A jumbo loan is a mortgage that exceeds the conforming loan limit set annually by the Federal Housing Finance Agency (FHFA). For 2026, that baseline limit is $832,750 for a one-unit home, and this figure applies uniformly across all 100 North Carolina counties since the state has no designated high-cost areas. Any single-family home loan above that amount is classified …
Should I Apply for a Mortgage Before Looking at Houses?
Yes. Getting approved for a mortgage should be your very first step, well before you attend an open house or tour a property with a real estate agent. While it is tempting to start house-hunting immediately, looking at homes without a formal mortgage pre-approval puts you at a severe disadvantage. Here is exactly why you need to apply first: 1. …
What Does It Mean to Float a Mortgage Rate?
What is a Floating Mortgage Rate? When a borrower floats a mortgage, it means their mortgage interest rate has not been locked in yet. The rate may still change before closing based on market conditions, lender pricing, loan details, and timing. Floating can create opportunity if rates improve, but it also adds risk if rates rise. What Borrowers Should Know …