A first mortgage is a primary loan that has priority as a lien over all other mortgages. In cases of foreclosure, the first mortgage will be satisfied before other mortgages.
A mortgage lien is an encumbrance on property used to secure a loan. The lien holder has a claim to the property in the event of a loan default.
A subordinated lien created by a mortgage loan over the amount of a first mortgage, often used to reduce the amount of a cash downpayment or to raise cash in refinancing.
A senior mortgage, also known as a first mortgage, refers to a loan that has priority over other loans or claims against the property in the event of default. It occupies the primary lien position on the property.
An underlying mortgage, also known as a first mortgage, refers to the original mortgage on a property that remains in place when a wraparound mortgage is created.
