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These definitions acquaint you with terms commonly used in the homebuying process. They are intended to be general and brief and are not complete and wholly accurate when applied to all possible uses of each term. Please consult your Sales Associate or Loan Officer for more information.

J
Jumbo Loan
A loan which is larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.