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Colorado Springs
Real Estate Dictionary — “J” is for Jumbo Loan
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Knowledge is Power — Real Estate Dictionary
My sister and I are buying a home in Colorado Springs, and my mother said we should own it in Joint 
Tenancy. What does this mean? Joint Tenancy means that both your sister and you would own the property in equal shares with right of survivor ship; your share would automatically pass to your sister upon your death. If you have questions, ask your Colorado Springs Realtor or contact a lawyer.
Is a second mortgage the same as a junior loan? Yes, sometimes people will use the two terms to mean the exact same thing. This type of loan has a lower priority than a first mortgage.
What is a jumbo loan? This is a loan that exceeds the limits by Freddie Mac and Fannie Mae; and this amount can be subject to change.
The city of Colorado Springs is looking at taking my property by Eminent Domain to put in a 4 lane road and they said I would get just compensation. What does this mean? It means that you are entitled to just compensation equal to the fair market value of the property taken.
What is it called if both my boyfriend and I sign the note for the mortgage for home we are trying to buy in Old Colorado City? It’s called a joint note and this means you both have equal liability for its repayment.
Previous posts:
- A is for Absorption Rate
- B is for Building Code
- C is for CMA
- D is for Deed
- E is for Earnest Money
- F is for Flag Lot
- G is for Gift Letter
- H is for Home Inspection
- Real Estate Dictionary, “I” is for Inactive
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