单词 | piggyback mortgage |
释义 | piggyback mortgageDefinition 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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