first mortgage

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first mortgage

n
(Banking & Finance) a mortgage that has priority over other mortgages on the same property, except for taxation and other statutory liabilities
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Noun1.first mortgage - a mortgage that has priority over all mortgages and liens except those imposed by law
mortgage - a conditional conveyance of property as security for the repayment of a loan
References in classic literature ?
In fact, the Saillards did not know how better to manage their savings than to carry them, five thousand francs at a time, to their notary, Monsieur Sorbier, Cardot's predecessor, and let him invest them at five per cent in first mortgages, with the wife's rights reserved in case the borrower was married
Within the year Nellie married Bert Mall, Peter's eldest son, and Martin, at once, bought out her half interest in the farm, stock and implements, giving a first mortgage to Robinson in order to pay cash.
Solid financing activity continued during August, as cooperative boards moved ahead with loan originations in the form of first mortgages and lines of credit," said Edward Howe III, Managing Director of the NCB New York office.
Having recently expanded our membership eligibility to include all people who live, work, worship, volunteer, or attend school in the seven-county Twin Cities metro area, and their immediate family members, we have a significant opportunity to positively influence the financial success of more people through TopLine membership, including lower rates on first mortgages and home equity loans.
AMAC originates and acquires mezzanine loans, bridge loans, and government-insured first mortgages secured by properties throughout the United States.
Similarly, under current disclosure practices, investors are not informed about the presence of simultaneous second mortgages, because loan eligibility requirements for GSE securities traded in forward "To Be Announced" (TBA) markets do not account for the potential impact of piggyback seconds on the payment performance of securitized first mortgages due to higher combined loan-to-value ratios.
4 million in first mortgages and $13 million in lines of credit.
Ashford Hospitality Trust is a self-administered real estate investment trust focused exclusively on investing in the hospitality industry across all segments and at all levels of the capital structure, including direct hotel investments, first mortgages, mezzanine loans and sale-leaseback transactions.
Financing activity during November again saw record numbers, thanks in part to two major first mortgages for cooperatives in the area," stated Howe, managing director of the NCB New York office.
MBIA has $590 million of insured net par outstanding to PG&E, of which 61% is secured by first mortgages and 39% is senior unsecured, and therefore more vulnerable to a permanent loss.
Steady lending volume during October was driven by cooperative and condominium boards continuing to take out first mortgages and lines of credit to address their buildings' varied fiscal needs," stated Edward Howe III, managing director of the NCB New York office.
Our second-home loan is available at the same low mortgage rates as our first mortgages," said Marc A.