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
- 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.
- If the borrower defaults on the loan, the lender may foreclose on the property and sell it to satisfy the debt.
- A first mortgage typically has a lower interest rate than a second mortgage.
- The amount of a first mortgage is usually limited to a percentage of the appraised value of the property.
- Many people refinance their first mortgage to get a lower interest rate or to access the equity in their home.
- When applying for a first mortgage, borrowers will need to provide the lender with information about their income, debts, and assets.
- 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.
