what is a first mortgage loan

Best answer


Primary lien on a property

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  • Is a first mortgage a primary loan?

  • As a primary loan that pays for the property, the loan has priority over all other liens or claims on a property in the event of default. A first mortgage is not the mortgage on a borrower鈥檚 first home; it is the original mortgage taken on any one property.

  • What is a first mortgage lien?

  • A first mortgage is the primary lien on a property. A first mortgage is the primary loan that pays for the property, and the loan has priority over all other liens or claims on a property in the event of default. A first mortgage is not the mortgage on a borrower鈥檚 first home; it is the original mortgage taken on any one…

  • What is the main purpose of a first mortgage?

  • First Mortgage Purpose. The primary purpose of getting a first mortgage is to buy a home. Without bank loans, the vast majority of the nearly 67 percent of Americans who owned homes in 2010 would not have been able to buy.

  • What is a mortgage loan?

  • Home Mortgage Learn About Mortgages Mortgage Glossary What is a Mortgage Loan? A mortgage loan is a loan secured by real estate owned by the borrower, in which the borrower grants the lender a lien, or mortgage, against the property.

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