Posts tagged Piggyback Home Loan
What Is A Piggyback Loan?

When purchasing a new home, you may need or want a “piggyback loan” which is  literally a loan that piggybacks off another loan. Basically, it’s two loans that are opened simultaneously. The first loan is generally 80 percent of the purchase price of home. The second is typically a home equity line of credit (HELOC) on top of the first mortgage.

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What is an 80-10-10 Loan?

Private mortgage insurance, or PMI, is one expense that most homeowners would rather live without. While you can ask your lender to cancel PMI once you’ve accumulated 20% equity in your home, that could take a while. So, to sidestep PMI, many borrowers have decided to take out an 80-10-10 loan -- effectively taking out two mortgages at once in order to avoid mortgage insurance altogether.

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