208-376-5670
frstmrtg@mindspring.com
Apply Now
Secure Doc Upload
First Mortgage Company Logo

logo

Contact Our Professionals

208-376-5670

What is a Piggyback Mortgage?

In order to achieve the dream of homeownership, many buyers look for creative financing to aid them in their quest. One such option is a piggyback mortgage, which actually involves taking out two separate loans to make homeownership more affordable. These loans can be very helpful, but borrowers must know the risks in order to be succesful. Piggyback Definition Here’s how a piggyback mortgage works. You take out a traditional home loan for 80% of the home purchase price. You put down 10% of your own cash as a downpayment. Then in order to cover the remaining 10%, you take out a sec...

September 12th, 2018 | First-time Homebuyers, Conventional Loans, Preapproval, Purchasing a Home, What is a Piggyback Mortgage?

What is the Difference Between Pre-approval and Pre-qualification?

When it comes to mortgages, there are two similar sounding terms that often confuse potential homebuyers: pre-qualification and pre-approval. While they are alike in some ways, their purposes are different. If you are looking to get a mortgage, here’s what you need to know about pre-qualification and pre-approval. Pre-qualification A home loan pre-qualification is an informal estimate of how much you can afford and how much a bank would be willing to lend you. It can take place on the phone, in person or even online. The lender will ask for relevant mortgage information, ...

June 27th, 2018 | First-time Homebuyers, Purchasing a Home, What is the Difference Between Pre-approval and Pre-qualification?

4 Reasons You Don’t Want to Pay PMI

Years ago, a 20% down payment was a requirement for obtaining a mortgage loan. Putting that much money down made it less likely that borrowers would simply default on their home loans and gave lenders a measure of security and collateral in the case of foreclosure. However, in more recent years, lenders have gotten much more creative in financing to help more Americans become homeowners. There are now mortgage loans that require as little as 3% down up front. In order to compensate for that added risk of loss, lenders require and borrowers with a down payment of less than 20% to pay for pri...

June 7th, 2018 | First-time Homebuyers, 4 Reasons You Don’t Want to Pay PMI

Pages: < Previous 1 2