Vectors and 3D Models
Local Search - Finance
Weather Information
Get the App for Smartphones and Tablets

Go Back


WhmSoft Free Articles Directory
Free Articles for Reprint
Free Articles to Publish
Free Articles for Newsletters
Videos to Watch


Page Generation Date and Time:
09/20/2017 09:35:49

 
Free the Animation VR / AR
Play to reveal 3D images and 3D models!
   
 
vlrPhone / vlrFilter
Project of very low consumption, radiation and bitrate softphones, with the support of the spatial audio, of the frequency shifts and of the ultrasonic communications / Multifunction Audio Filter with Remote Control!



 
 
Alexa Data
 

Go To Articles Directory Home Page

To get the current article, - See Below (at the bottom of the page) -.
For top news titles, see below.
Web sites and videos listed in this page are frequently updated.
If you find that this page is useful (quality of web sites, images and videos, ...), you can add it to your favorites.
Bookmark Page !

Tell a Friend:



With your mobile phone (WAP / I-Mode / iPhone / PDA), for free:
The Top News - http://www.whmsoft.net/services/wap/news.php
The Daily Files - http://www.whmsoft.net/services/wap/get.php
All the Directory Files - http://www.whmsoft.net/services/wap/choose.php

Web version of feeds:
Podcast Music - http://www.whmsoft.net/services/web/wpodcast.php
Daily Files - http://www.whmsoft.net/services/web/wget.php

You can play the Guitar Drum Revolution game (flash game) by following the link below:
Play Guitar Drum Revolution Game


You can play free online games (flash games) by following the link below:
Free Online Games

Play the samples below:
Patricia Se MarieSonundrumPinball WhizzerKore PuttBistro Stars

You can view the people (celebrities) news and the front page news (with videos, images and constant updates) by following the link below:
View Recent News
or by visiting the WhmSoft Service blog:
News Photos Slideshows


Article Keyword Videos to Watch
Finance
Click on the image to start the video.



Related Topics
Images - Links - Articles

finance
finance yahoo
finance calculator
finance definition
finance charge definition
finance jobs
finance news
finance express
finance major
finance salary
Hambourg finance
Hambourg


Related Images



Article Category Videos to Watch
Finance
Go to the Videos Pages


Piggyback Second Mortgage

The Piggyback Second Mortgage provides an option to home buyer who can not afford a twenty percent down payment. Without enough funds for twenty percent down payment, the home buyer pays an expensive Private Mortgage Insurance (PMI). Mortgage Lenders are able to provide the usual ten percent second mortgage without PMI. Only a few mortgage lenders can provide fifteen or twenty percent second mortgage without PMI.

Another term for piggyback second mortgage are 80/10/10, 80/15/5, 80/20/0 mortgage. The 80/10/10 is the most popular. There are only a few who provide 80/15/5, and 80/20/0. The three numbers represents the percentage of first mortgage, second mortgage, and down payment. For example, the 80/10/10 means eighty percent first mortgage, ten percent second mortgage, and ten percent down payment.

The Advantages of Piggyback Second Mortgage

The demand for piggyback second mortgage increased lately. There are a few reasons. The monthly mortgage payment costs less than a mortgage with PMI. The PMI premium varies on different states and situation. The PMI protects the mortgage lender in case of default on mortgage payment. However, the PMI has no benefit at all to the home buyer.

The interest on first and second mortgage are tax deductible from the time being. Mortgage interests are actually one of the important tax deductions for home owners. In fact, some homeowners elect not to pay off mortgage early for tax purposes.

The home buyer avoids the higher interest for Jumbo Mortgage Loan. Every year, the government sets conventional mortgage limit for purchase. If the mortgage exceeds the conventional mortgage limit for purchase, the mortgage lenders considers the mortgage application as Jumbo Mortgage Loan. Since the Jumbo Mortgage Loan offer higher risk to mortgage lenders, the mortgage lenders give higher interest rate on Jumbo Mortgage Loan.

The Disadvantages of Piggyback Second Mortgage

The house prices goes up or down. As the house prices goes up, the equity on the house grows as well. When the home equity goes up to twenty two percent, the home owner can cancel the PMI. The Homeowners Protection Act of 1998 requires the removal of PMI on loans made after July 29, 1999 after the homeowners pay down twenty two percent of equity.

Mortgage Lenders made Piggyback Second Mortgage more difficult to acquire than traditional mortgage. To qualify for this mortgage, the home buyer needs 680 Fair, Isaac, & Co (FICO) score. The FICO score measures the individual record in using credit.

Second mortgage comes with its own costs. The home buyer pays the same kind of costs as the first mortgage. Furthermore, the home buyer pays the same penalties on mortgage payment default.

The final verdict on Piggyback Second Mortgage

The Piggyback Second Mortgage benefits the home buyers, but the second mortgage requires some crunching on numbers. With this second mortgage, the home buyers pay less mortgage payment, and income tax. The PMI providers are feeling the pinch on loss business. In the future, PMI could be a tax deductible as well. The House Resolution 3098 and Senate Bill 132 (which are currently on pending) allow deducting the PMI on income tax.


About the Author: Dennis Estrada is a webmaster of mortgage calculators website that gives access to many resources, and calculators for mortgage.




Recommended Web Site(s):

Easy Articles Home Page - Articles Directory

Recommended WhmSoft Web Sites, Feeds and WAP Address:

WhmSoft Software Home Page - Software
WhmSoft Services Login Page - Music and Images
WhmSoft Moblog Home Page - Blog - Photo Gallery
WhmSoft Free Online Games Home Page - Flash Games
WhmSoft Services RSS Feed - Daily Music, Image and 3D Flash Animation
Classical Music with Drum RSS Feed - MIDI and MP3 Files
Classical Music with Drum Podcast Feed - MP3 and MP3 Files
WAP / I-Mode / PDAs - Daily Music, Image and Flash Animation

Home Pages:

WhmSoft Free Articles for Reprint Home Page
WhmSoft Services Home Page - Music and Images
Copyright (C) 2006-2017 WhmSoft - All Rights Reserved.