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Is there any website to get quotes for 80/10/10 loans?

Hello I have few questions related to 80/10/10 loan

1. Where can I get quote/estimates so that I can compare with what my lender has to offer
2. I was asking my lender why my rate on 80% loan is 3/8 higher than prevailing rate (based on my score). I was told that with piggyback loans (ie. with two loans) the interest rate on 1st loan would be little higher ..Is it true?
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September 15 2013 - Ashburn
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Answers (5)

Would you have interest in 15% down?  We have worked with some customers that have closed all in one without MI or a hike to the rate that qualify for an exception.  A lower down payment is possible on our Medical Professionals loan without MI too.  Please contact me via my profile if you want to discuss.
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September 25 2013
Thre are multiple factor to consider in this type of loan. I work for one of the only national banks that offer true 80-10-10 financing under one roof. With the right credit profile our offerings have only marginal rate adjustments and you will find that the blended rates and payments are some of the best available. With good ehough credit we also have HELOC's as the second mortgage option. It is correct that there are pricing adjustments but .375% higher seems like too much.
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September 16 2013
I agree, it is difficult to generate automated quotes for an 80/10. Various add ons come into play that do not lend themselves to bulk quoting.
I daresay it will be fairly easy to call several local lenders including American Bank to get precise quotes for your loans.
Best wishes, Jim
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September 16 2013
I agree with what Clay has posted, esp about 3/8 being excessive. There are other options than 80/10/10 or paying the MI. My suggestion is to find a local lender and call them directly to pick their brain about what you can do and what options are the best for your situation. Sorry if I did not address your question directly but again, I agree with Clay that you most likely will not be able to find rates for piggy back loans.

Scott
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September 16 2013
There is a "price" adjustment of 3/4 of a Point to the first mortgage when doing an 80/10/10 ( credit score over 720 ). If you do not want to pay that fee then the rate is elevated in order to get more Lender Premium to pay it. The amount of rate increase depends on the Lender's pricing, in this case a move of .125 to the rate will usually cover the price adjustment, .375 sounds excessive. If you will be paying 6.5% or higher for the 2ND mortgage you are better off taking 1 loan w/MI if the first mortgage would be $417K or less and your credit score is over 720. If the 2ND mortgage is under 6.5% but a Line of Credit, the odds are the rate will increase in the future negating the benefit of an 80/10/10.   
Pricing for an 80/10/10 - I doubt you will find that online, it will require contacting several lenders who do 80/10/10's and getting their quotes.
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September 16 2013
 
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