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Downfalls of taking out a "second" mortgage i.e. 80-10-10. – Our best option for owning a home in Los Angeles is a 80-10-10. Putting down 10% of purchase price then taking a mortgage for 80% and then a second for the other 10% of the DP. Do you have any experience with this? If we do this, we free up a lot more liquidity (like 100k) for emergency funds, etc.
80/10/10, 80/15/5, and 80/20/0 loan plans – Search Common. – The 80/10/10 loan plan combines two mortgages with a down payment: an 80% first mortgage, a 10% second mortgage, and a 10% down payment. Though the buyer finances 90% of the cost of the property, the buyer avoids paying the expensive mortgage insurance required on a 90% loan by dividing the amount financed between two mortgages.
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Piggyback Mortgage Financing Is Making A Comeback – Forbes – For example; an 80/10/10 piggyback mortgage financing package would comprise an 80% first mortgage, a 10% piggyback 2nd mortgage and.
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An 80-10-10 loan is essentially two mortgages combined into one package to help borrowers save money and avoid paying private mortgage insurance, or PMI. The first loan is a traditional mortgage and covers 80% of the cost of the home.
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What Is With 80/10/10? – JVM Lending – The purpose of getting two mortgages with 80/10/10 financing as opposed to one mortgage to 90% LTV is twofold: (1) borrowers avoid PMI by keeping their primary mortgage under 80% LTV; and (2) borrowers get a much lower payment overall.
What Is a Piggyback 80-10-10 Mortgage – Pros & Cons – One method of avoiding PMI is a piggyback mortgage, or an "80-10-10" mortgage. The numbers reflect how the purchase price will be covered. Specifically, the homeowner will take out both a primary mortgage and a second mortgage or home equity line of credit equal to 80% and 10% of the home’s value, respectively.
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The "80" part of this loan is a conventional fixed-rate mortgage for 80 percent of your home's purchase price. The first "10" is a second mortgage.