The Great Recession included a banking crisis and in turn mortgage products were streamlined and others were taken off the table. With the return of the economy, previously unavailable mortgage products are now being offered. One of those products is called the “Piggyback” or the 80-10-10 mortgage and it can save you a lot of money.
The purpose of the 80-10-10 mortgage is to help borrowers avoid the monthly cost of mortgage insurance and allow them to get a 90 percent loan. It works by letting the borrower get an 80 percent first mortgage and a 10 percent second mortgage with a 10 percent down payment. This removes the requirement for private mortgage insurance by increasing the borrower's down payment. CONTINUE READING--->
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