Speak The Mortgage Lingo: Mortgage Glossary J

clear simple mortgage:

Joint Tenants A form of holding title where the owners have 100% rights of survivorship unless redirected by a will.

Jumbo Loan A loan which is larger (more than $335,000) than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.