| This program is also known as a piggy back mortgage. The Simultaneous Second Mortgage is originated and closed in conjunction with a first mortgage to purchase or refinance real estate. The loan value combinations include: 80/10/10, 80/15/5, 75/15/10, and 70/20/10.
Fixed and 7/1 Adjustable Rate mortgages are offered for the first mortgage. A 15 year fixed term is available for the second mortgage. No separate escrow deposit is required for the second mortgage. The private mortgage insurance is not required for this loan type.
This program is offered on owner-occupied primary residences. The larger loan will have the market rate and points are optional. The second (junior) loan carries one point and a higher interest rate.
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