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Piggyback-mortgage Articles

Posted on February 13   By MLP Blog
Dear Dr. Don, I recently learned that my credit union is offering a 100 percent mortgage available at a rate of 7 percent. I currently have an 80/20 mortgage on my home. The 80 percent first mortgage is a 30-year fixed rate at 6.375 percent and the 20 percent second mortgage is a home equity line of credit, at prime plus 2 percent. My question is, does it make sense to take out the one fixed-rate mortgage as opposed to the two I currently have? My home is worth approximately $327.... Read More...
Posted on May 06   By Justin McHood
From time to time, I am asked "I have a second mortgage. Is it possible to streamline the 2nd mortgage?" And the answer is "no". What this tells me though is that FHA has done a good job of marketing the FHA streamline program because people are starting to ask for it by name. The FHA streamline refinance program was designed to allow eligible FHA borrowers to take advantage of lower interest rates when they are available without having to completely re-qualify for a new loan - ON THEIR FIRST.... Read More...
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