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what is a 80 10 10 mortgage loan

An 80-10-10 mortgage is a mortgage that allows you to make a 10%. These 80- 20 loans (or 80% Loan-to-Value loans) is the standard in the.

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The 80.10.10 loan product was developed so the borrower could avoid mortgage insurance. Under the 90.10 option, the borrower must have mortgage insurance because they are getting a first mortgage that is greater than 80% of the loan to value.

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80 10 10 Loan Advantages. There are several advantages to using a piggyback mortgage. Most of these advantages are short-term, but they.

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An 80-10-10 combination loan is also known as a "piggyback mortgage" and is designed to let you finance your mortgage with a simple combination of loans and a down payment that requires as little as 10% down.

Low fixed & adjustable mortgage loan rates, down payment options, and financing. 7, or 10 years; Financing up to 95% LTV (LTV's greater than 80% require.

You'll get to know the term “80-10-10 loan” when you deal with a mortgage broker or start shopping for a home. This loan is also popular as a.

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On Friday, the 3-month – 10. s 3.80%. The average fee held steady at 0.4 points. According to Freddie Mac, concerns over the effects of the ongoing trade war on the U.S and global economy weighed.

An 80-10-10 loan takes advantage of a loophole in the mortgage lending rules because the primary mortgage is for 80% (or less) of the home’s price. The combination of the borrower’s 10% down payment and the second mortgage for the other 10% allows the borrower to avoid mortgage insurance .

The 80-10-10 Combination Loan consists of a first mortgage from Santander Bank for 80% of your home’s value, a variable rate home equity line of credit (HELOC) as a piggyback loan for 9.99% of the home’s value, and the 10.01% cash down payment.

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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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