First Mortgage
Direct definition
The primary loan secured by a property, in first-lien position ahead of any other financing.
Written by the Vabasso Mortgage Editorial Team · Reviewed against agency and federal sources · Read our editorial policy for how we research and review mortgage content
Plain-English explanation
A first mortgage has priority over any junior liens (HELOCs, second mortgages). In foreclosure, it's paid first from sale proceeds.
Why it matters
Lien position dictates payoff order and, therefore, pricing and risk.
Where you may see it
- County records
- Title commitment
- Mortgage note
A real-world example
You have a $300,000 first mortgage and a $50,000 HELOC; the first is paid from any foreclosure proceeds before the HELOC.
Educational and illustrative only
A common misunderstanding
'First' doesn't refer to being your first-ever mortgage — it refers to lien priority, meaning it's paid before other loans against the same property.
Ask Vabasso AI
This glossary provides general educational information. Mortgage terminology, qualification methods, forms, timelines, fees, program rules, and legal meanings may vary by lender, investor, loan program, property, occupancy, state, and transaction. Definitions do not represent loan approval, legal advice, tax advice, or a commitment to lend.
- Author
- Vabasso Mortgage Editorial Team
- Reviewed by
- Vabasso Mortgage Licensed Advisory Team
- Last reviewed
- July 30, 2026