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First Mortgage: A first mortgage is the first debt registered against a property that is secured by a first "charge" on the property.

The first mortgage you take out for the purchase of the property is actually the mortgage that has possession of your property, or sale of your property, should you default on your first mortgage.

If a default on the mortgage occurs, the first lender has first right on the property to recover the outstanding principal and interest costs, and any other costs incurred during the process.