First Mortgage

A legal documentAny written instrument meeting all statutory requirements which may be recorded with the Register of Deeds. pledging collateralSomething pledged as security for a debt. for a loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without (See "mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security.") that has first priorityThe Bankruptcy Code's statutory ranking of unsecured claims that determines the order in which unsecured over all other claims against the propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. except taxes and bonded indebtedness. That mortgage superior to any other.

First Mortgage

A mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. that is the primary lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower against a propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself..

First Mortgage

A mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. that is the primary lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower against a propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself.. A "first mortgage" is the primary lien against a property. The termThe time period by the end of which a debt must be fully repaid. Also refers to the maturity period is usually coined "first mortgage" only when a "second mortgageSimilar to a "mortgage." See "second mortgage" under "mortgage."" is obtained on a property. A "second mortgage" is a lien that is subordinateTo place in a rank of lesser importance or to make one claim secondary to another. to the first mortgage. Usually, the interestThis is the amount that is imposed when payment is remitted after the due date. rates on second mortgages are slightly higher than the interest rates on a first mortgage. The amount of a second mortgage you can take out will depend on the equityThe value of a property beyond any liens against it. Also referred to as owner's interest. you have built up in your homeHOME: Provides funds to local governments and states for new construction, rehabilitation, acquisition, the appraised valueThe value of a property at a given time, based on facts regarding the location, improvements, etc., of your property, your credit historyThe history of an individual's debt repayment. For most types of loans, lenders use this information, and any other liens you may have against your property, such as a home equity line of creditSee "home equity line of credit" under "mortgage.".Borrowers will typically get a second mortgage to tap into the equity they've built in their home -- and use that for home improvementsAn addition to land which costs labor or capital (buildings, pavements, etc.), more or less permanently, debtThat which is due from one person or another; obligation, liability. consolidationThe process of combining a number of unpaid federal student loans with various repayment schedules into, medical bills, or other purposes. You apply for a second mortgage with the same process you follow for a first mortgage. However, some of your closing costsVarious fees required to conclude a real estate transaction. may be less.When you have a first and second mortgage, you theoretically have two loans, both requiring interest and principalThis term is used to mean the employer of an agent; or the amount of money borrowed, or the amount of payments.

First mortgage

A real estateThe physical parcel of land and all improvements permanently attached. An identified parcel or tract loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without which is in a first lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower positionAn interest in the market, either long or short, in the form of one or more open contracts., taking priorityThe Bankruptcy Code's statutory ranking of unsecured claims that determines the order in which unsecured over all other liens. In case of a foreclosureThe legal process used to force the payment of debt secured by collateral whereby the property is sold, the first mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. will be repaid before any other mortgages.

First Mortgage

The mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. on propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself. that is superior in right to any other mortgage.

First mortgage

The mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. that is in first place among any loans recorded against a propertyThe rights or interests a person has in the thing he owns; not, in the technical sense, the thing itself.. Usually refers to the date in which loans are recorded, but there are exceptionsMatters affecting title to a particular parcel of real property which are included from coverage of.

First Mortgage

The mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security. with first priorityThe Bankruptcy Code's statutory ranking of unsecured claims that determines the order in which unsecured if the loanTransfers for which the recipient incurs a legal debt and repayment is required over time, with or without is not paidThis is the amount of tax posted as paid for the year in question, either in installment payments or.

First mortgage

The original mortgage loanThe legal agreement where a borrower is obligated to repay a lender for money borrowed to purchase a home. taken out on a homeHOME: Provides funds to local governments and states for new construction, rehabilitation, acquisition or other real estateThe physical parcel of land and all improvements permanently attached. An identified parcel or tract.