Real Estate Glossary

First mortgage

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Written by Richard Wilson

Due to its position, the first mortgage, or the primary loan of a property, has priority over all junior encumbrances. In the event of a default, the holder has a priority right to payment.

Due to its position, the first mortgage, or the primary loan of a property, has priority over all junior encumbrances. In the event of a default, the holder has a priority right to payment.

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Richard Wilson

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