First Lien

Definition

  • A primary claim made by the lender for satisfaction of outstanding debt. A first mortgage creates a first lien.

Synonyms
main hold on property, key lien, original lien, lead, primary lien, primary claim

Alternate Spellings
1st Lien

Related Terms and Acronyms

  • Debt Definition,
    • Money one person or firm owes to another person or firm.
  • Debt Consolidation Definition,
    • The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page.
  • First Mortgage Definition, Important,
    • A mortgage that is the primary lien against a property.
  • Lien Definition,
    • A legal hold or claim of a creditor on the property of another.
  • Lien Holdback Definition,
    • The practice of mortgagees withholding up to 15% of mortgage monies advanced on new construction.
  • Mortgage (mtg) Abbreviation, Important,
    • A mortgage is a contract stipulating a specific real property, typically a residence or building, as collateral for a loan. The mortgage incurs a rate of interest that varies according to term and other features.
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