First mortgage

First mortgage,

Definition of First mortgage:

  1. When an individual wants to buy a property, they may decide to finance the purchase with a loan from a lending institution. The lender expects the home loan or mortgage to be repaid in monthly installments, which include a portion of the principal and interest payments. The lender will have a lien on the property since the loan is secured by the home. This mortgage taken out by a homebuyer to purchase the home is known as the first mortgage.

  2. Primary claim on a property which takes precedence over all other subsequent claims (called junior claims), and will be paid first from the proceeds in case of the propertys foreclosure sale. Also called first lien. See also second mortgage.

  3. A first mortgage is a primary lien on a property. As a primary loan that pays for the property, the loan has priority over all other liens or claims on a property in the event of default. A first mortgage is not the mortgage on a borrower’s first home; it is the original mortgage taken on any one property. It is also called First Lien. If the home is refinanced, the refinanced mortgage assumes the first mortgage position.

How to use First mortgage in a sentence?

  1. If the loan-to-value (LTV) ratio of a first mortgage is greater than 80%, lenders generally require private mortgage insurance.
  2. The mortgage interest paid on a first mortgage is tax-deductible, only applicable to taxpayers that itemize expenses on their tax returns.
  3. A first mortgage is a primary lien on the property that secures the mortgage.
  4. The second mortgage is money borrowed against home equity to fund other projects and expenditures.

Meaning of First mortgage & First mortgage Definition

First Mortgage,

First Mortgage:

  • The first mortgagee is a property debtor. Like the principal loan used to repay the property, the loan takes precedence over the property in case of preference over any loan or any other claim. The first mortgage is not the borrower's first mortgage, but the first mortgage on a particular property. Also called the first link. When you re-finance your home, a financed mortgage is the first mortgage.

    • An initial mortgage is a claim to the property that secures the mortgage.
    • The second mortgage is mortgage money taken from home equity for fund plans and other expenses.
    • If the loan to value (LTV) on the first mortgage is more than 80%, lenders usually require private mortgage insurance.
    • The interest paid on the first mortgage is tax deductible and applies only to taxpayers who include costs in their tax returns.

  • The first privileged mortgage takes precedence over all other privileges. In case of prediction, the first mortgage will be paid before the second mortgage.

Literal Meanings of First Mortgage

First:

Meanings of First:
  1. Arrive on time or order ahead of others.

  2. Especially in place, location or importance.

  3. With a particular party or individual who holds any position.

Sentences of First
  1. Your first wife

  2. The first duty of a doctor is to respect this right.

  3. Was the first person to set a cookie in the river

Synonyms of First

paramount, introductory, original, top, prime, foremost, uppermost, earliest, main, greatest, leading, major, principal, highest, topmost, chief, initial, utmost, opening

Mortgage:

Meanings of Mortgage:
  1. Transfer (ownership) to the obligatory killing party as a suicide attack for the loan.

  2. A legal agreement in which a bank or other lender lends money to the borrower in return for interest, provided that the transfer of ownership is canceled when the loan is repaid.

Sentences of Mortgage
  1. The farm is in mortgage

  2. I deposited one lakh cash and took out a mortgage from the rest

Synonyms of Mortgage

mortgage, pawn, credit, guarantee, put up as collateral, advance

First Mortgage,

Definition of First Mortgage:

  1. A simple definition of First Mortgage is: The first mortgage is the right to the property. Like the principal loan used to pay for the property, the loan takes precedence over any lens or other claims on the property in the event of default. The first mortgage is not the borrower's first mortgage, but the first mortgage on a specific property. This is also called the first link. If the loan is refinanced, the refinanced mortgage takes the first mortgage position.

    • The initial mortgage is the right to the property that secures the mortgage.
    • The second mortgage is the loan and capital taken out for projects and other expenses.
    • If the first mortgage loan amount (LTV) exceeds 80%, the lender usually requires private mortgage insurance.
    • The interest paid on the first mortgage is tax deductible and applies only to taxpayers who add costs to their tax returns.

  2. First Mortgage can be defined as, The mortgagee who has the first privilege takes precedence over all other privileges. Upon closing, the first mortgage will be replaced like any other mortgage.

Literal Meanings of First Mortgage

First:

Meanings of First:
  1. Especially in position, position or importance.

  2. In a leadership position with a particular party or person.

Sentences of First
  1. The car was about to dive into the river first.

Synonyms of First

premier, rudimentary, predominant, central, most important, winner's, core, pre-eminent, prevailing, best, cardinal, fundamental, vital, supreme, basic, foundation, winning, of prime importance, ruling, elemental

Mortgage:

Meanings of Mortgage:
  1. A legal arrangement under which banks, mortgage lenders, etc. lend at interest in exchange for allocating the lender's property, provided that the transfer of ownership is terminated upon repayment of the loan.

  2. Deliver the loan to the lenders as collateral (assets).

Sentences of Mortgage
  1. I deposited one lakh cash and mortgaged the rest.

  2. The form is mortgaged