I am thinking about doing an 80-10-10 and paying off the piggyback loan in a few months. I want to do this to avoid PMI- am I doing the right thing or is there a downside I'm not seeing? Thanks for your advice!
2007-10-28 05:42:55 · 5 answers · asked by irunwithbulls 1 in Business & Finance ➔ Renting & Real Estate
You need to verify that the 2nd doesn't have a pre-payment penalty. If the 2nd is a HELOC and the penalty is you can't close it within a time frame, just pay it down to $10 until you can close it.
2007-10-28 06:28:28 · answer #1 · answered by Anonymous · 1⤊ 0⤋
NO what do you mean 80-10-10. why do I* know all about finances. and loans and ira and k401 an roth ira and roth 401k and stock market and stock market and mortgages . I never heard of a 80-10-10. PLEASE explain.
I don't know wht your thinking about doing. but I got a good idea. Don't do it yet. i'll look it up learn about it and explain it. I'll put it in plain english for you after I learn 80=10-10. I'll tell you what if I don't know what that is. Don't do it!!! thats my thing. money. Lets calm down what does that mean? don't give me a heart attack. ok i'm not old enough for that. 80-10-10 prably means. your paying too much. piggy back prabably means add more loans . at the end of your existing loan. Whitch
halloween thing in there. means. your going to pay all the interest on the new loan. and not pay any princaple. NO NO NO. Don't do it
get good advice first. join a credit union for $5.
get advise there.
please don't let people take advantage of you.
2007-10-28 05:59:54 · answer #2 · answered by hifi1863 2 · 0⤊ 5⤋
The piggy back is ok, just remember it's going to be a higher interest rate.
2007-10-28 05:56:37 · answer #3 · answered by One Bad Mama Jama 4 · 0⤊ 0⤋
no there really isn't. the pmi doesn't go to the interest or prinicipal. do get the piggyback.
2007-10-28 05:46:01 · answer #4 · answered by blah 3 · 0⤊ 0⤋
the piggy back is a better write off..
2007-10-28 05:49:19 · answer #5 · answered by chaoswantsangel 3 · 0⤊ 0⤋