senior mortgage

Senior Mortgage

A mortgage that is secured by a lien on a property and that has preference to another mortgage on the same property. In general, the senior mortgage is the original mortgage; one takes out a junior mortgage to pay for home repairs or for other reasons. In the event of default or bankruptcy, the senior mortgage must be paid entirely before the junior mortgage is paid at all. As a result, a senior mortgage carries a lower interest rate than a junior mortgage. See also: Piggyback mortgage.

senior mortgage

See first mortgage.

单词	senior mortgage
释义	senior mortgage Senior Mortgage A mortgage that is secured by a lien on a property and that has preference to another mortgage on the same property. In general, the senior mortgage is the original mortgage; one takes out a junior mortgage to pay for home repairs or for other reasons. In the event of default or bankruptcy, the senior mortgage must be paid entirely before the junior mortgage is paid at all. As a result, a senior mortgage carries a lower interest rate than a junior mortgage. See also: Piggyback mortgage. senior mortgage See first mortgage.
随便看	agitg agitographia agitolalia agitophasia agitp agitplakat agit-pop agitpop agit prop agit-prop agitprop agitpropist agitpunkt agiu agiv a give-and-take a given agivi agiw agix agixl agixlt agiy a gizmo a gizzle