Glossary of Mortgage Terms

A joint mortgage is a home loan shared by two or more borrowers who apply together, combine their income and credit profiles, and share equal responsibility for repaying the debt.

A jumbo loan is a mortgage with a higher loan amount than the Federal Housing Finance Agency's annual limits on conforming loans. Because of this, Fannie Mae and Freddie Mac cannot buy or guarantee it.

A jumbo loan refinance replaces an existing mortgage that is higher than the limits for conforming loans with a new loan. This lets homeowners of high-value properties get a lower rate, a different term, or access their home equity.