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 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.
