What is a Piggyback loan?
A piggyback loan is a second mortgage that you take out alongside your first mortgage. It can come in the form of a home equity loan or a home equity line of credit and has a variety of uses.
Purchase or Refinance
Avoid Jumbo Loan price hits & guideline limitations by breaking your loan up into a 1st mortgage and simultaneous piggyback second mortgage.
Put Less Money Down
Save money on your down payment. Use the money saved for landscaping, new furniture, appliances, etc.
Avoid Mortgage Insurance
Keep your first mortgage at or below 80% of the purchase price, and use a piggyback to cover your down payment to avoid PMI.
Flexible Future Spending with a HELOC
Write checks for college tuition, home improvement, emergency expenses, or your dream vacation. An adjustable rate HELOC can be paid down at any time.
