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What is a piggyback loan, and when should you get one?

personal finance :: 5hrs ago :: source - yahoo finance

By Jamela Adam

When you get a piggyback loan, you take out a second mortgage on top of the first one to finance the same home. Some home buyers use this method to avoid paying for private mortgage insurance or taking out a jumbo loan. Here's everything you need to know about piggyback loans, including eligibility requirements, how to use them, and pros and cons to consider before applying.

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