Bankrate's financial glossary
Did you run across an unfamiliar term when applying for a mortgage, credit card
or auto loan? Find the meaning here, along with definitions of other financial words
and phrases, in Bankrate.com's financial glossary.
A jumbo mortgage is a home loan that exceeds the limits set by Fannie Mae and Freddie Mac ($359,650 this year; $539,475 in Alaska, Hawaii and the U.S. Virgin Islands). A jumbo mortgage will carry a higher interest rate than a conventional mortgage.
Mortgages larger than the limits set by Fannie Mae and Freddie Mac ($359,650 this year; $539,475 in Alaska and Hawaii). A jumbo mortgage will carry a higher interest rate than a conventional mortgage.
Some homeowners who they fall behind in mortgage payments don't resist foreclosure and don't wait to be evicted. Instead, they move out, drop the house keys into an envelope and mail it to the servicer. This is known as "jingle mail." Maybe some jingle mailers believe they're preventing foreclosure, but they're not. The lender goes ahead and forecloses on the property, and it goes on the borrower's credit record as a foreclosure.
A bank account owned by two or more persons who share equally in the rights and liabilities of the account.
Issued to a couple based on both of their assets, incomes and credit reports. It generally results in a higher credit limit, but makes both parties responsible for repaying the debt.
One bankruptcy petition filed by a husband and wife together.
A tax return filed by a married couple using the Married Filing Jointly status that combines the income and deductions of both spouses on the same tax return.
Joint Return Test
One of the five tests a person must pass to qualify as your dependent. To meet this test, the person must not file a joint tax return with his or her spouse for the tax year in which you claim the person as a dependent. This test does not apply if the person is not required to file a return, files only to receive a refund and would have no tax liability for either spouse if they filed separate returns.
Ownership by two people (usually spouses) in which each person owns an undivided interest in the entire property. When one joint tenant dies, the other has title to the entire property.