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What is a piggyback loan?

  • February 08 2013 - Mechanicstown
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Answers (2)

A piggy back is two loans to make up the purchase price. First mortgage is typically 80% or less of the purchase price and the second mortgage along with your down payment will make up the balance. This is done to prevent mortgage insurance. But as noted below, they are rare to find anymore. 
  • February 09 2013
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When one gets two loans to purchase the house, one at ~80% and the other at 15%+.   People are known to do this to avoid mortgage insurance.  

These days they are about as rare as pigs flying.
  • February 08 2013
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