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Need an 80-10-10 loan

by felipe475 from Westby, Wisconsin. Jun 23rd 2016 Reply


Ok. Please look up my profile and email me. I can help!

Jun 23rd 2016
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Why do you feel you need an 80/10/10? Is it strictly payment?

Jun 23rd 2016
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David R Youngs - Assistant Vice President (DavidRYoungs)
#4 ranked lender in Minnesota - 48 contributions

I would also ask the question, why do you feel an 80/10/10 loan is best for your situation? As a Consultant, I always want to ensure that my clients get the best possible terms, for the lowest costs as well. If you need access to this program and it makes sense for you, I have access to very low cost resources for this. The only way to know for sure though is to talk with someone that has access to ALL of the financing programs available and get professional advice on the best loan strategy. If you'd like to explore your options in more detail, please give me a call at 866-680-2840 Ext 12 or email me at dyoungs@progressivels.com Looking forward to speaking with you!

Jun 24th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

There are options out there, but as others said... Why do an 80/10/10? My guess is you haven't financed a home in several years.. The mentality years back was that if you did a 10% down, and did a 10% 2nd, you would avoid mortgage insurance, but today, if you have good credit scores, the mortgage insurance is relatively inexpensive. For example.. if you have a 760 credit score or higher, then the monthly mortgage insurance with 10% down, 90% first, is only $25 per month for every $100K financed. And since most first position loans are at or below 4%, then doing a 2nd will only result in a higher payment (2nd mortgage rates are between 6% to 8%).. Plus, if you pay MI, and once you have paid for 2 to 3 years, and once you have obtained 20% equity or more.. then you can ask your lender to remove the MI.. so long as the equity is there (supported by an appraisal you pay for), they will remove the MI and you wont have to refinance to do it. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jun 24th 2016
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