Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Im in process of securing a loan for a 8/28 closing.
It's conventional with 3.875 and 5% down financing 367,500.
Pmi is $255 /mo. I want to avoid that. Mortgage score 720.
In part I am using some of my 401k to pay the 5%.
Q1 can I still swing a piggyback loan even though started this one?
Q2 can I do the 2nd with different lender?
Q3 is it worth to do this?
Q4 ultimately I want to repay the 401k portion with the 2nd loan and carry only the primary/heloc
Ask your first trust lender if there is a change to your rate if you introduce a 2nd trust. Most lenders will add 1.75 points to the cost, which will drive your rate into the low 4's with the 2nd trust. You may use different lender, but coordinating the two can be a challenge. There's still plenty of time. As for whether it is worth it, how long you will be there plays a large part. You should definitely take a look at LPMI. Again, this option also depends upon your expected stay in the property. Other factors that weigh in, include your gross income and area appreciation. Were you evaluated for HomeReady? If you can use the program, with your score, your PMI is substantially lower. About 30% of the nation's properties have no income caps.
Have you asked your 1st to also give a 2nd? That's fairly common. Also, it's common for the loan officer to broker out the 2nd to another lender, but either way, one person is handling the communication and coordination of both to close at the same time.
Thank you for the replies.
I am in process of asking lender if rate on 1st is affected.
I will take a look at LPMI and Homeready as not really aware of either.
I expect to be there at least 7 years.
I've checked the 1st lenders site but they only offer 80/10/10
Perhaps when they respond to the rate question I will get an answer about that.
Tks to all
BTW can anyone pm me on trusted lenders offering 95% LTV on piggyback? Navy does this but only if they are also the primary lender.
Tks
Last edited by Legend88ls; 07-31-2017 at 09:59 AM..
Reason: additional question
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
