The Glossary Mortgage Terminology
Del Financial's Glossary consists of the more commonly used definitions, meanings, and descriptions used within the mortgage and real estate industry. As always, if you have any questions, please call us at (800) 469-5861.
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- Joint Tenancy (with Rights of Survivorship)
- a method of holding title where two or more owners share equal ownership and rights to the property. If a joint owner dies, his or her share of the property passes to the other owners, without probate. In joint tenancy, ownership of the property cannot be willed to someone who is not a joint owner.
- 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
- also known as a non-conforming loan, it is a loan that exceeds Fannie Mae's and Freddie Mac's loan limits (usually more than $417,000.00.) Freddie Mac and Fannie Mae loans are referred to as conforming loans.
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