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GLOSSARY
Investment property
Real estate that generates income, such as an apartment building or a rental house.
Investor
A person who borrows money to invest in property and uses it as a capital investment and not as his residence.
Joint account
A retirement plan for self employed people which is tax deferred. People are able to deposit 20 percent of the current incomes and the funds are not available for withdrawal until age 59-1/2.
Joint credit
Credit issued to a couple based on both of their incomes, credit reports, and assets.
Joint liability
When two or more people assume responsibility to repay debt.
Joint tenancy
When two people own an undivided interest in the property. Upon one person's death, the other has the title to the entire property.
Judgment
a legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor's claim by providing a collateral source.
Judicial foreclosure
An order from a judge demanding that a property be sold to repay a debt.
Jumbo mortgage
Any mortgage where the loan amount exceeds the limits set by Fannie Mae, Freddie Mac and Ginnie Mae. These mortgages have higher interest rates than conventional mortgages.
Junior mortgage
A loan that is lower than the primary loan, or first mortgage.
Keogh plan
A retirement plan for self employed people which is tax deferred. People are able to deposit 20 percent of the current incomes and the funds are not available for withdrawal until age 59-1/2.
Laddering
Making deposits into investments, such as CDs, on staggering dates to vary the rates of return.
Land contract
An agreement for the purchase of property where the buyer is allowed to take possession of the land while making payments but the seller holds the title until the last payment is completed.
Late charge
A charge assessed on the borrower for not making the loan payment on time.
Late payment fee
A fee charged to the borrower for not making the payment on time.