Mortgage Glossary - J

Definitions of Mortgage Terms

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Joint Credit Joint Liability Jumbo Mortgage Junior Mortgage

 

• Joint Credit - Issued to a couple based on both of their assets, incomes and credit reports. It generally results in a higher credit limit, but makes both parties responsible for repaying the debt.
• Joint Liability - The responsibility of two or more people to repay a debt.
• Jumbo Mortgage- A loan that exceeds Fannie Mae's and Freddie Mac's loan limits, currently at $227,150. Also called a nonconforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans.
• Junior Mortgage - A home loan than is subordinate to the primary loan, or first mortgage.