What Is An 80 10 10 Loan

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The 80/10/10 Purchase Loan for Seattle Home Buyers Brandi Braley Situated roughly twenty miles south of the Canadian border and about 80 miles north of Seattle. Where do you see the reverse mortgage industry in 5-10 years? I see it growing! People.

Some lenders offer a piggyback mortgage, called the 80 10 10 loan. Which means you will receive two loans, one for 80% of the value of the home and one for 10%. These two loans cover 90% of the purchase price, with the borrower paying the remaining 10% as a downpayment.

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.

An 80-10-10 mortgage, or piggyback mortgage, is one method to avoid paying private mortgage insurance (PMI) for those with good credit. Find out more here.

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Starr Mortgage Company has the ability to structure a purchase or refinance transaction which includes an 80% first mortgage, a 2nd (piggyback) loan of 10% .

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The 80/10/10 option comes out ahead IF you know for sure you’ll be able to pay off the second lien in the very near future (for example, if you have assets that aren’t currently liquid, but will be in the near future). Don’t forget that there are a variety of MI products out there, not just monthly paid.

Most banks don’t want you to have a mortgage exceeding 80% of your home’s value. If you pay off a $10,000 personal loan at 10% interest over five years, you’d pay $2,748 in interest over the life.

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Typically, the first mortgage is set at 80% of the home’s value and the second loan is for 10%. The remaining 10% comes out of your pocket as the down payment . This is also called an 80-10-10 loan, although it’s also possible for lenders to agree to an 80-5-15 loan or an 80-15-5 mortgage.

Bankrate.com provides FREE blended-rate mortgage calculators and other blended-rate loan calculator tools to help consumers learn more about their mortgage payments.