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

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

“It’s nice of him. Who would accept a house with such a big first mortgage as collateral? Only a friend.”

From "Typical American" by Gish Jen