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Mortgage Glossary

Below is an A-Z glossary of general terms used within the mortgage industry. Click on any term to view a detailed explanation. Use the alphabet below to navigate quickly to a term beginning with:

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First Mortgage

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In some cases there may be two or more mortgages on a property. In the case of sale and default, a first mortgage will take priority so that the entire amount that they have lent will be returned before the second mortgage can have any claim over the proceeds.

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