80-10-10 Piggyback Second Mortgage
An 80-10-10 Piggyback Second Mortgage allows customers to make homeownership a reality with as little as 10% down. The 80-10-10 Piggyback Second Mortgage consists of the first mortgage for 80% or more of your home’s value or sales price with a fixed or variable rate second mortgage as a piggyback loan of 10%.
What are the benefits of doing an 80-10-10 Piggyback Second Mortgage?
- It’s a great way to avoid paying mortgage insurance (PMI).
- A great option to avoid a Jumbo Mortgage and the strict underwriting and reserve requirements.
- We use the second mortgage to get primary residence & second home condo loans approved and for single-family residential mortgage loans when you don’t meet the jumbo underwriting or reserves requirements.
Here are the details of the 2nd mortgage.
- A 30-year mortgage with no prepayment penalties.
- Interest-only payments for up to the first ten years, and then it becomes amortized over a 20 term.
- It is an adjustable-rate mortgage that is based on the current prime interest rate plus a margin amount depending on your loan to value and credit score.
- Fixed rate 2nds are also available that do not adjust. Ask your Loan Officer.
Equity lines and Fixed Rate Second Mortgages are available for purchase and refinance transactions on Primary Residences, Second Homes, and Investment Properties.
Comparing Current Loan Rates
Finding the lowest mortgage loan rates is very important, that’s why we’ve already searched them for you, getting the lowest loan rate possible could save you hundreds of dollars a year and thousands of dollars over the life of your loan. Yes, having us find you the best loan rates is a big deal. Click here to have one of our Licensed Loan Consultants call you today.
Expert advice at your fingertips
Our home loan experts are available 7 days a week to answer all your home loan questions. We don’t keep banker’s hours…. we understand that you have busy schedules, that’s why we’re available nights and weekends.
Eddie Hoskins Founder & CEO
Providing our customers with the lowest rates, personalized service, and loan options that you don’t get from big box lenders or banks. That’s he built E Zip Mortgage.
Why should you choose us for your home loan?
We work for you & not the bank, we offer wholesale mortgage rates which are lower than retail rates not to mention, we offer a wide variety of loan options so you’re not stuck with one set of restrictive underwriting guidelines.
Credit scores a little low?
We have a credit score analyzing tool that can provide us with options to improve your credit scores quickly through a rapid credit rescore that usually takes 48 hours.
“We Think Outside The Box”
Our “Outside The Box Thinking” gets home loans approved and closed every day! From Bank Statement as Income loans to 50% debt to income ratio approvals, we do them all.
We’ve streamlined the mortgage process, close in 30 days or less.
From application to closing, all from the palm of your hand.
