November 2023

WHAT IS A FIRST MORTGAGE?

What is a first mortgage? understand in some scenarios, a piece of real estate may be financed by multiple mortgage loans. When this is the case, the original loan is then called the “first mortgage” or “first lien.” The new loan or subsequent loan is called the “second mortgage,” “second lien,” or “subordinate loan.” The first mortgage is considered the primary loan on the...

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