A first mortgage, also known as a senior mortgage, is a mortgage that has priority as a lien over all other mortgages and is satisfied first in cases of foreclosure.
A mortgage provided by the seller to the buyer in part payment of the purchase price of real estate. It serves as an alternative or additional financing option for buyers who may not qualify for traditional loans.
A senior mortgage, also known as a first mortgage, is the primary loan taken out on a property that holds the highest claim on the borrower's assets in case of foreclosure. It holds precedence over all other loans or claims on a property in the event of the borrower's default.
