Ever Heard of a combination loan?
The other day I was assisting a client with the purchase of her new home. Since she wanted to keep her cash we put her in a combo loan. The loan was a first lien mortgage (arm loan) and a HELOC. This common usage of an 80/20 combo loan is an effective way for a new home buyer to keep more of their cash!
Did you get all that? That is typical mortgage speak, but the process doesn’t have to be so confusing! Keep reading this blog daily and we promise you will learn all you need to know!