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Glossary

Get easy to understand definitions for common mortgage terms from the Mortgage Insider. In our glossary, we define the word, tell you about in industry usage, and usually give an example so you can fully and easily understand not just the meaning but the function of the word.

Jumbo Mortgage

Jumbo Mortgage Defined
A jumbo mortgage is a mortgage with a loan amount over the conforming loan limit.
Normally, a jumbo mortgage would only refer to a conventional mortgage which is a mortgage that is not FHA or VA.
However, because of the market conditions FHA is now offering a jumbo mortgage product ever [...]

Junk Fee

Junk Fee Defined
A junk fee is a fee that is charged to the borrower by the originator but serves no purpose other than to increase the revenue of the originator. Junk fees are not a percentage of the loan amount but rather a lump sum between $50 to $1,000 depending on the fee.
It is [...]

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