A main lien on a property is a first mortgage. In the event of default, the loan has priority over all other liens or claims on the property because it is the primary loan that pays for the property. A first mortgage is the first mortgage taken on any property, not necessarily the borrower's first residence. It's also known as the First Lien. If the house is refinanced, the refinanced mortgage takes over as the primary loan.
A first mortgage is a primary lien on the property that secures the mortgage.
The second mortgage is money borrowed against home equity to fund other projects and expenditures.
If the loan-to-value (LTV) ratio of a first mortgage is greater than 80%, lenders generally require private mortgage insurance (PMI).
The mortgage interest paid on a first mortgage is tax deductible, only applicable to taxpayers who itemize expenses on their tax returns.