First Mortgage

Definition of "First mortgage"

Initial or senior mortgage on property. It comes before all subsequent mortgages, and the mortgage has precedence in payment if default occurs.

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What is hazard insurance? What do I need to know about Condominium Insurance? What is an easement? What do I need to know about Managed Care Insurance: HMO, PPO, & and POS plans? Besides making my monthly mortgage payment, how can I build equity into my house?