Primary Mortgage
/ˈpraɪˌmɛri ˈmɔːrɡɪdʒ/
Definitions
- (n.) The first mortgage loan secured by real property, holding priority over any subsequent liens.
The buyer secured a primary mortgage to purchase the house.
Forms
- primary mortgage
- primary mortgages
Related terms
See also
Commentary
Primary mortgages take precedence in payment and foreclosure over secondary or junior liens, a critical consideration for lenders and borrowers.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.