In the absence of any specific agreement, which mortgage typically has priority?

In real estate and mortgage financing, the principle of "first in time, first in right" governs the priority of liens and mortgages. This means that the mortgage that is recorded first generally has priority over others in the event of a foreclosure or when the property is sold.

The recording of a mortgage establishes a public record of the lender's interest in the property, thus protecting their rights in the event of default by the borrower. If multiple mortgages exist on the same property, the one recorded first typically takes precedence, ensuring that the lender associated with that mortgage has the first claim to the proceeds from the sale of the property should the borrower default.

In the context of the other choices, the interest rate, loan term, or amount of money involved in a mortgage does not determine its priority. The timing of the recording is the key factor in establishing the order of rights among competing claims. Therefore, the correct answer emphasizes the importance of recording and the established legal framework surrounding mortgage liens.