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What You Need to Know About the Mortgage That Skirts the 20% Down Payment
By reinvestor on June 2, 2016
kroach/iStock
You don’t really have to put 20% down on a house (and with home prices so high these days, who can afford that?), but if you don’t, you have to pay for private mortgage insurance, which can be a costly add-on to your monthly bill. So one way or another, you’ll pay.
But there’s a kind of loan you can use to avoid PMI—and save money at the same time. You may not have even heard of it! It’s the 80-10-10 mortgage, commonly referred to as a kind of piggyback mortgage.
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