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Mortgage
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1
1st position
A first mortgage is a primary lien on a property. As the primary loan that pays for a property, it has priority over all other liens or claims on a property in the event of default. 1 A first mortgage isn't the mortgage on a borrower's first home.
2
2nd position
A second mortgage, also known as a junior lien, is a loan taken out against a property that is already used as collateral for another loan.
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