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first mortgage

/ˈfɜːrst ˈmɔːrɡɪdʒ/

1 entry

phrase

/ˈfɜːrst ˈmɔːrɡɪdʒ/C1formallegal
  • ruОсновной кредит, обеспеченный недвижимостью, который имеет приоритет над любыми другими требованиями или залогами на эту недвижимость в случае невыполнения обязательств.

A primary loan secured by a property, which has priority over any other claims or liens on that property in case of default.

  1. Primary loan on propertyB2formal

    The main loan secured by a property, which has priority over any other claims or liens against that property.

    ruПервичная ипотека

    • The bank holds the first mortgage on the house.
    • When you buy a home, the first mortgage is usually the largest loan.
    • If the borrower defaults, the first mortgage lender gets paid first from the sale proceeds.