PROPERTY,FINANCEif apersonorfinancialorganizationhas a firstmortgageon aproperty, they have therightto bepaidfirst ifitsownerfailstopaybackmoneythey haveborrowedtobuytheproperty:If heloseshishouse,proceedsfromitssalewould go towardpayingoff the firstmortgage.(Definition offirst mortgagefrom theCambridge Business English Dictionary? Cambridge University Press)
Examplesoffirst mortgage
first mortgageAfirstmortgageof $4,050,000 was given in 1929.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.A similar property with a value of $100,000 with afirstmortgageof $50,000 and a second mortgage of $25,000 has an aggregate mortgage balance of $75,000.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.The monthly payments are made by the buyer to the seller, who then continues to pay thefirstmortgagewith the proceeds.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.The majority of its loans are in three categories: senior asset-based, cash-flow, andfirstmortgageloans.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.At the same time share capital rose to 12,000 and the current mortgages and debenture were repaid in favour of a newfirstmortgage.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.This is due if the loan goes into default, thefirstmortgagegets paid off first before the second mortgage.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.It was thefirstmortgageloan that was fully amortized (fully paid at the end of the loan) precluding successive loans, and had fixed interest rates and payments.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.The term is commonly used by banks and building societies to represent the ratio of thefirstmortgage lien as a percentage of the total appraised value of real property.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.If the holder of the second mortgage does not subordinate the lien of its mortgage to the new mortgage, the new lender will not refinance thefirstmortgage.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.They are analogous to the costs incurred in the foreclosure of thefirstmortgage, which have the same priority as the mortgage itself over subsequent encumbrances.FromWikipediaThis example is from Wikipedia and may be reused under a CC BY-SA license.These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors.#https://dictionary.cambridge.org//dictionary/english/first-mortgage##
