Glossary of Mortgage Terms
J
- Joint Tennancy
- An undivided interest in property, taken by two or more joint tenants. Upon the death of a joint tenant, the interest passes to the surviving joint tenants, rather than to the heirs of the deceased.
- Judgment
- A legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.
- Jumbo Loan
- A loan which is larger than the limits ($417,000 for 2006) set by the Federal National Mortgage Association "Fannie Mae" and the Federal Home Loan Mortgage Corporation "Freddie Mac". Because jumbo loans can not be funded by these two agencies, they usually carry a higher interest rate. Also known as jumbo mortgage.
- Junk Fees
- A derogatory term for lender fees expressed in dollars rather than as a percent of the loan amount.
- Jumbo Mortgage
- See Jumbo Loan.