what is first mortgage

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What is a Second Mortgage? – With a traditional mortgage, often referred to as a first charge mortgage.’ A large loan [mortgage] is lent to the property owner, with their property acting as collateral for the lender on the loan..

First Mortgage | Definition of First Mortgage by Merriam-Webster – First mortgage definition is – a mortgage that has priority as a lien over all mortgages and liens except those imposed by law.

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What is a reverse mortgage and how does it work? – you should compare the best reverse mortgage lenders to make sure you don’t pay more than you have to in origination, closing and service fees. Michele Lerner, author of “HOMEBUYING: Tough Times,

A second mortgage is a loan on a home that has a first, or primary, mortgage. It, too, uses the home as collateral. If you can’t make your mortgage payments and the home is sold, the second.

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What is a Mortgage? A loan that is secured by property or real estate is called a mortgage. In exchange for funds received by the homebuyer to buy property or a home, a lender gets the promise of that buyer to pay back the funds within a certain time frame for a certain cost.

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Mortgage loan – Wikipedia – Mortgage lending will also take into account the (perceived) riskiness of the mortgage loan, that is, the likelihood that the funds will be repaid (usually considered a function of the creditworthiness of the borrower); that if they are not repaid, the lender will be able to foreclose on the real estate assets; and the financial, interest rate.

What Is a Mortgage? Your Go-To Guide to Getting a Home Loan. – What is a mortgage? In a nutshell, a mortgage is a loan that enables you to cover the cost of a home. Since you probably don’t have hundreds of thousands of dollars lying around, a mortgage loan.

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.