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If you're considering buying a home and you already own one, a piggyback loan may be a viable option. However, taking on a second mortgage isn't for everyone. Related: Grant Cardone: These Will Be the. ....
KXLY April 27, 2021 11:36 AM Casey Bond - Forbes Advisor Posted: Updated: April 27, 2021 7:23 PM If you’re looking for a home but it’s out of your price range particularly in markets where housing prices are skyrocketing using a piggyback loan can help ease upfront costs. A piggyback loan is actually a second loan after the first mortgage used to finance one property. It’s typically used to lower initial mortgage costs like a down payment or private mortgage insurance, which many lenders require on the first mortgage. Most lenders prefer you have at least 20% of the home’s value saved for a down payment. However, it’s not always possible to have that much in cash (without hurting your savings), especially if home values are rapidly rising. ....
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