Usually used in the mortgage world to signify the difference between a mortgage and a home equity loan. In case of default, the first lien -- the mortgage -- gets paid first. The rate for a first lien (mortgage) will be lower than for a second lien (home equity loan) because there's greater risk that the holder of the second loan won't be paid.

A lien refers to a mortgage loan or some other encumbrance or attachment on real-estate property. The first lien must be paid before any other lien is paid. First Mortgage The loan on a property that holds priority over all other loans on the same property. If the property is sold, the first mortgage must be paid before any other lenders are paid.

The debt recorded first (earliest in time) such as a first mortgage or first deed of trust. This debt has priority as a lien over all other debts. In cases of foreclosure, the first lien will be satisfied before other liens are paid off.

In a home purchase transaction, a lien is a legal claim held by the lender against the property being purchased that must be paid off when the property is sold. A first lien is a claim holding the highest priority, usually in favor of the lender, which must be paid first, ahead of other liens against the same property, when the property is sold.

A primary claim by the lender for satisfaction of outstanding debt.

The registered legal claim which stands first in line to enjoy the proceeds of a sale of the property. Liens generally are ordered according to time or registration but various statutes allow some liens (realty taxes) to jump to the head of the line.

The initial claim made by a lender to satisfy an unpaid debt. One example is a first mortgage.

A debt recorded in first position against a property.

A legal claim with the highest priority against a certain property; also known as a senior lien.