Piggyback Mortgage
NMLS: 440207
Members who may not have been eligible to buy a home before have an option designed to help them live the dream of owning a property.
It's tough enough making a living, and when residency requirements or merely the desire to live in a certain area are dictating your housing choices, it's sometimes hard to realize your desire of purchasing your own home. Worry no more! Our new "Piggyback Mortgage" program is designed to help you afford the house you've always wanted. Usually, without a 20% down payment on a property a potential homeowner is forced to pay for costly Private Mortgage Insurance (PMI). With real estate values in the area skyrocketing, 20% can seem like an impossible figure to come up with. In the "Piggyback Mortgage" program, you take out what is a second loan that will provide you with the 15% of the deposit you need and roll that payment in with your regular monthly mortgage. You only need to come up with 5%! This allows you to buy a more expensive home without high PMI premiums.
Piggyback Mortgage Rates
| Term | Rate | APR | Payment Example/$1,000 |
|---|---|---|---|
| 1st Mortgage - 30 Years | 6.875% | 6.935% | 360 monthly payments of $6.57 (30 years) |
| 2nd Mortgage - 20 Years | 7.375% | 7.388% | 240 monthly payments of $7.98 (20 years) |
All payment examples do not include taxes and insurance, therefore actual payment will be greater. APR = Annual Percentage Rate. APRs subject to change. Other rates and terms are available and may apply based on individual credit score. Payment examples based on a loan with 0 points and as low as 5% down payment. Closing costs apply to the above rates. All loans are subject to credit approval and may be subject to secondary market rate adjustments. Special restrictions apply. For details, please contact the loan department.