A first mortgage is a primary loan that has priority as a lien over all other mortgages. In cases of foreclosure, the first mortgage will be satisfied before other mortgages.
A senior mortgage, also known as a first mortgage, refers to a loan that has priority over other loans or claims against the property in the event of default. It occupies the primary lien position on the property.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.