first mortgage Synonyms

No Synonyms and anytonyms found

first mortgage Meaning

Wordnet

first mortgage (n)

a mortgage that has priority over all mortgages and liens except those imposed by law

first mortgage Sentence Examples

  1. A first mortgage is a loan secured by real property that has not been previously mortgaged.
  2. In most cases, a first mortgage is the primary loan used to finance the purchase of real estate.
  3. A first mortgage is typically granted by a bank or credit union and is recorded with the local government.
  4. The borrower is obligated to make regular payments to the lender until the loan is paid off.
  5. If the borrower defaults on the loan, the lender may foreclose on the property and sell it to satisfy the debt.
  6. A first mortgage typically has a lower interest rate than a second mortgage.
  7. The amount of a first mortgage is usually limited to a percentage of the appraised value of the property.
  8. Many people refinance their first mortgage to get a lower interest rate or to access the equity in their home.
  9. When applying for a first mortgage, borrowers will need to provide the lender with information about their income, debts, and assets.
  10. The process of obtaining a first mortgage can take several weeks or even months.

FAQs About the word first mortgage

a mortgage that has priority over all mortgages and liens except those imposed by law

No synonyms found.

No antonyms found.

A first mortgage is a loan secured by real property that has not been previously mortgaged.

In most cases, a first mortgage is the primary loan used to finance the purchase of real estate.

A first mortgage is typically granted by a bank or credit union and is recorded with the local government.

The borrower is obligated to make regular payments to the lender until the loan is paid off.