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

Derived 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

But before they made their first mortgage payment, a massive landslide upended life on Peartree Lane, pulling eight neighbors’ homes down a nearby canyon and pushing others into different levels of structural purgatory.

From Los Angeles Times • Nov. 29, 2023

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

Others believed their second loans were rolled in with their first mortgage payments or forgiven.

From Seattle Times • Nov. 15, 2022

A friend of mine in my Salomon Brothers training program created the first mortgage derivative in 1986, the year after we left the program.

From "The Big Short" by Michael Lewis