in recent years, mortgage lenders responded to the demand from home buyers who were unable to put 20 percent down on their purchase and were looking to avoid the private mortgage insurance (pmi) requirement that would typically accompany such a loan by developing a second mortgage that is created simultaneously with the first mortgage in an amount of ten percent of the value of the home. this enabled the borrower to obtain 90 percent financing while avoiding the additional cost of pmi. these loans are more commonly referred to as

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04-11-2022
Business

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in recent years, mortgage lenders responded to the demand from home buyers who were unable to put 20 percent down on their purchase and were looking to avoid the private mortgage insurance (pmi) requirement that would typically accompany such a loan by developing a second mortgage that is created simultaneously with the first mortgage in an amount of ten percent of the value of the home. this enabled the borrower to obtain 90 percent financing while avoiding the additional cost of pmi. these loans are more commonly referred to as

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shivanijain4931 shivanijain4931 · Answer 1 · 2022-11-10T12:24:51-05:00

This enabled the borrower to obtain 90 percent financing while avoiding the additional cost of pmi. these loans are more commonly referred to as piggyback mortgage loans.

A loan is the lending of cash via one or more individuals, organizations, or different entities to other individuals, corporations, etc. The recipient incurs a debt and is normally susceptible to pay hobby on that debt till it is repaid as well as to repay the foremost amount borrowed.

A mortgage is a shape of debt incurred by using an character or different entity. The lender—commonly a business enterprise, economic organization, or authorities—advances a amount of money to the borrower. In return, the borrower agrees to a sure set of phrases together with any finance charges, hobby, repayment date, and different situations.

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