PIGGY-BACK LOAN
One of our most popular programs for purchasing a home is our Piggy-Back loan program. With this financing structure, an 80% 1st Mortgage and a 10% 2nd Mortgage are closed concurrently, eliminating the need for Private Mortgage Insurance (PMI). All of the 1st Mortgage programs described on this page may be used in conjunction with a Piggy-Back Loan.
View Piggy-Back Rates & Fees
40-YEAR FIXED
This loan has a fixed rate for the entire 40 year term of loan. The payment is lower than the 30-Year Fixed, remains constant and fully pays off the loan in 40 years. This is one of the most stable products available providing the lowest risk. This is a great option for borrowers not able to qualify for the 30-Year Fixed monthly payment.
30-YEAR FIXED
This loan has a fixed rate for the entire 30 year term of loan. The payment remains constant and fully pays off the loan in 30 years. This is one of the most stable products available providing the lowest risk.
30-YEAR FIXED INTEREST ONLY
This loan has a fixed rate for the entire 30 year term of the loan. For the first 10 years of the loan, interest only payments may be made. After 10 years, the loan is amortized over the remaining 20 years. Rates on this loan may be slightly higher than the 30-Year Fixed.
20-YEAR FIXED
This loan has a fixed rate for the entire 20 year term of loan. The payment is higher than the 30-Year Fixed but remains constant and fully pays off the loan in 20 years. This is one of the most stable products available providing the lowest risk.
15-YEAR FIXED
This loan has a fixed rate for the entire 15 year term of the loan. The payment is higher than the 30-Year Fixed or the 20-Year Fixed, but remains constant, and fully pays off the loan in 15 years. This is one of the most stable products available providing the lowest risk.
10-YEAR FIXED
This loan has a fixed rate for the entire 10 year term of the loan. The payment is higher than the 30-Year Fixed, 20-Year Fixed or 15-Year Fixed, but remains constant, and fully pays off the loan in 10 years. This is one of the most stable products available providing the lowest risk.
10/1 ARM
This is a popular program for borrowers who plan to keep the loan more than seven but less than 10 years.
The interest rate is fixed for the first 120 months of the loan's 30 year term. At the end of the 120 months, the interest rate adjusts to the lower of:
This is a popular program for borrowers who plan to keep the loan more than seven but less than 10 years. The interest rate is fixed for the first 120 months of the loan's 30 year term. At the end of the 120 months, the interest rate adjusts to the lower of:
- The 1-Year LIBOR Index plus 2.25%, or
- The initial start rate plus 5%.
Thereafter, the interest rate will adjust every 12 months to the lower of:
- The 1-Year LIBOR Index plus 2.25%,
- The previous rate plus 2%, or
- The initial start rate plus 5%.
10/1 ARM INTEREST ONLY
Similar to the 10/1 ARM, except this loan provides the flexibility of making an interest only payment during the initial 10 year fixed rate period of the loan. After 10 years, the loan coverts to an adjustable rate mortgage and is amortized over the remaining 20 years. Rates on this loan may be slightly higher than the 10/1 ARM.
7/1 ARM
This is a popular program for borrowers who plan to keep the loan more than five but less than seven years.
The interest rate is fixed for the first 84 months of the loan's 30 year term. At the end of the 84 months, the interest rate adjusts to the lower of:
- The 1-Year LIBOR Index plus 2.25%, or
- The initial start rate plus 5%.
Thereafter, the interest rate will adjust every 12 months to the lower of:
- The 1-Year LIBOR Index plus 2.25%,
- The previous rate plus 2%, or
- The initial start rate plus 5%.
7/1 ARM INTEREST ONLY
Similar to the 7/1 ARM, except this loan provides the flexibility of making an interest only payment during the initial seven year fixed rate period of the loan. After seven years, the loan coverts to an adjustable rate mortgage and is amortized over the remaining 23 years. Rates on this loan may be slightly higher than the 7/1 ARM.
5/1 ARM
This is a popular program for borrowers who plan to keep the loan more than three but less than five years.
The interest rate is fixed for the first 60 months of the loan's 30 year term. At the end of the 60 months, the interest rate adjusts to the lower of:
- The 1-Year LIBOR Index plus 2.25%, or
- The initial start rate plus 5%.
Thereafter, the interest rate will adjust every 12 months to the lower of:
- The 1-Year LIBOR Index plus 2.25%,
- The previous rate plus 2%, or
- The initial start rate plus 5%.
5/1 ARM INTEREST ONLY
Similar to the 5/1 ARM, except this loan provides the flexibility of making an interest only payment during the initial five year fixed rate period of the loan. After five years, the loan coverts to an adjustable rate mortgage and is amortized over the remaining 25 years. Rates on this loan may be slightly higher than the 5/1 ARM.
3/1 ARM
This is a popular program for borrowers who plan to keep the loan less than three years.
The interest rate is fixed for the first 36 months of the loan's 30 year term. At the end of the 36 months, the interest rate adjusts to the lower of:
- The 1-Year LIBOR Index plus 2.25%, or
- The initial start rate plus 2%.
Thereafter, the interest rate will adjust every 12 months to the lower of:
- The 1-Year LIBOR Index plus 2.25%,
- The previous rate plus 2%, or
- The initial start rate plus 6%.
3/1 ARM INTEREST ONLY
Similar to the 3/1 ARM, except this loan provides the flexibility of making an interest only payment during the initial three year fixed rate period of the loan. After three years, the loan coverts to an adjustable rate mortgage and is amortized over the remaining 27 years. Rates on this loan may be slightly higher than the 3/1 ARM.
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