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what is first mortgage

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Term: Mortgage loans generally have a maximum term, that is, the number of years after which an amortizing loan will be repaid. Some mortgage loans may have no amortization, or require full repayment of any remaining balance at a certain date, or even negative amortization.

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A first mortgage is a loan taken out, usually to finance the purchase of real property, using the property as collateral for the loan. The lender has a security in the financed property, so that if the borrower defaults in repaying the loan, the lender has a lien on the property and may institute foreclosure proceedings to sell the property in order to recoup the money owed.

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The term "first mortgage" refers to the original loan you use to buy a house. The term "second mortgage" is a general concept used to describe what banks and lenders usually call a home equity loan.

What is a ‘First Mortgage’. A first mortgage is the primary loan that pays for the property and it 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’s first home; it is the original mortgage taken on any one property.

A first mortgage is the primary lien against your real estate, taking precedence to all other mortgages. If the property is sold or if the borrower defaults, the first mortgage is paid before any other mortgage lien on the property. Usually, the loan used to purchase the property is secured by the first mortgage.

If you’re in the market for a mortgage, it could make sense to go ahead and lock if you see a rate you like. Just make sure.

This has to do with how mortgage payments are made. When is your first mortgage payment due? mortgage payments are paid in arrears. This means that you are making payments for the past, not in advance like you do when paying rent. With a mortgage, January’s payment is due in February, February’s payment is due in March and so on.