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.
The company has bought discounted first mortgages, B notes and mezzanine interests.
"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.
The financings included $53.1 million in first mortgages and $8.2 million in lines of credit.
The financings included $44.8 million in first mortgages and $13.7 million in lines of credit.
The financings included $51.7 million in first mortgages and $16.6 million in lines of credit.
The financings included $39.4 million in first mortgages and $13 million in lines of credit.
The financings included $54.5 million in first mortgages and $13.6 million in lines of credit.
The financings included $52.7 million in first mortgages and $8.8 million in lines of credit.
The financings included $83.9 million in first mortgages and $8.8 million in lines of credit.
"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.