First Mortgage

A single property can be mortgaged any number of times based on its value. In the case of default the mortgage that has first claim over the property is called first mortgage. The first mortgage lender has highest authority on the property in the case of default than the other lenders.

The loan which is registered with county or city registry first is called the first mortgage. The first mortgage lender is at the least risk from the lender in case of default. The first mortgage usually fetches a high amount loan to the borrower since the property at present does not have any other mortgage charges. The first mortgage can help the borrower to borrow loans between 95% to100% of the value of the property.

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