Sentence examples for a first mortgage from inspiring English sources
Some taxpayers had been working around the $1 million limit by structuring big loans in two parts–a first mortgage and a $100,000 home equity line of credit, says Mel Schwartz, legislative affairs director with Grant Thornton in Washington, D.C. "It was cumbersome, but it got around the previous IRS position," he says.
With partial financing, buyers arrange for a first mortgage as they would with any conventional purchase.
By comparison, when a borrower defaults on a first mortgage, only the property itself is at stake.
When a lender forecloses on a first mortgage, the house in question is typically sold at auction.
If you were applying for a first mortgage, your outstanding credit commitments would have worked against you.
On second mortgages, Weichert will lend up to $100,000, compared with $400,000 on a first mortgage.
His father took out a second mortgage.
What if I have a second mortgage?
And if not, there's always a second mortgage.
A second mortgage of $28,219 was through the Community Development Corporation.
A second mortgage of $53,300 was obtained through the Community Development Corporation.
