This loan format is often referred to as a "piggyback loan," where a borrower pays 10% down on the home & uses the second mortgage for the next 10% down to avoid PMI payments. Example Monthly PMI Costs. Here is a chart of estimated monthly PMI costs based on a rate of 0.55%.
80/10/10 Hybrid Mortgage Avoid paying private mortgage insurance (PMI) without making the full 20% down payment normally required to waive this insurance. The 80/10/10 Hybrid Mortgage breaks up the loan as follows: 80% of the loan is financed as a first mortgage;
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A conventional loan at 90% loan to value. A 80/10/10 piggyback mortgage. For this particular buyer, the Conventional 97 will not be the best fit because private mortgage insurance rates and mortgage rates for a borrower making a 3% down payment is slightly higher than for a borrower making a 10.
Sometimes, these loans are called 80-10-10 loans. With a second mortgage loan, you get to finance the home 100 percent, but neither lender is financing more than 80 percent, cutting out the need for private mortgage insurance. Making the Choice.
An 80-10-10 combination loan is also known as a "piggyback mortgage" and is designed to let you finance your mortgage with a simple combination of loans and a down payment that requires as little as 10% down.
Mortgage professional Rob Spinosa explains the home loan structure known as an 80-10-10 mortgage in this short video. If you are asking about whether a piggyback mortgage is the right way for you.
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An 80/10/10 loan is a mortgage product that combines a first mortgage, a home equity loan (also referred to as a second mortgage), and a down payment. The first mortgage equals 80 percent of the.
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80/10/10 Loans. A piggyback loan, or an 80/10/10 loan, is a mortgage that is taken out on top of another mortgage. Although it isn’t quite as popular today as it was before the recession in 2008, when it was used to get around paying for private mortgage insurance, some people still use the 80/10/10 loan for the same purpose.