What is a Jumbo Loan?

A Jumbo Loan or non-confirming loan is a mortgage that exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. These loans are typically for higher-priced homes and may require a larger down payment and stricter qualifications from the borrower. The lender is making the decision to hold the loan for the entire term.

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What is Joint Tenancy with the Right of Survivorship?

Joint tenancy with the right of survivorship is a type of ownership where two or more people own a property together with equal shares. If one owner dies, their interest in the property automatically transfers to the remaining owners. The final surviving owner holds the property as a tenant in severalty and the property can pass through the owner's will.

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What is Insurance?

Insurance is a contract that protects a property owner from financial loss in the event of a covered event, such as a fire, theft, or natural disaster. Homeowners insurance and flood insurance are two types of insurance that are commonly required for property owners.

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