Another choice is the piggyback mortgage loan. This type of mortgage can allow you to buy the house you want and to avoid private mortgage insurance – even if you only have a 10 percent down.
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80/10/10 Piggyback Loan – The Mortgage that avoids PMI 3 minute read All mortgages with the exception of VA Loans, require private mortgage insurance (PMI) unless you make a 20% downpayment. PMI on a mortgage can add several hundreds of dollars to the payment per month.
Because your first mortgage does not exceed 80%, you don’t have to pay PMI. The money you pay back towards your loan goes toward the principal and interest, helping you to see a return on your investment in the future. The piggyback is a 2 nd mortgage. It may be a home equity line of credit or home equity loan – it depends on what you qualify to receive.
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Lenders don’t allow you to use a personal loan for a down payment on a home. However, you might be able to get a piggyback loan if you have good. you’ll typically need to pay private mortgage.
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How do Piggyback loans eliminate pmi? The first and second mortgage combination helps the buyer to avoid private mortgage insurance (PMI) because the lender considers it a 20% down loan. PMI is required for most conventional loans with less than a 20% down. Therein lies the PMI loophole.
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Mortgage insurer MGIC (NYSE:MTG) recently reported earnings for Q1 2011, a loss of $0.17, vs. expectations of ($0.06. using mortgage insurance default at a lower rate than similar piggyback loans.
Compare Piggy-Back Loan To Loan With Mortgage Insurance. Sometimes it is better to get an 80% LTV (loan-to-value) first mortgage combined with a 10% second mortgage compared to a 90% loan requiring private mortgage insurance (PMI). Use this calculator to help determine which is best for you.
A piggyback loan is typically made up of two loans and is often used by a borrower if they don’t have a large enough down payment to avoid paying private mortgage insurance. PMI is often required by lenders when a borrower has less than a 20 percent down payment.