Offers a Mortgage and Real Estate glossary for real estate and mortgage terms and definitions for home buyers, home sellers, and real estate consumers. Find expanded definitions of important real estate and mortgage home loan terms.
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Definitions and Terms: J
Joint Liability - Liability shared among two or more people, each of whom is liable for the full debt.
Joint Tenancy - A form of joint ownership of property giving each person equal interest in the property.
When one joint tenant dies the other has title to the entire property.
Judicial Foreclosure - A court procedure used by lenders to secure clear title to a property under a defaulted real estate loan.
Judgment - 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 for $333,700 or more in the continental United States (Alaska and Hawaii limits are higher). These limits are 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.
Junior mortgage - A home loan than is subordinate to the primary loan, or first mortgage.
A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid first.
Please select the first letter of the mortgage or real estate term you are looking for and then scroll the listing below to find that word.
Real Estate Glossary
There are hundreds of real estate terms that have specific meanings. This glossary is designed to provide consumers an overview of the most important real-estate and mortgage-related terms and their meaning.
The real estate glossary demystifies real estate jargon, from "11th District Cost of Funds" to "Zoning Variance."
