What is a first mortgage?

A first mortgage is a type of mortgage loan that is secured by property in Virginia. It means that the borrower has given the lender the right to take the property if the loan is not repaid according to the terms of the loan agreement. The lender then becomes the rightful owner of the property. A first mortgage lien is the highest priority lien on the property, meaning that if there is a foreclosure, the lender with the first mortgage is paid first, before any other creditors. In most cases, the first mortgage lien remains in place until the loan is fully paid. If the borrower defaults on the loan, the lender has the legal right to foreclose on the property and take it back as a form of collateral.

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What is a first mortgage?

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