Montrose, CO Office

Moab, UT Office

Joint Liability - Liability shared among two or more people, each of whom is liable for the full debt.

Joint Tenancy - The ownership of property by two or more persons with the survivor taking the share of the deceased.

Jumbo Loan - A mortgage larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (currently $240,000 for a single family home in most areas). Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.

Junior Mortgage - A mortgage subordinate or secondary to another mortgage. In the case of a foreclosure, a senior mortgage will be paid first. Also see "Second Mortgage".

Late Charge - Penalty paid by a borrower when a payment is made after the due date.

Lease-Purchase Mortgage Loan - An alternative financing option that allows low- and moderate-income homebuyers to lease a home from a nonprofit organization with an option to buy. Monthly rental payments cover mortgage payments and include an additional amount that is saved toward a down payment.

Lender - The bank, mortgage company, or mortgage broker offering the loan.

LIBOR (London Interbank Offered Rate) - The interest rate charged among banks for short-term Eurodollar loans, and a common index for ARMs.