Glossary
First Mortgage
Defined by Onias Derilus, Mortgage Capital · NMLS# 1859012 · Florida licensed mortgage broker
A first mortgage is the primary loan on a property, holding the senior lien position ahead of any second mortgage or home equity line.
What First Mortgage means
In a default, the first mortgage gets paid before junior liens, which is why it carries lower rates. Most purchase loans are first mortgages. Lien priority is set by recording order.
Florida example
A buyer financed a Tampa home with a first mortgage and later added a home equity line as a second lien, which sat behind the first in priority.
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