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Ask Shop Rate: Shannon, PA

Posted by  on Apr 16, 2009
 
Is there a benefit to doing the 80/20 mortgage? The 80/20 mortgage program is simply two loans for 100% of the purchase price of the property. This done, for the most part, to avoid having to pay PMI (Private Mortgage Insurance) on loans in which you are not putting at least a 20% downpayment. You also would receive the benefits of having more tax deductible interest at the end of the year as well as with your blended rates, you might have a lower interest rate than you would normally receive for a more conventional 100% financing loan.


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