first mortgage

noun
a mortgage having priority over other mortgages on property.

Origin:
1850–55

first-mortgage, adjective
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World English Dictionary
first mortgage
 
n
a mortgage that has priority over other mortgages on the same property, except for taxation and other statutory liabilities

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Example sentences
The loan is due upon sale or transfer of the property or if the first mortgage is refinanced or paid in full.
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