Piggy Back Loan

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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.

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Lenders mortgage insurance (LMI), also known as private mortgage insurance ( PMI) in the US, requirement, they might be able to make use of a second mortgage (sometimes referred to as a "piggy-back loan") to make up the difference.

Does Earnest Money Go Toward Down Payment In addition, if the earnest money deposit is larger than the required down payment, then any excess amount can be applied towards the buyer’s closing costs. If there is any money left over after the earnest money is used for the down payment and the closing costs, then the buyer will receive a refund at the closing.

An 80 10 10 or "piggyback" loan describes two loans that are opened simultaneously, usually to purchase a home. One loan "piggybacks" on top of another to cover a bigger percentage of the home’s purchase price. The first mortgage is for 80% of the purchase price. Then a second loan is opened at for a value of 10% of the price.

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A piggyback loan occurs when a borrower takes out two loans simultaneously: one for 80 percent of a home’s value, and the other to make up for whatever cash is lacking to make up a 20 percent down payment. This is used as an alternative to private mortgage insurance. A piggyback loan is also known as a second trust loan.

Mortgage insurance will be tax-deductible in 2007. For some homeowners, the new law means it will be cheaper to get mortgage insurance than to get piggyback loans. The 109th Congress passed the tax.

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