Apply Online          

     

Welcome to Carteret Mortgage!
 Your source for consumer information  

 

 



Option Arm Manage your Mortgage!



Construction/Perm

Interest Only Mortgage


No Doc


Real Estate Investor


Refinance






















80/10/10 Mortgage
                                                                                                         

80/10/10 mortgages are also described as combination financing or piggyback loans and offer a convenient way to  provide creative financing in a purchase, refinance, or debt consolidation transaction. In an 80/10/10 transaction, a second trust is frequently used in combination with a first trust to avoid paying Private Mortgage Insurance or PMI. The first trust is always set at 80% of your purchase price which eliminates the need for PMI. We add a second trust of 10% of the purchase price and you supply 10% cash. You have a wide range of mortgage options on this loan, including fixed rate or arms. Also, interest only 80/10/10 mortgage products are  available as well. Several advantages to consumers using this approach include:

  • Your entire payment is tax deductible (mortgage insurance is not if your income is over $100,000)

  • You may decide to pay off your second early reducing your total payment.

However, there are some potential problems with the strategy.

  • Your second trust or HELOC may include a prepayment penalty - Our programs do not

  • Depending on the rate on your second trust or HELOC your total payment may actually be more than a mortgage with PMI. Send me an email with your anticipated sales price and I will be happy to run Good Faith Estimates comparing both approaches for you.

Second Trust Ratios

A second mortgage or second trust is a loan secured by your property which takes second position to the first mortgage. A second trust carries a fixed interest rate for the life of the loan and amortization periods range from 5 to 20 years with a great new product amortized over 30 years with a balloon due in 15 years. The longer amortization period can help to lower your monthly payment significantly. Generally, your total debt ratio, including the new mortgages, should not exceed 45% of your monthly pretax income. Depending on credit scores, an interest only HELOC may also be available to you as well

I have included a page on how to calculate your 80/10/10 mortgage qualification ratios.

I have included a page on documentation requirements.

Read more about 80/10/10 Mortgage Closing Costs

We offer you the ability to qualify and close into several unique reduced documentation programs which accommodate borrowers with non traditional income, employment, or asset situations. Please visit my No Docs page for additional information on a No Documentation Second Trust. 

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

New!

80/10/10 Mortgage Prequalify for your 80/10/10 Mortgage.

 

ARMs   Home Equity    Interest Only Mortgage  Investor Loans  Jumbo  Mortgage Links   Reverse Mortgage  No Downpayment Loans   Refinance Center   Site Map  Vacation Home Loans   Commercial Loans Mortgage Home

Certified Mortgage Planning Specialist


NEVER an Origination Fee!

Extensive consumer information on construction,remodeling, first time homebuyer,and no documentation mortgages.                                                                                                                       VA Mortgage