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Meaning of “first mortgage” in the English Dictionary

"first mortgage" in Business English

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first mortgagenoun [C]

uk   us  
PROPERTY, FINANCE if a ​person or ​financialorganization has a first ​mortgage on a ​property, they have the ​right to be ​paid first if its ​ownerfails 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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