Which type of mortgage is considered the oldest lien against a property?

The first mortgage is considered the oldest lien against a property because it is the primary loan that a borrower takes out to purchase a home. When a mortgage is created, it establishes a legal claim against the property in favor of the lender until the loan is repaid in full. This means that the first mortgage holds priority over other debts secured by the property, providing the lender the first right to recover their funds should the borrower default.

Moreover, the concept of a "first mortgage" is foundational in real estate financing as it is typically the first financial obligation established against the property. It is often the largest debt a homeowner will incur, and lenders consider it first for repayment in the event of foreclosure, which reinforces its status as the most senior lien.

In contrast, a second mortgage is taken out after the first mortgage and has a subordinate position, while a fixed-rate mortgage refers to the interest rate structure rather than the lien status. A Home Equity Line of Credit can also be viewed as a secondary lien that is established after the first mortgage, further asserting the primacy of the first mortgage in terms of lien hierarchy.