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What Is A Piggyback Loan

A piggyback loan is a type of mortgage structure in which a first and second mortgage are opened at the same time This structure can help a buyer avoid PMI, pay lower rates, avoid jumbo financing.

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A piggyback mortgage can include any additional mortgage loan beyond a borrower’s first mortgage loan that is secured with the same collateral.

Your piggyback loan is basically a home equity loan for the portion of your down payment you are missing. One of the most popular types of piggyback loans is the 80-10-10. With this type of piggyback mortgage, you end up getting a loan for 10% of the purchase price and using a down payment for the remaining 10%.

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The way to best utilize a piggyback mortgage is to pay off the second loan as quickly as possible. Then you are left with just a traditional mortgage at a good interest rate to pay off. If you do not work quickly to payoff your piggyback loan, the interest rate on the small loan could rise (its usually adjustable) and could cost you more money.

If your bank or lender offers the 80/10/10 mortgage option, here’s how it works: When you get a piggyback loan, you take out a mortgage for 80% of the purchase price of your home.

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The piggyback method, RAISE CREDIT SCORE! by PaperChasePros.com with extra fees for this privilege wrapped into the loan, and high interest rates; (2) piggyback loans, which consist of a first mortgage at market rate plus a second mortgage at a much higher rate.

And conventional loans of no more than 80% often get much better interest rates than other types of mortgages. Some Things to Consider. The way to best utilize a piggyback mortgage is to pay off the second loan as quickly as possible. Then you are left with.

The second loan carries a higher interest rate than the first. Depending on the rate, the piggyback loan’s interest could erode part of your savings from avoiding PMI. Also, as to interest: *Often, the second loan is interest-only on regular payments. To reduce principal, you must make more than the minimum payment.