What is a piggyback loan?
The Bankrate.com financial term of the day is: "Piggyback Loan"
A piggyback loan puts one mortgage on top of another so that a homebuyer is spared from paying private mortgage insurance, those dreaded premiums that are triggered when a house is purchased with a down payment of less than 20 percent of the appraised value or sale price. With a piggyback loan, you take out a primary mortgage for 80 percent of the home's value plus a home equity loan or line of credit for the rest.
Homebuyers can climb onboard a piggyback loan to ride away from insurance that can increase your monthly housing bill.
To compare home loans, visit the Mortgage section at Bankrate.com.
Fixed mortgage rates were slightly higher this week.
The 30-year fixed mortgage rate rose to 4.51 percent this week.
Mortgage rates pulled back slightly this week.
The benchmark 30-year fixed-rate mortgage rose to 4.5 percent.
The benchmark 30-year fixed mortgage rate inched lower.
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Follow this 6-month homeowner countdown so you are ready come closing day.
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Sleep better at night knowing you have extra money tucked away for unplanned expenses.
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