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Piggyback Mortgage Loan Program in Hoboken, NJ – Serving California, Colorado, Connecticut, Florida, Georgia, Maryland, New York, New Jersey,
· A piggyback loan is actually two loans taken out at once. Borrowers today can take out a version of the piggyback loan known as the 80-10-10 loan. The "80" part of this loan is a conventional fixed-rate mortgage for 80 percent of your home’s purchase price.
A piggyback mortgage is when you take out two separate loans for the same home. Typically, the first mortgage is set at 80% of the home’s value and the second loan is for 10%. The remaining 10% comes out of your pocket as the down payment. This is also called an 80-10-10 loan, although it’s also possible.
A piggyback mortgage is a type of loan that is used in order to avoid paying for private mortgage insurance.
With PiggyBack Mortgage – the second loan that can ‘piggybacks’ your first loan – you can avoid paying pmi and sometimes save a lot of money. PiggyBack Mortgage Calculator can help you decide which option is the best for you! Choose The Piggyback Mortgage Scheme That Suits You Best