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| Home | Ask Your Question | Mortgage Glossary | ||
First MortgageA mortgage that has priority as a lien over all other mortgages. In the case of a foreclosure the first mortgage will be satisfied before other mortgages.
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Related Mortgage Definitions: First Mortgage First Mortgage A mortgage that has priority as a lien over all other mortgages. In the case of a foreclosure the first mortgage will be satisfied before other mortgages. ... more... American Dream Downpayment Initiative American Dream Downpayment Initiative The American Dream Downpayment Initiative (ADDI) aims to increase the homeownership rate, especially among lower income and minority households. ADDI help first-time homebuyers with downpayment and closing costs. The program assists low-income ... more... Equal Credit Oportunity Act Equal Credit Oportunity Act (ECOA) Is a federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status or receipt of income from public assistance programs. ... more... Delinquency Delinquency Failure to make payments on time. This can lead to foreclosure. First, a mortgage becomes delinquent, when the borrower stops making payments. Second, the delinquency is either reinstated (payments are resumed) or the lender forecloses. ... more... |
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