Debt Consolidation Glossary of Terms

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Glossary - J

Jumbo mortgage
A jumbo mortgage is a home loan that exceeds the limits set by Fannie Mae and Freddie Mac ($322,700 this year; $484,050 in Alaska, Hawaii and the U.S. Virgin Islands). A jumbo mortgage will carry a higher interest rate than a conventional mortgage.

Junior mortgage
A home loan than is subordinate to the primary loan, or first mortgage.