first mortgage

Definition

The mortgage that has first claim in the event of a default.

Use first mortgage in a sentence

You should always try and shop around to make sure you get the best rate you can on your first mortgage.

​ Was this Helpful? YES  NO 8 people found this helpful.

Our first mortgage was very high and I hoped that it would not remain that way forever, because that would not be good.

​ Was this Helpful? YES  NO 11 people found this helpful.

You have had your first mortgage with us for several years now and we would like to offer you a much lower interest rate to refinance.

​ Was this Helpful? YES  NO 5 people found this helpful.

Show more usage examples...

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
80-10-10 mortgage underlying mortgage