A bank account that belongs to two or more people. A joint account agreement is typically required when the account is opened. This will contain details of each party's rights to conduct account transactions, and whether they will require the signatures of one or both account holders.
A Certificate of Deposit (CD) opened with a minimum of $100,000. Generally, Jumbo CDs earn higher rates of interest than CDs under $100,000.
A home loan in an amount exceeding the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO). After a Jumbo loan closes it is not eligible to be purchased, guaranteed or securitized by Fannie Mae or Freddie Mac. This translates into slightly higher interest rates for the homebuyer.