first mortgage

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First mortgage

A type of mortgage that through a lien gives precedence to the lender of the first mortgage over all other lenders in case of default.

First Mortgage

A mortgage on a property in which the lender has the right to full payment before any other lenders or liens on the same property are paid. That is, if the borrower defaults on the mortgage, the lender of the first mortgage has first right to the property and other lenders using the same property as collateral may only use it after the first lender has been fully satisfied. Generally speaking, first mortgages carry lower risk for lenders than other mortgages.

first mortgage

A real estate loan with the right to payment in full before payments to other lenders are made. First mortgages are generally considered low-risk investments, although the quality of real estate pledged as collateral is of crucial importance in determining the riskiness of the mortgage.

first mortgage

A real estate loan made to the borrower and recorded in the public records by the lender,before any other mortgages.

First Mortgage

A mortgage that has a first-priority claim against the property in the event the borrower defaults on the loan.

For example, a borrower defaults on a loan secured by a property worth $100,000 net of sale costs. The property has a first mortgage with a balance of $90,000 and a second mortgage with a balance of $15,000. The first mortgage lender can collect $90,000 plus any unpaid interest and foreclosure costs. The second mortgage lender can collect only what is left of the $100,000.

References in periodicals archive ?
5 million in loans during August, including a $4 million first mortgage for an 89-unit co-op located at 2199 Holland Avenue in Bronx, N.
5 million first mortgage for a 114-unit co-op located at 140 East Second Street in Brooklyn, NY; a $2.
This investment highlights the value proposition we offer to lenders with our ability to invest in mezzanine and first mortgage loans.
4 million first mortgage and a $1 million line of credit for Manor Towers, a 190-unit co-op located at 3671 Hudson Manor Terrace in Riverdale, NY; a $2.
Another segment of the home-buying public that would benefit from this new first mortgage is a buyer who wanted to occupy a home for the purpose of improving and selling the home later at a profit.
7 million in financing during May, including a $5 million first mortgage and a $500,000 line of credit for a 346-unit co-op located at 230 Garth Road in Scarsdale, NY.
8 million first mortgage and a $250,000 line of credit for a 90-unit co-op located at 400 Fulton Street in Farmingdale, NY; a $2.
2 million first mortgage and a $1 million line of credit for The Westminster House, a 152-unit co-op located at 35 East 85th Street in Manhattan; a $2.
The loan has a term of ten years with a 30-year amortization and was provided behind a $16 million first mortgage conduit loan.
6 million first mortgage and a $300,000 line of credit for a 300unit co-op located at 181 Long Hill Road in Little Falls, NJ.
6 million first mortgage and a $300,000 line of credit for a 300-unit co-op located at 181 Long Hill Road in Little Falls, NJ; a $3.
The nine taxable revenue bonds, each of which is secured by a first mortgage position on a multifamily property, were valued at approximately $7.