A Jumbo loan is a Fixed Rate loan for higher priced homes. Like normal Fixed Rate loans, they're typically 15 or 30 year terms. But unlike normal loans, they don't have the same price limit, giving you all the benefits, with a bigger budget.
Gives you the funds to afford larger or luxury homes.
You get the security of knowing your rate won't ever change.
There's no penalty for paying your loan off early.
Puts you in a good position to refinance down the road.
People that are looking for larger or luxury homes.
People who found their dream home and are looking to stay long term.