The first mortgage is the primary, or first, lien against your property and has priority over all other liens. The agreement that you make with a lender, such as a bank, to borrow money to purchase a property is a mortgage. In the event of a default your first mortgage is paid back before your second mortgage or any other liens. The term ‘first mortgage’ is for the first loan taken out against your property and does not denote the first time you buy a home.
There are a range of options available to you when it comes to your first mortgage, and these can include deciding the type of interest rate, the type of loan, the term and amortization period of the mortgage loan, and your repayment structure. For all your first mortgage needs, trust the experienced team at Mortgage Squad Agents to find a solution that is right for you.