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English definition of “first mortgage”

first mortgage

noun [C]
 
 
PROPERTY, FINANCE if a person or financial organization has a first mortgage on a property, they have the right to be paid first if its owner fails to pay back money they have borrowed to buy the property: If he loses his house, proceeds from its sale would go toward paying off the first mortgage.
(Definition of first mortgage from the Cambridge Business English Dictionary © Cambridge University Press)
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