My Articles | About Us | Contact Us | Advertise With Us | Search   
 
News, Tips & Offers delivered to your inbox

ABOUT US | VIEW ALL FEATURED ARTICLES | VIEW ALL TOPICS | VIEW ALL REGIONS | DM MOBILE | DM BLOG

The Second Trust (Piggyback) Loan Indiana

The following contains housing information you should know about the second trust (piggyback) loan and if you can avoid it. Read this review if you or a loved one is interested in buying and selling real estate in Indiana.

Local Companies

Kelley Mortgage
317-578-3550
5519 E 82nd St
Indianapolis, IN
Charter One Mortgage Loan Officers
317-208-2957
10333 N Meridian St
Indianapolis, IN
Schiller Law Offices
317-578-2100
8720 Castle Creek Parkway
Indianapolis, IN
Countrywide Home Loans
260-497-3100
1491 W Dupont RD
Fort Wayne, IN
Beneficial Mortgage
260-483-7137
1014 E Coliseum Blvd
Fort Wayne, IN
1st Place Mortgage
317-353-1800
6011 E Hanna Ave
Indianapolis, IN
Countrywide Home Loans
317-423-7752
52 Monument Cir
Indianapolis, IN
Amera Mortgage
260-434-1970
9921 Dupont Circle Dr W
Fort Wayne, IN
Aspen Mortgage
260-486-5626
2420 N Coliseum Blvd. Ste 101
Fort Wayne, IN
Primary Residential Mortgage
260-482-8800
1910 Saint Joe Center Rd No 41
Fort Wayne, IN

provided by: 

Even if you cannot afford a 20% down payment on your house, you may still be able to cross the threshold of your dream home. Many lenders will allow smaller down payments - as little as 5% in some cases. With smaller down payment loans, however, borrowers are usually required to carry private mortgage insurance (PMI) which means:

 

  • you may be required to make an initial premium payment; and
  • pay additional monthly fees on top of your regular mortgage payment

 

If these extra charges don’t sound appealing to you, you may consider a second trust loan or "Piggyback Loan."

 

 

What is a Piggyback Loan?

 

A piggyback loan is a combination of two loans that close at the same time to purchase a home. The most common piggyback loan is an 80/10/10.

 

  • 80 percent of the home’s value is financed through a first mortgage.
  • The remaining 20 percent is equally divided between a second, piggyback loan and the down payment.

 

Example

Purchase Price 1st Mortgage Amount Down Payment Piggyback Loan Amount
$200,000 $160,000
(80%)		 $20,000
(10%)		 $20,000
(10%)

 

 

 

Piggyback Loans vs. PMI

 

As with every financial option, there are pros and cons associated with both piggyback loans and PMI. Choosing the option that’s best for you depends on your individual financial situation and your state’s regulations.

 

 

TIP:  Before deciding to select a piggyback loan instead of PMI, you should consult with a financial professional.

 

 

 

Published on February 15, 2007

Read full article at realestate.com

Featured Local Company

Kelley Mortgage

317-578-3550
5519 E 82nd St
Indianapolis, IN
http://www.loansbykelley.com
Read more about The Second Trust (Piggyback) Loan

Regional Articles
- The Second Trust (Piggyback) Loan Anderson IN
- The Second Trust (Piggyback) Loan Angola IN
- The Second Trust (Piggyback) Loan Bedford IN
- The Second Trust (Piggyback) Loan Bloomington IN
- The Second Trust (Piggyback) Loan Brazil IN
- The Second Trust (Piggyback) Loan Brownsburg IN
- The Second Trust (Piggyback) Loan Carmel IN
- The Second Trust (Piggyback) Loan Chesterton IN
- The Second Trust (Piggyback) Loan Columbia City IN
- The Second Trust (Piggyback) Loan Columbus IN
- The Second Trust (Piggyback) Loan Connersville IN
- The Second Trust (Piggyback) Loan Crawfordsville IN
- The Second Trust (Piggyback) Loan Crown Point IN
- The Second Trust (Piggyback) Loan Dyer IN
- The Second Trust (Piggyback) Loan East Chicago IN
- The Second Trust (Piggyback) Loan Elkhart IN
- The Second Trust (Piggyback) Loan Evansville IN
- The Second Trust (Piggyback) Loan Fishers IN
- The Second Trust (Piggyback) Loan Fort Wayne IN
- The Second Trust (Piggyback) Loan Franklin IN
- The Second Trust (Piggyback) Loan Gary IN
- The Second Trust (Piggyback) Loan Goshen IN
- The Second Trust (Piggyback) Loan Granger IN
- The Second Trust (Piggyback) Loan Greenfield IN
- The Second Trust (Piggyback) Loan Greenwood IN
- The Second Trust (Piggyback) Loan Hammond IN
- The Second Trust (Piggyback) Loan Hobart IN
- The Second Trust (Piggyback) Loan Huntington IN
- The Second Trust (Piggyback) Loan Indianapolis IN
- The Second Trust (Piggyback) Loan Jeffersonville IN
- The Second Trust (Piggyback) Loan Kendallville IN
- The Second Trust (Piggyback) Loan Kokomo IN
- The Second Trust (Piggyback) Loan Lafayette IN
- The Second Trust (Piggyback) Loan Laporte IN
- The Second Trust (Piggyback) Loan Logansport IN
- The Second Trust (Piggyback) Loan Marion IN
- The Second Trust (Piggyback) Loan Martinsville IN
- The Second Trust (Piggyback) Loan Merrillville IN
- The Second Trust (Piggyback) Loan Michigan City IN
- The Second Trust (Piggyback) Loan Mishawaka IN
- The Second Trust (Piggyback) Loan Muncie IN
- The Second Trust (Piggyback) Loan Munster IN
- The Second Trust (Piggyback) Loan New Albany IN
- The Second Trust (Piggyback) Loan New Castle IN
- The Second Trust (Piggyback) Loan Newburgh IN
- The Second Trust (Piggyback) Loan Noblesville IN
- The Second Trust (Piggyback) Loan North Vernon IN
- The Second Trust (Piggyback) Loan Peru IN
- The Second Trust (Piggyback) Loan Portage IN
- The Second Trust (Piggyback) Loan Richmond IN
- The Second Trust (Piggyback) Loan Schererville IN
- The Second Trust (Piggyback) Loan Seymour IN
- The Second Trust (Piggyback) Loan Shelbyville IN
- The Second Trust (Piggyback) Loan South Bend IN
- The Second Trust (Piggyback) Loan Terre Haute IN
- The Second Trust (Piggyback) Loan Valparaiso IN
- The Second Trust (Piggyback) Loan Vincennes IN
- The Second Trust (Piggyback) Loan Wabash IN
- The Second Trust (Piggyback) Loan Warsaw IN
- The Second Trust (Piggyback) Loan West Lafayette IN
- The Second Trust (Piggyback) Loan Zionsville IN
Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin
Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History
Articles.DirectoryM.com | Search | About Us | Contact Us | Mobile | Blog | En Español
Copyright © BET Information Systems, Inc. All rights reserved.