first mortgage

American  

noun

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

---

first mortgage British  

noun

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

---

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

Hundreds of thousands of potential first-time buyers also hope to get a place of their own with their first mortgage.

From BBC • Nov. 15, 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

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

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