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

It means a homeowner coming to the end of their fixed-rate mortgage deal and looking for a new one, or first-time buyers taking on their first mortgage, have seen such loans become much more expensive.

From BBC • Jan. 11, 2023

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

From Seattle Times • Nov. 15, 2022

Land values declined accordingly, for the Klamath weed was considered to hold the first mortgage.

From "Silent Spring" by Rachel Carson