A Jumbo Loan refers to the size of the loan. It is a mortgage with a loan amount above the conventional loan limits. When a loan amount is greater than this limit, it is referred to as a Jumbo loan. Jumbo loan limits also vary by county. This mortgage is needed for loan amounts over the conforming loan limit of $453,100 and $679,650 in high-cost areas.
Advantages of a Jumbo Loan
- Cash out up to 80% Loan to Value
- Pay off high interest debt
- Lowering your rate and term
- Flexible terms