/fɜrst ˈmɔrɡɪdʒ/ – Phrase
Definition: Khoản vay thế chấp ưu tiên.
A more thorough explanation: a security interest in property that has priority (=comes first) over any later security interests in the same property
Example: If the first mortgage is for more than the home is worth, the second is really unsecured debt.