- A primary claim made by the lender for satisfaction of outstanding debt. A first mortgage creates a first lien.
main hold on property, key lien, original lien, lead, primary lien, primary claim
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.