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Mortgages - Eighty Twenty Loan

 Listen Another popular loan type I would like to mention is a method of not having any money for down payment while not having to pay PMI.  To tell you the truth, I am not a fan of this type of loan, but looking at the statistics indicate that there are many people who do this loan.  

 Listen The loan I am talking about is called the eighty twenty loan.  This means that you are going to take out two loans.  The first loan will be eighty percent of the loan amount, while the second loan will be the remainder.  As you can tell, since the first loan is only 80% of the loan amount, it appears that the down payment amount is 20%.  As I said earlier, having 20% or more in down payment waives you from having to obtain PMI.  This allows many people to have no money down and buy a house without having to pay PMI.

 Listen What they don't realize is that the interest rate of the second loan is much higher than the standard rate.  For example, if your first loan was at 6%, then the second loan could be at 8%.  So depending on the amount of the second loan, you might be paying more in interest than the cost of having PMI.  There are many other pros and cons of this type of loan, and if you are interested, I recommend looking deeper into it.

영어 회화를 단기간에 완성하세요. 800 페이지가 넘는 레슨과 8000 개 이상의 오디오 클립을 다운로드 하시고, 자신을 영어 환경에 항상 노출 시키세요. 인터넷이나 컴퓨터에 상관없이 MP3 플레이어를 통해 언제나 영어를 듣고 따라할 수 있습니다. 영어회화 다운로드 페이지로 이동하시면 좀 더 자세한 내용을 알려드립니다.