Jumbo Loan

Jumbo loans are used in certain cases to allow homeowners to exceed the conforming loan limit to borrow more funds for a higher-valued home.

Jumbo has nothing to do with the size of the house. The term is specifically related to the amount of the loan. 

These mortgages have higher risk to the lender than other conforming or government backed loans, so lenders typically charge higher rates for for these Jumbo or non-confirming loans than they do for conforming mortgages. However, this is dependent on the current market and other factors. 

Jumbo loans can have fixed or adjustable rates.