2/22/2018

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 Mortage Definitions

Definitions (A)
Definitions (B)
Definitions (C)
Definitions (D)
Definitions (E)
Definitions (F)
Definitions (G)
Definitions (H)
Definitions (I)
Definitions (J & K)
Definitions (L)
Definitions (M)
Definitions (N)
Definitions (O)
Definitions (P & Q)
Definitions (R)
Definitions (S)
Definitions (T)
Definitions (U & V)
Definitions (W)
Definitions (X,Y & Z)
Mortgage Definitions

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Mortgage Definitions and Terms (J,K)

Joint Account: A joint account is an account that has two or more owners with each owner having the right of access and usage and may have the right of survivorship.

Joint Tenants: When two or more individuals, usually husband and wife, take title to a property, each having an equal, undivided, interest with rights of survivorship, it is known as joint tenancy. Rights of survivorship means that if one of the joint tenants dies, the surviving owner or owners inherits the deceased's total interest in the property.

Jumbo Loans: A mortgage amount that exceeds the conforming loan amount that can be purchased by Fannie Mae or Freddie Mac. Jumbo loans are usually purchased by private investors or maintained by the lender itself.

Junior Mortgage: A mortgage that takes a subordinate position to another loan. It is also called a second loan or second trust deed. Junior liens usually have higher interest rates because they assume more risk if there is a foreclosure because they are satisfied after the first is paid in full.

Junk Fees: Junk fees are lender charges made to the borrower at the close of escrow that may not be necessary and may be questionable.

Jurisdiction: A particular area over which certain authority has been granted, such as a state, county, city, or municipality.

Keogh Plan: A retirement plan set up by self employed individuals, or by businesses that are not incorporated, in which a certain portion of tax deferred income is put into a retirement account. This money is taxed upon retirement or if it is taken out of the account prior to retirement.

Kiddie Tax: A tax on investment income, such as dividends or interest, for a child who is 14 years of age or under. The kiddie tax does not apply to income from wages.

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