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A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. In North Carolina, most counties serviced by Mountain Lifestyles Mortgage have a conventional loan limit of $806,500, and any amount above that is considered a Jumbo loan.
Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans can't be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.