senior mortgage

Senior Mortgage

A mortgage that is secured by a lien on a property and that has preference to another mortgage on the same property. In general, the senior mortgage is the original mortgage; one takes out a junior mortgage to pay for home repairs or for other reasons. In the event of default or bankruptcy, the senior mortgage must be paid entirely before the junior mortgage is paid at all. As a result, a senior mortgage carries a lower interest rate than a junior mortgage. See also: Piggyback mortgage.

senior mortgage

See first mortgage.

References in periodicals archive ?
As a secondary strategy, we may acquire or originate senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest not more than 20% of our assets in other real estate related investments such as grocery-anchored shopping centers, senior mortgage loans, subordinate loans or mezzanine debt secured by interests in grocery-anchored shopping centers, membership or partnership interests in grocery-anchored shopping centers and other grocery-anchored related assets as determined by our manager as appropriate for us.
5 million senior mortgage loan and served as advisor to a joint venture between Denholtz Associates and MB 1 Capital Partners for the acquisition of the Clark Mixed-Use portfolio located in Clark, New Jersey.
com)-- PrivatePlus Mortgage, a division of Private Bank of Buckhead & Decatur, has named LaTonya Rodney as Senior Mortgage Processor.
Harris has earlier served as a senior mortgage loan officer at Union Savings Bank in Columbus, Indiana, from 2011 to 2014.
Union Bank has selected Chandra Pollard as senior mortgage loan originator for residential lending in Washington and Lamoille counties.
in addition, Optima recently announced several promotions: Robert Gagnon has been named vice president of business development and senior mortgage originator; Art Balomenos has been promoted to assistant vice president of operations and assistant compliance officer; Ryan Ebeling has been named senior staff accountant; Joyce Holland has been named assistant vice president and credit officer; and Julia Powell has been promoted to senior private banker.
Ian Bartholomew, senior mortgage manager at First Direct, says: Offset mortgages used to be seen as complicated and, when they were launched in the 1990s, only 5% of Britons found themselves in the higher rate income tax bracket and able to benefit from the tax efficiency an offset mortgage offers.
3m senior mortgage, secured by the Marriott Courtyard Parsippany hotel, in Parsippany, US.
James Rudd, senior mortgage services consultant for William H Brown, said: "This is great news for first and second-time buyers who are crying out for mortgages which don't require huge deposits.
Richard Tolchard, senior mortgage product manager at First Direct, said: "As well as helping them pay down their outstanding loan, offsets can help shelter savers from the effects of high inflation.
Kent Swig and 80 Broad Street The defaulted $75 million senior mortgage loan on Kent Swig's 80 Broad Street is officially up for sale through Cushman & Wakefield, confirming rumors that surfaced last month and setting the stage for a potential takeover from a buyer, the Post reported.
Richard Tolchard, Senior Mortgage Product Manager at first direct sdaid, "The canny homeowner has realised that Britain has been at the bottom of the interest rate cycle for a while and 2011 will be the year when fixed mortgage rates start to move up.

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