first mortgage

American  

noun

1. a mortgage having priority over other mortgages on property.

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first mortgage British  

noun

1. a mortgage that has priority over other mortgages on the same property, except for taxation and other statutory liabilities

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Other Word Forms

• first-mortgage
  adjective

Etymology

Origin of first mortgage

First recorded in 1850–55

Example Sentences

We were lucky enough to close on our first mortgage with a 2.75% interest rate.

From Salon • Nov. 28, 2024

They’re treated as second mortgages, but require no payments of any kind until the home is refinanced, resold or its first mortgage paid off, at which point the state loan must be repaid in full.

From Los Angeles Times • Jan. 20, 2024

Some older people looking to renew or take out their first mortgage are being turned away by lenders because the length of time they have to pay back is too short.

From BBC • May 20, 2023

In the Miami area, Pastor Carlos Mendez and his wife, Lisset Garcia, signed a modification on their first mortgage in 2012, after financial hardships resulted in missed payments and a bankruptcy filing.

From Seattle Times • Nov. 15, 2022

Already Mr. Henson had called about our late house payment on the first mortgage.

From "Warriors Don't Cry: A Searing Memoir of the Battle to Integrate Little Rock's Central High" by Melba Pattillo Beals