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Home buyers may need to pull out their calculators when tackling a common dilemma: what to do if they don’t have enough money for a 20 percent down payment. In recent years, piggyback loans, have been.
While you’ll need to pay PMI, that’s still going to be a better option than using a personal loan as your down payment. To avoid PMI, another option are piggyback mortgages, also known as 80-10-10.
Piggyback loans are slowly making a comeback as home values start to pick up. These loans mean a borrower takes out two mortgages at once. The second mortgage is in the form of a home equity loan.
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This situation is precisely why the 80-10-10 (otherwise known as a “piggyback loan”) was invented during the housing boom of the late 1990s.
The loan is known as a piggyback mortgage because the second mortgage is metaphorically "piggybacking" on the first, combining to make a loan size for the total amount you wish to borrow.
A piggyback loan is a second loan on top of a conventional mortgage loan that makes it possible to finance a real estate purchase without the need to put down a full 20 percent deposit.
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A piggyback loan allows one to borrow at least a portion of the remaining 20% (though at a higher interest rate than the remainder of the mortgage). A piggyback loan is an alternative to private mortgage insurance. It may allow more people to purchase their own homes.
Thanks to a relatively new type of loan arrangement that is becoming more and more widely available, many borrowers now have an alternative to the unpopular PMI. The alternative is a "piggyback" loan,
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.