Posted: Sat Nov 26, 2005 2:53 am Post subject: 80-20 loan or 80-10-10 loan
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. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
Jill Guest
Posted: Sat Nov 26, 2005 3:06 am Post subject:
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.
Posted: Wed Oct 11, 2006 12:25 pm Post subject: 80-20 loan
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
Liebert Guest
Posted: Wed Oct 11, 2006 12:49 pm Post subject:
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.
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.
jerry
