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Set state standards to rein in brokers - HamptonRoads.comA 2007 report by The Wall Street Journal found that more than half of subprime mortgages in 2005 and 2006 went to homebuyers who qualified for conventional loans with stable interest rates. The findings undermine the stereotype that the subprime ...
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Today's Mortgage Terms starting with J
Jumbo Loan: A mortgage over the $300,700 limit established by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. A jumbo mortgage tend to carry a higher interest rate than a conventional mortgage.
Junior Mortgage: A mortgage subordinate to the claim of a prior lien or mortgage. In the case of a foreclosure, a senior mortgage or lien will be paid down first.
View all Terms