Piggyback Mortgage Benefits
Two mortgage loans are better than one! Our Piggyback Mortgage is ideal for borrowers who don’t have the required 20% down payment but want to avoid purchasing private mortgage insurance (PMI). This mortgage type is a second loan which is opened at the same time as the first mortgage. The first loan is typically a traditional mortgage with an 80% loan-to-value ratio (LTV), while the second loan can come from the same lender or a different lender to make up the difference between the down payment and the traditional mortgage.
- Lower down payment options
- Avoid private mortgage insurance (PMI)
- Tax benefits
- Available with most conventional loan