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 ?
He has more than 15 years of senior mortgage industry experience, having previously held leadership positions within the mortgage businesses of JPMorgan Chase and Fannie Mae.
4 million senior mortgage loan portfolio on behalf of Varde Partners.
Global Banking News-July 7, 2016--PrimeLending names senior mortgage consultant in South Florida
com)-- Stephanie Coats, a multi-million dollar producing Keller Williams Realty Broker, and Nick Carter, a Senior Mortgage Specialist at Director's Mortgage, are going to start offering free, no-obligation, First Time Home Buyer Seminars to anyone and everyone interested in learning more about the home buying process.
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.
Under the partnership with Lehman, Five Mile would take on a large part of Innkeepers' senior mortgage debt, while Lehman would pay a part of the mortgage debt in exchange for a stake in the hotel operator.
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.

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