Definition
Jumbo Loan
A loan exceeding the conforming limit for its county, underwritten to the lender’s own guidelines rather than agency standards.
Nearby terms
Index
A published benchmark rate an ARM tracks, most commonly SOFR on current loans.
Interest-Only Loan
A loan on which only interest is due for an initial period, with no principal reduction during that time.
Junior Lien
Any lien subordinate to the first mortgage, paid only after it in a foreclosure.
Lender Credit
A contribution from the lender toward closing costs, given in exchange for a higher interest rate.
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