An 80-10-10 loan is essentially two mortgages combined into one package to help borrowers save money and avoid paying private mortgage insurance, or PMI. The first loan is a traditional mortgage and covers 80% of the cost of the home.
What is an 80/10/10 mortgage loan is a question that easily comes up to the borrower’s mind. This is basically a creative way to avoid paying a PMI – private mortgage insurance, and a convenient way to purchase or refinance or consolidate debt, employing the benefits of combining a first and a second mortgage or trust.
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