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August 08, 2006
Benefits of Home Equity Loans with 80-20 Piggy Back Home Loan
Basically, this piggy back loan means that you finance 80% on the first mortgage and 20% on the second mortgage resulting in the 100% financing needed to buy your new home. You can borrow both loans at the same time and refinance both loans when your home value goes up. Another great benefit when considering the 80-20 Piggy Back Loan is that the second mortgage is usually paid off in five to 15 years leaving you with only one payment and more money to put in your bank account. So the goal is to pay off the equity loan quick or refinance it into a new loan with one low rate
From Benefits of Home Equity Loans with 80-20 Piggy Back Home Loan
Posted by Mel at August 8, 2006 11:02 AM
