Meaning of “first mortgage” in the English Dictionary

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"first mortgage" in Business English

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first mortgagenoun [ C ]

uk us

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)