Definition
Junior Lien
Any lien subordinate to the first mortgage, paid only after it in a foreclosure.
Nearby terms
Interest-Only Loan
A loan on which only interest is due for an initial period, with no principal reduction during that time.
Jumbo Loan
A loan exceeding the conforming limit for its county, underwritten to the lender's own guidelines rather than agency standards.
Lender Credit
A contribution from the lender toward closing costs, given in exchange for a higher interest rate.
Lien
A legal claim against a property securing payment of a debt, recorded in the county land records.
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