First Mortgage
The first mortgage on a home simply refers to the first or primary mortgage on a property. If that house is sold the lender who gave the first mortgage is paid first.
first mortgage
mortgage that has priority as a lien over all other mortgages. In cases of foreclosure, the first mortgage will be satisfied before other mortgages.
See also second lien or second mortgage , junior mortgage ...
First Mortgage
Primary mortgage on a property, which takes priority over any other liens and is satisfied before any secondary liens.
FIRST MORTGAGE - First Mortgage A mortgage registered before all others on title. Gives the lender a pr...
FIRST NOTICE DAY - The first day, varying by contracts and exchanges, on which notices of intent to del...
No Cash Out Refinance : Also known as a "Rate and Term" refinance, this is a loan in which a lender simply refinances the existing first mortgage and no other bills are paid off and the borrower receives no cash as part of the transaction.
First Mortgage:
The mortgage agreement which has first claim on the asset in the event of default.
First Mortgage Bonds: ...
First Mortgage Loan - A loan that creates a primary lien against real property.
Fixed Annual Percentage Rate (APR) - An Annual Percentage Rate fixed for a specified term and not tied to movements of a financial index such as the prime rate.
First Mortgage
A lien on property that takes precedence over any other lien, such as a junior or second mortgage. Sometimes called senior mortgage, first lien, or first loan.
Graduated Payment
Mortgage (GPM) ...
First Mortgage Bonds: Bonds issued by a corporation that are backed by the first claim on the proceeds from the sale of a specific asset or set of assets in the event that the company is liquidated.
first mortgage bond A senior mortgage bond.
first notice date The first date on which notice of delivery on a futures contract can be given to the exchange.
First Mortgage
A mortgage that is the primary lien against a property except for taxes and bonded indebtedness.
First Mortgage Bonds
Bonds that are collateralized by a first lien on tangible assets. In the event of a default, a first mortgage bond holder can demand liquidation of those assets in satisfaction of the debt.
First Notice Day ...
First mortgage
A type of mortgage that through a lien gives precedence to the lender of the first mortgage over all other lenders in case of default.
Fiscal policy ...
First mortgage
A mortgage that has a first-priority claim against the property in the event the borrower defaults on the loan. For example, a borrower defaults on a loan secured by a property worth $100,000 net of sale costs.
First Mortgage: the mortgage with first priority if the loan is not paid.
Fixed Expenses: payments that do not vary from month to month.
First Mortgage Bonds
The senior securities of a company as they constitute a first charge on the company's assets, earnings and undertakings before unsecured current liabilities are paid.
First-In-First-Out (FIFO) ...
First Mortgage
A mortgage loan that is the first or primary lien against a property.
Fiscal Deficit
When the government spends more money than it receives in revenue over the course of one year.
First Mortgage Corporation (Private Company)
Government National Mortgage Association (GNMA) (finance term)
Veterans Administration (VA) Mortgage (finance term)
Certificate of Eligibility
Gulf War Syndrome
Fidelity Southern Corp New
Entitlement ...
FIRST MORTGAGE
The senior loan on real estate; the mortgage recorded first. In case of default, the first mortgage holder would be paid before payment to any other creditor secured on the property, such as a SECOND MORTGAGE.
ALLOWANCES ...
First Mortgage:
A real estate loan which is in a first lien position, taking priority over all other liens. In case of a foreclosure, the first mortgage will be repaid before any other mortgages.
Fixed Rate Loan: ...
Second mortgage lending Loans secured by real estate previously pledged in a first mortgage. Secert Ballot In the context of corporate governance, this is also known as confidential voting.
first mortgage The mortgage that has first claim in the event of a default. first notice day The first day that a buyer of a futures contract can be called upon to take delivery.
The first mortgage loan is not paid off. Instead, the borrower makes payments to the second mortgage lender for the debt service of both the first and second liens. The second lien holder then makes the payments to the first lien holder.
The senior mortgage is called the first mortgage. It is possible for a property to have more than one junior mortgage.
Wraparound loan - A method of refinancing in which an existing first mortgage is placed in a secondary, or subordinate, position by a new mortgage which includes both the unpaid principal balance of the previous, ...
A combination of an 80 percent loan-to-value first mortgage, a 10 percent down payment and a 10 percent home equity loan.
Otherwise known as 'second trust', a second mortgage is a mortgage which is taken out on property, which has been pledged as security to ensure payment (collateral) of an original or first mortgage.
If you took out that first mortgage on or after January 1, 2007, and you put less than 20% down on your home, you're very likely paying PMI (note: this is not the same thing as your homeowner's insurance; the amount of PMI you' ...
Exchange-traded securities.
First mortgage
A type of mortgage that through a lien gives precedence to the lender of the first mortgage over all other lenders in case of default.
First notice day ...
Mortgage Debts. Includes first mortgages, home equity loans, and any other loans secured by your real estate. Include investment properties and second homes
Mortgage Fund. A mutual fund that invests in mortgages.
loan using already-mortgaged property as collateral a loan that uses the equity on a mortgaged property as security and is taken out with a different lender from the first mortgage.
A second mortgage is a second lien on a property; it comes subordinate to the first mortgage and since the first lender or mortgagee holds the deed of the property, the second mortgage is considered riskier and carries much higher interest.
A type of mortgage where a second mortgage or home equity loan is taken out by a borrower at the same time the first mortgage is started or refinanced.
A mortgage recorded after a First mortgage, ranks second in priority.
Personal Finance Headlines
SEARCH: ...
All of the interest is deductible. The interest on the first mortgage is deductible simply because it was taken out before October 13, 1987.
The rate of interest on your second mortgage is likely to be higher than that of your first mortgage to reflect the fact you're borrowing more heavily and so deemed to be a higher risk to the lender.
SECOND MORTGAGE A mortgage loan that is secured by a real estate property already having a first mortgage. In the event of default, the holder of the second mortgage is subordinate to the first.
Mortgage fund
Mutual fund that invests in mortgage loans. Its portfolio is generally made up of first mortgage loans on residential properties in Canada, although some funds also invest in commercial mortgage loans.
An agreement whereby a second mortgagee postpones the priority of its mortgage in favour of a further charge taken by the first mortgagee is called a Deed of postponement.
What to do if you need more help ...
Mortgage fund: A mutual fund that invests in mortgages. Portfolios of mortgage funds usually consist of first mortgages on Canadian residential property, although some funds alsoinvest in commercial mortgages.
Junior mortgage
A mortgage that will be satisfied only after more senior mortgages have been satisfied. E.g., a first mortgage will be satisfied prior to a second or a third mortgage.
SECONDARY FINANCING Loans secured by the property, but subordinate to the first mortgage.
second mortgage (home equity loan): A second mortgage ranks after a first mortgage in the event of foreclosure. Sales of a home from foreclosure proceedings are used to pay off the loans in the order they were recorded.
Real Estate Settlement Procedures Act (RESPA) - Federal law enacted in 1974 that requires buyer and seller to have knowledge of closing costs. Applies to first mortgage loans on one-to-four family homes.
A mortgage bond can be designed as senior, underlying, first, prior, onerlying, junior, second, third and so forth depending on the priority of the lien. Most of mortgage bonds issued by corporations are first mortgage bonds secured by specific real ...
A corporate bond issue which has priority over other bonds as to its claim on the company's assets and earnings. An example is a first mortgage bond.
Senior DebtExpand/Collapse ...
loans are generally lower than the rates on unsecured loans. However, when you borrow against your equity you run the risk of foreclosure if you default on the loan, even if you have continued to make the required payments on your first mortgage.
First Mortgage
A mortgage which carries priority over any subsequent mortgages if the borrower goes into default and his/her assets have to be sold to pay ...(Read more)
First Notice Day ...
a first mortgage will be satisfied prior to a second or a third mortgage. Junior refunding Issuing of new securities to refinance government debt that matures in one to five years.
 See also: Banks, Saving, Expense, Funding, Prepayment
  
|
RSS
