15-Year Jumbo Mortgage - Definition

A jumbo mortgage is a home loan that exceeds the limits set by Fannie Mae and Freddie Mac ($322,700 this year; $484,050 in Alaska, Hawaii and the U.S. Virgin Islands). A jumbo mortgage will carry a higher interest rate than a conventional mortgage. A 15-year fixed jumbo mortgage has monthly payments that stay the same for the life of the loan.