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News about Mortgages:
Realtors in Tiers report hopeful signs - Star-GazetteDespite a decrease in the number of homes sold statewide and in the Southern Tier during November, the median sales prices held firm and in some cases moved up -- more proof that the local real estate market is healthier than what is being reported ...
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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.
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