What is a First Mortgage?
A first mortgage is a primary lien on a property.

 As the primary loan that pays for a property, it has priority over all other liens or claims on a property in the event of default. A first mortgage is not the mortgage on a borrower’s first home; it is the original mortgage taken on any one property. It is also called a first lien. If the home is refinanced, then the refinanced mortgage assumes the first mortgage position.

IQ Financial Mortgage

Key Takeaways


• A first mortgage is a primary lien on the property that secures the mortgage.

Home Equity

• The second mortgage is money borrowed against home equity to fund other projects and expenditures.

Private Mortgage

• If the loan-to-value (LTV) ratio of a first mortgage is greater than 80%, lenders generally require private mortgage insurance (PMI).

Itemize Expense

• The mortgage interest paid on a first mortgage is tax deductible, only applicable to taxpayers who itemize expenses on their tax returns.


We make it easy for our customers

At IQ Financials, we make it easy for our customers to apply and get approved for residential and commercial mortgage from as little as $100,000 to over $100,000,000. An industrial building, office unit, apartment building, shopping mall, storefront plus apartments, retail plazas, and hotels are just some examples of the different types of commercial properties that you can get financing in the form of mortgages on. Similar to residential mortgages on a home, a commercial mortgage loan can come in the form or a first, second, or third mortgage, although first and second mortgages are much more common than third mortgages are.

While you can get a commercial mortgage form many types of the same lenders that provide residential mortgages, such as a bank, credit unions, trust companies, and private lenders who invest their personal money into mortgages, the interest rates are typically slightly higher on this form of financing than the rates on residential home mortgages. The lowest interest rates for commercial mortgages are on first mortgages that are insured by a third-party mortgage insurance policy from a company like the CMHC. CMHC specialized in mortgage insurance and do not provide other more traditional kinds of insurance such as life insurance or auto insurance.

Applying for a commercial mortgage requires more time, effort, and documentation than a residential mortgage. With the help an experienced professional mortgage broker from Clover Mortgage, your search for the right commercial mortgage can be easy. You will be presented with tailored mortgage solutions specifically made to cater to your needs and goals. We will find the best lender and find the right mortgage program for your commercial and business needs. Our commercial brokers work hard to provide you with the highest level of customer service and get you approved for a commercial mortgage loan easily and hassle-free.

Talk to an Account Manager
call us @ 905 302 8282 Get quick approval, get a quote today.