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Started By
Message
80/10/10 and 80/15/5 Mortgage Loans
Posted on 11/11/14 at 5:12 pm
Posted on 11/11/14 at 5:12 pm
I've seen a few lenders offering these loans lately, and I am interested.
But what about 80% primary with one company, and the second 10 or 15% second mortgage with another company? Anybody done this lately?
If so, what kind of second mortgage did you get? 30 yr? ARM?
But what about 80% primary with one company, and the second 10 or 15% second mortgage with another company? Anybody done this lately?
If so, what kind of second mortgage did you get? 30 yr? ARM?
1
Posted on 11/12/14 at 6:32 am to Sigma
I did an 80 10 10 in March in Houston. Got 4% 30 yr on the main and 15 yr 5.25 on the second.
Posted on 11/12/14 at 7:33 am to Verdi
Same lender? Who did you use?
Posted on 11/12/14 at 8:13 am to Verdi
If you're going conventional, I would look at rolling MI into loan cost upfront and not doing a second.
I think you can do better than prime +2 like the poster above, but it may in fact be cheaper just to pay MI upfront. Weigh the costs with doing 5% and 3.5% as well. Money is cheap, take advantage of it.
Dave Ramsey crowd, no loitering
I think you can do better than prime +2 like the poster above, but it may in fact be cheaper just to pay MI upfront. Weigh the costs with doing 5% and 3.5% as well. Money is cheap, take advantage of it.
Dave Ramsey crowd, no loitering
Posted on 11/12/14 at 8:26 am to ItNeverRains
Or maybe bringing it to closing to Pre-pay it? We did this and it saved us some money (don't remember exactly how much), but it apparently wasn't a very highly advertised option. A friend of ours did the loan and told us about it.
Posted on 11/12/14 at 8:32 am to ItNeverRains
Normally I would consider something like that, but this is a new purchase happening unexpectedly. We've been throwing most of our saving into retirement accounts in the last year, so I don't have the cash to pay a lot upfront at the moment. That includes closing, prepaid PMI, down payment, etc. But I will have a big chunk in the next year.
I'd rather lock in a low rate 30 yr conventional for the 80%, then get the other 20% however I can get it. I don't even care if it's an ARM or a huge balloon loan. It will be paid off very soon.
I'd rather lock in a low rate 30 yr conventional for the 80%, then get the other 20% however I can get it. I don't even care if it's an ARM or a huge balloon loan. It will be paid off very soon.
Posted on 11/12/14 at 8:46 am to Sigma
We went with Jsc credit Union for our main. They found the second lender for us as they cannot do both loans. I assume each banks find someone they work with and are comfortable using.
Posted on 11/12/14 at 9:04 am to Verdi
Thanks. That's good to know.
Posted on 11/12/14 at 10:07 am to Sigma
you have to put down 10% . You can find a 80/10 but i havent seen any lenders doing 80/20 in about 10yrs.
Posted on 11/12/14 at 10:37 am to Sigma
quote:
Normally I would consider something like that, but this is a new purchase happening unexpectedly. We've been throwing most of our saving into retirement accounts in the last year, so I don't have the cash to pay a lot upfront at the moment. That includes closing, prepaid PMI, down payment, etc. But I will have a big chunk in the next year. I'd rather lock in a low rate 30 yr conventional for the 80%, then get the other 20% however I can get it. I don't even care if it's an ARM or a huge balloon loan. It will be paid off very soon.
That's why I would roll the upfront PMI into the loan and finance it over 30 years at 4%. I'd do 3.5% down. Then when you get extra coin throw it at principal. Or something else you believe will give you a better return than 4%.
I still think prime + 2 is high on 2nd Assuming solid credit
Posted on 11/12/14 at 10:56 am to ItNeverRains
I see. That's worth considering.
Posted on 11/12/14 at 11:07 am to hawkeye007
Any way to get around the 20% if I'm buying a lot that I won't build on for another 3-4 years?
Posted on 11/12/14 at 11:10 am to Sigma
I forgot to put in we were trying to stay out of a jumbo loan so that may factor in on your choices
Posted on 11/12/14 at 2:22 pm to Verdi
quote:
I forgot to put in we were trying to stay out of a jumbo loan so that may factor in on your choices
I'm assuming this was awhile ago? Jumbo money in today's market is .25-.5% higher, really a non issue in today's lending environment
Posted on 11/13/14 at 6:34 am to ItNeverRains
I did it in March but did not want to put the 20% down to avoid pmi. I felt I could earn more then my additional sub 2% interest charge on the money so I gave it a shot.
Posted on 11/13/14 at 1:38 pm to yellowfin
yes you can use the lot equity as the down payment
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