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单词 piggyback mortgage
释义

piggyback mortgage

Definition
Second mortgage taken by home mortgage borrower at the same time as the first mortgage, often used to eliminate private mortgage insurance payments by lowering the loan-to-value ratio of the primary mortgage to below 80%. Generally, borrower pays 10% of the property value in the down payment, 80% is covered through the primary mortgage and 10% is covered by the piggyback mortgage.
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更新时间:2025/3/10 6:10:15