Joint Tenancy
A concurrent ownership by two or more persons with the first right of survivorship. This form of ownership is recognized by all but a small handful of states. Upon the death of a joint tenant, the interest does not pass to the joint tenant's heirs or devisees, but to the other joint tenant(s). Effectively, when a joint tenant dies, his or her interest is automatically extinguished. As a result of this, no interest exists which may be passed on after death by will. Likewise, no dower or curtesy can attach. Further, all un-foreclosed liens of one of the joint tenants placed on the land are extinguished. The same result occurs to any easements or leases which were granted by one of the joint tenants without the conveyance by the other joint tenants. Because no interest passes after death, there is no need for probate; the surviving tenant(s) retain the property.

Jumbo Mortgage Loan
A mortgage loan for an amount exceeding the Fannie Mae and Freddie Mac loan limit. In 2001, a residential mortgage loan over $275,000 is considered a jumbo loan. Because the two agencies can't purchase the loan from the lender, jumbo loans carry higher interest rates, generally about a quarter of a percentage point.