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.
Mortgage Terminology
It is extremely important to have a basic understanding of today’s mortgage terminology. When you understand the fundamentals, you will be better prepared to make informed decisions in connection with your mortgage. Use the menu below to navigate alphabetically to the term you are looking for.
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
Or non-conforming loan, is a loan that exceeds fannie mae's and freddie mac's loan limits. freddie mac and fannie mae loans are referred to as conforming loans.
