80-20 loan or 80-10-10 loan

Guest 0.10 Dollars($)

My lender has suggested me to take an 80-20 mortgage loan. But I have heard about 80-10-10 loan also. What I want to know is, are there any difference between the two loans and is there any of advantages of 80-20 loan.

Guest 0.10 Dollars($)

Hi Ethan,

there are some diffrences between 80-20 mortgage loan and 80-10-10 mortgage loan. like you dont have to pay down payment in 80-20 loan and you also not have to pay PMI. but in 80-10-10 mortgage loan you need not pay PMI but you will have to pay down payment.

thanks,
jill

jerry · Posted: Sat Nov 26, 2005 3:20 am Post subject: RE:

Hi,

Its good to see you back.

Guest 0.10 Dollars($)

Iam still undecided is I should get a 80-20 mortgage loan. I feel like there is a catch to this program at the long run

Guest 0.10 Dollars($)

Hi,

One thing that is important is that if you get the two mortgages from two different lenders then you will have to bear two separate closings costs. Also the interest on the second mortgage will be somewhat higher.

Thanks

sara · Posted: Wed Oct 11, 2006 10:48 pm Post subject: RE: Is 80-20 a good option?

Hi laura,

If you think that you can carry on with a higher interest rate and you have cash enough to make regular monthly payments and pay off the loans, they only you should opt for the 80-20 loan.

Thanks,

Sara.

All times are GMT - 7 Hours

Page 1 of 1