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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 Read the rest of this entry »

Tags: Colorado Springs Real Estate, home buyer tips, home seller tips, joint tenancy, just compensation, Real Estate Dictionary