Posted on: 26th Nov, 2005 01:53 am
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.
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
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
Hi,
Its good to see you back.
"is there any of advantages of 80-20 loan."
There are lot of advantages of 80-20 mortgage.
For more information on 80-20 mortgage loan and 80-10-10 mortgage loan please refer the respective section
Thanks,
Jerry
Its good to see you back.
"is there any of advantages of 80-20 loan."
There are lot of advantages of 80-20 mortgage.
- You do not have to pay down payment if you opt for 80-20 mortgage loan.
- Monthly payment for 80-20 mortgage loan are often tax deductible.
- If you opt for 80-20 mortgage loan you need not pay mortgage insurance.
For more information on 80-20 mortgage loan and 80-10-10 mortgage loan please refer the respective section
Thanks,
Jerry
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
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
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
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.
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.