Helps borrowers access a loan that goes beyond the limits of conventional loans. The loan limit is based on location, but in general helps homeowners purchase homes priced over $647,200 (the conforming loan limit).
Lenders have a little bit of leeway with the terms of a jumbo loan because these loans aren’t backed by the government. Unlike other loan options, you won’t necessarily be locked into a 15 or 30 year mortgage.
You only need a single loan to purchase your dream home. Choose the terms that work best for you. Fixed rates lock you into an interest rate for the life of the loan. An adjustable rate fluctuates with the market but typically starts lower.
