first mortgage
2
5.1
- noun
- /fɜrst ˈmɔrɡɪdʒ/
- Specialized
:
primera hipoteca
- Before finalizing the deal, she reviewed the terms of her first mortgage carefully.
- first mortgage holder
- first mortgage payment
- first mortgage loan
Examples
-
To provide the capital to lend to more members, USAA Bank sells most of the first mortgage loans it originates in the secondary market to Fannie Mae, Freddie Mac, or Ginnie Mae.
Blog text (1) -
The first mortgage loan represents an underwritten, loan to net sellout of approximately 68 percent.
-
When my wife and I took out our first mortgage, we used a program offered by the state housing finance agency to guarantee the loan.
Blog text (15) -
You might be contemplating taking out your first mortgage, or you might have a child or two at home or on the way.
Academic text (2017) -
Our first mortgage necessitated that I get an actual job.
Blog text (1) -
You do not have to refinance your first mortgage to obtain a loan against your home to get out of debt.
Blog text (30) -
The bank said it will give us a $16,000 first mortgage at 91 per cent.
-
The owner used a $201,974 first mortgage and a $5,036 down payment.
Blog text (21) -
While your first mortgage may be amortized over 25 or 30 years, you can amortize your second mortgage over 5 years.
Blog text (30) -
The FHA encouraged long-term, low-interest, low down payment, self-amortizing first mortgages so prospective home buyers were able to borrow the necessary funds to purchase a house and repay the loan with regular and affordable monthly payments.
Academic text (1993)
Antonyms
How Senior
- Specialized
- Specialized
2
5.1
- Specialized
1
5.4
- Specialized
1
8.6
Surface Forms
Morphology
The concept of a 'first mortgage' is directly built from 'first' (primary, preceding others) combined with 'mortgage' (a secured loan), so a learner who knows both words can infer it refers to the primary or priority mortgage. Although legal specifics about lien priority are technical, the basic notion of 'the main/primary mortgage' is transparent and accessible to a B1 learner.
Etymology
First mortgage comes from a simple picture of a line: the mortgage that is first is first in line to be paid when a house is sold. So the phrase means a loan that is 'paid before other loans' if the owner cannot pay.