What is a first mortgage lien? A lien is a legal claim to an item of property. When you get a mortgage to buy a home, your lender uses the home as collateral. To do this, they place a lien on your home; this is called the first lien, the first mortgage lien, or the primary ...
Updated on: October 10, 2024 Why use LendingTree? A mortgage lien is another person or company’s financial claim to your property that lasts until you pay off a debt. A home loan is an example of a lien that you enter into voluntarily, though not all liens require your consent. If...
What is a junior mortgage? What is a mortgage bond? What is a mortgage broker? What is a mortgage? What is mortgage insurance? What is a mortgage forbearance agreement? What is a mortgage used to purchase? What is a mortgage-backed security (MBS)?
Are mortgage liens bad? Having a mortgage lien is not necessarily a bad thing if you continue to make regular payments on your loan. All homeowners with mortgages have a lien on their property. Involuntary liens, on the other hand, are placed on properties when owners are unable to pay the...
In our Mortgage Lingo 101 video series, we define commonly used mortgage terms in the industry. In this next episode, we define the term “Lien.” What is a Lien? You may hear this term used by a mortgage professional when they say, “We need to pay off the existing lien on your ...
The FHA does not require a lump sum payment at the end of the forbearance period. To help borrowers repay money owed, the FHA developed the COVID-19 Standalone Partial Claim.Eligibility varies, but this initiative is a zero-interest, no fee, junior lien on your property that becomes payabl...
A senior lien is considered to be the first and primary mortgage on a property. Typically, this is the original loan amount and is secured by the value of the property. This amount will be paid first and only tax obligations can potentially interfere. Death does not wipe the lien clean. ...
Mortgages:Mortgage borrowing is used for purchasing a home. These too are installment loans, and the home being purchased serves as collateral for the loan. Mortgages can be obtained from banks, credit unions and online lenders. Auto loans:An auto loan is an installment loan that’s designed ...
A home mortgage is a loan given by abank,mortgage company, or otherfinancial institutionfor the purchase of a residence—a primary residence, a secondary residence, or an investment residence—in contrast to a piece of commercial or industrial property. In a home mortgage, the owner of the pr...
A fixed-rate mortgage is also called a traditional mortgage. Mortgage lending discrimination is illegal. If you think you’ve been discriminated against based on race, religion, sex, marital status, use of public assistance, national origin, disability, or age, there are steps that you can ...