back to top

About Us

Tips & News

What Is A First Mortgage? What You Need To Know

If youve ever heard the term first mortgage,” and been confused about what it means – and what a second mortgage” would be, youve come to the right place. In this guide from CSMC Mortgage, well talk about the basics of first mortgages, and in which scenarios you may have multiple mortgages on a piece of property. Read on to get all the details.

The First Mortgage Is Your Primary” Mortgage

Your first mortgage (or lien) can be thought of as your primary” mortgage loan. This loan is the original loan that you used to purchase your property. Most home buyers will only ever have a single mortgage on their property. However, there are some scenarios (which well discuss in the below section) that may lead to you having two mortgages on your home.

In the event that you default on your loan payments, the lender for your first or primary” mortgage is also first in line to foreclose on your home and sell it to repay the loan balance. The lender who provided your second mortgage will only be able to claim repayment after the first mortgage lender has done so.


Why Would I Have More Than One Mortgage?First Mortgage

There are two common scenarios in which you may have two mortgages on your home. Lets discuss them now.

How Else Do Second Mortgages Differ From First Mortgages?

Second mortgages are treated differently than first mortgages for the mortgage interest tax deduction. Up to certain limits, you can write off the interest for your first mortgage on your taxes.

However, this is not usually possible with a second mortgage, unless the money was used to buy, build, or substantially improve? The home.

Second mortgages are also riskier for lenders. Because the first mortgage lender has the primary claim to the property, the lender providing the secondary mortgage has a higher risk of losing money if you default and stop paying your mortgages. Because of this, interest rates are usually higher for second mortgages, as this helps minimize risk for the lender.


Need More Information About Mortgages? Contact CSMC Mortgage Today!

Navigating the world of mortgages and real estate can be difficult on your own. So if you have more questions about first or second mortgages and require guidance, CSMC Mortgage is here to help. Contact us online or give us a call at (805) 212-7710
for more information, and feel free to browse our blog for more information, tips, and news!


First Mortgage

“This review is about Mark and Darci Richardson from CSMC Mortage in Simi Valley. This team is the BEST! For the past 12 years our home was "underwater" due to the "crash" in 2007, and unable to do anything with the mortgage except pay it. These two kept on top of things and finally the house qualified to REFI. We just completed everything and it closed last week... and they saved us over $900 a month!! That's a huge savings for a couple of senior citizens! We are SO happy now and finally can breathe. Thanks to Mark and Darci and CSMC Mortgage for following through, jumping through all the hoops necessary and helping us out! I can't recommend them more... they are the BEST!!!”

- Shari S.

“CSMC Mortgage took great care of us and our home buying needs. Tony was more than we could have ever asked for, he went above and beyond for us and we couldn’t have been more grateful for all his hard work. CSMC Mortgage has a great and friendly staff, I would highly recommend them to anyone looking into buying a home.”

- Jannet A.

“Baret Grigorian was amazing!! From start to finish Baret was there to help in every way. I never felt like I had to call him to follow up on my loan transaction and he always kept me informed. He was able to get me great financing rates, a lower payment AND money back! Thank you Baret!! I look forward to working with you again in the future!!”

- Kenny D.

“Faye helped me purchase my first home last year. She was very professional and worked very quickly to help me procure financing. She made herself available around my schedule and took the time to explain my options for financing to help me get the lowest rate possible. Would highly recommend her to anyone looking for someone that is professional, highly knowledgeable, polite, and responsive.”

- James Z.

“I had the best experience with CSMC Mortgage. Buying a home is very stressful with all of the paperwork that has to be filled out. Faye was amazing! I have given several people her contact info, who are scared to take the step to homeownership. She took ALL of the stress away for me. I honestly, didn’t have to do much. She accommodated my crazy work schedule and help me get things done in a timely manner. She made me feel so comfortable and at ease. There were no surprises when it was time to sign and pay. I highly recommend her to anyone in need of her services and guidance. I can’t thank her enough.”

- Lisa M.

“With this being my first home purchase, my loan officer was very good at explaining everything to me and helping me with all my needs. Thank you for having such great people in the right place!”

- Cathleen H.

“David Honda and his team rocked!! They had great technology that took so much of the pain of home buying away. They were attentive to our specific needs and were on top of our loan process! David was always available, even when he was in Hawaii, and super responsive! Thanks David, Melissa and the team for an easy and great home buying experience.”

- Raymond F.

“These folks are conscience and easy to work with. The “calm” as the “storm” of home loans rolls through! I would not use anyone else. They make sure ALL your questions are answered, be that what competitors may have offered, or ads you may have heard or seen. What a pleasure to do business with. Thank you team CSMC.”

- Michael G.