Joint Liability
Liability shared among two or more people, each of whom is liable for the full debt.
Joint Tenancy
An equal undivided ownership of property by two or more persons. Upon the death of any owner, the survivors take the decedent’s interest in the property.
Jumbo Loan
A mortgage larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (currently $240,000 for a single-family home in most areas). Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.
Junior Mortgage
A mortgage subordinate or secondary to another mortgage. In the case of a foreclosure, a senior mortgage will be paid first