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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

first mortgage

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

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.

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.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Howe arranged a total of $10.5 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.Y.; a $2 million first mortgage for a 96-unit co-op located at 66-11 Yellowstone Boulevard in Forest Hills, N.Y.; a $1.5 million first mortgage and a $250,000 line of credit for a 38-unit co-op located at 62 West 114th Street in Manhattan; a $1 million line of credit for a 120-unit co-op located at 3535-3555 Kings College Place in Bronx, N.Y.; a $900,000 first mortgage for a 78-unit co-op located at 6601 Broadway in Bronx, N.Y.; a $500,000 second mortgage for a 70-unit co-op located at 2035 Central Park Avenue in Yonkers, N.Y.; and a $300,000 first mortgage for a 34-unit co-op at 321 West 55th Street in Manhattan.
NCB's senior vice president Mindy Goldstein arranged a total of $14.4 million in loans during July, including a $9 million first mortgage and a $2 million line of credit for a 190-unit co-op located at 251 East 51st Street in Manhattan; a $2.7 million first mortgage for Sea Cliff Towers, a 121-unit co-op located at 20 Cliff Street in Staten Island, NY; a $295,000 first mortgage for a 17-unit co-op located at 241 East 7'h Street in Manhattan; and a $200,000 line of credit for a 52-unit co-op located at 32 East Broad Street and 33 East Grand Street in Mt.
Howe arranged a total of $17.2 million in loans during May, including a $6.2 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 $2.9 million first mortgage for a 110-unit co-op located at 42 Pine Street in Yonkers, NY; a $2.5 million first mortgage and a $500,000 line of credit for a 91-unit co-op located at 377 Westchester Avenue in Port Chester, NY; a $1 million first mortgage and a $500,000 line of credit for a 59-unit co-op located at 3512 Oxford Avenue in Riverdale, NY; an $850,000 first mortgage and a $500,000 line of credit for a 12-unit co-op located at 84-86 Thomas Street in Manhattan.
Senior vice president Mindy Goldstein arranged a total of $31.6 million in loans during April, including a $3.5 million first mortgage and a $1 million line of credit for a 59-unit co-op located at 156 East 79th Street in Manhattan; a $3 million second term mortgage for a 271-unit co-op located at 18-15 215th Street in Bayside, NY; and a $2.9 million first mortgage and a $500,000 line of credit for an 83-unit co-op located at 12 Hempstead Avenue in Rockville Centre, NY.
Howe arranged a total of $16.5 million in loans during February, including a $2.5 million first mortgage for a 114-unit co-op located at 140 East Second Street in Brooklyn, NY; a $2.2 million second mortgage and a $3 million third mortgage for a 69unit co-op located at 55 Liberty Street in Manhattan; a $1.7 million first mortgage for an 84-unit co-op located at 1717 Avenue N in Brooklyn, NY; a $1.7 million first mortgage a 72-unit co-op located at 6140 Saunders Street in Rego Park, NY; a $1.7 million first mortgage for The Jupiter Court, a 68-unit co-op located at 62-64 Saunders Street in Rego Park, NY.
Howe originated a $3.8 million first mortgage and a $1 million line of credit for a 133-unit co-op located at 480 Riverdale Avenue in Yonkers, NY; a $3.4 million first mortgage and a $500,000 line of credit for a 108-unit co-op located at 134-54 Maple Avenue in Flushing, NY.
NCB's senior vice president Sheldon Gartenstein arranged a total of $21.4 million in loans during December, including an $8.5 million first mortgage and a $1 million line of credit for Laurelton Gardens, a 384-unit co-op located at 131-42 234th Street in Laurelton, NY.
Sheldon Gartenstein, NCB's senior vice president, arranged a total of $57.6 million in loans during November, including the largest deal of the month, a $33 million first mortgage and a $1 million line of credit for North Isle Village, a 767-unit co-op located at 50 Gibbs Road in Coram, NY.
Howe originated a total of $16.9 million in loans during October, including a $9.4 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 $2.9 million first mortgage for Beechwood Gardens, a 95-unit co-op located at 192-02/18 39th Avenue in Bayside, NY; a $2.6 million first mortgage and a $500,000 line of credit for Briar Cliff Hill, a 78-unit co-op located at 300-360 North Shore Road in Briarcliff Manor, NY; and a $500,000 line of credit for an 83-unit co-op located at 37-16/20 83rd Street in Jackson Heights, NY.
Among other deals, NCB's senior vice president Sheldon Gartenstein originated a $2 million first mortgage and a $200,000 line of credit for a 19-unit condop located at 140 Fifth Avenue in Manhattan; a $1.1 million first mortgage and a $600,000 line of credit for a 10-unit co-op located at 143 West 27th Street in Manhattan; a $300,000 line of credit for a 29-unit co-op located at 65 Nassau Street in Manhattan; and a $300,000 line of credit for Carlton Terrace, a 28-unit co-op located at 65 Durham Road in Bronxville, NY.
Mindy Goldstein, NCB's senior vice president, arranged the largest loan during the month of June with an $18.5 million first mortgage and a $1 million line of credit for a 201-unit coop located at 790 Riverside Drive in Manhattan.
Her loan of a $7.5 million first mortgage and a $1 million line of credit for a 144-unit co-op located at 30 East 9th Street in Manhattan was the largest loan underwritten during the month.