First Mortgages

A residential first mortgage is the technical term for what most consumers commonly refer to as a "mortgage." A mortgage is reffered to as a "first mortgage" when it is registered on title as the first charge if/when the subject property has more than one mortgage/loan registered against it. Simply put, mortgages are generally only called First Mortgages when more than one form of either a mortgage and/or line of credit are in place.

When looking to refinance, many people either pay off their existing first mortgage and replace it with a new mortgage that better meets their needs, or they take out a second mortgage.

For more information regarding first mortgages, refinancing or second mortgages contact one of the quaflied mortgage professionals at Alberta Mortgage.