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What is a Piggyback Mortgage?

In order to achieve the dream of homeownership, many buyers look for creative financing to aid them in their quest. One such option is a piggyback mortgage, which actually involves taking out two separate loans to make homeownership more affordable. These loans can be very helpful, but borrowers must know the risks in order to be succesful. Piggyback Definition Here’s how a piggyback mortgage works. You take out a traditional home loan for 80% of the home purchase price. You put down 10% of your own cash as a downpayment. Then in order to cover the remaining 10%, you take out a sec...

September 12th, 2018 | First-time Homebuyers, Conventional Loans, Preapproval, Purchasing a Home, What is a Piggyback Mortgage?

Stockton Main Office

Majestic Mortgage Services, Inc.
3520 Brookside Rd,
Stockton, California 95219
Phone: 209-473-3947
Fax: 209-473-2298
NMLS: 1154031 CA BRE (License #01944454)

San Diego Branch Office

Majestic Mortgage Services, Inc.
2828 University Ave., Suite 102
San Diego, CA 92104
Phone: 619-352-4410
Fax: 619-352-4401
NMLS: 1407609 CA BRE (License #01944454)

Elk Grove Branch Office

Majestic Mortgage Services, Inc.
2230 Longport Ct., Suite 110
Elk Grove, CA 95758
Phone: 916-236-4600
Fax: 916-236-4601
NMLS: 1154035 CA BRE (License #01944454)