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80/20 mortgage
loans which can also be described as combination financing or
what is known as a piggyback
loan. 80/20 mortgages offer a practical way to finance a purchase,
refinance, or home improvement loan while avoiding private
mortgage insurance.
How an 80 20 mortgage
loan works? The first mortgage is for 80% of the cost of
the home and the 'piggyback' second mortgage is for the
remaining 20%. Your first mortgage can be a fixed rate,
adjustable rate or an interest-only loan.
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