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. The primary.
A piggyback loan (aka second trust loan) is using two loans to finance the purchase of one house with less than 20 percent equity. The most common piggyback mortgage is an 80/10/10 loan. You’ll borrow 80 percent of the purchase price with a first loan, 10 percent with a second loan, and provide a 10 percent down payment.
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The piggyback loan, also called a tandem loan, combo or a blended rate mortgage combines a first mortgage and a second mortgage. The piggyback loan is used for eliminating the private mortgage insurance premium when the down payment is less than 20% for a "conventional" mortgage.
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A piggyback loan occurs when a borrower takes out two loans simultaneously: one for 80 percent of a home’s value, and the other to make up for whatever cash is lacking to make up a 20 percent down payment. This is used as an alternative to private mortgage insurance. A piggyback loan is also known as a second trust loan.
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· A piggy back loan is basically using two loans along with your down payment to close a deal. An example of this would be the bank supplies a mortgage of 80% of the house’s value, followed by a second mortgage of 10% (such as a home equity loan) followed by your down payment of 10%. Something like this is a called an 80/10/10.
If you’re making a small down payment on your home, a piggyback loan might help you avoid some extra costs on your mortgage. What Are Piggyback Loans? A piggyback loan is a second mortgage — usually.
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