Posted by Kathy/NJ on 12/20/10 2:55pm
Msg #365580

What's a piggyback loan, please. n/m

Reply by Lavergne Manuel on 12/20/10 2:58pm
Msg #365581

Re: What's a piggyback loan, please.

It's a 1st and a 2nd mortgage.

Reply by Kathy/NJ on 12/20/10 3:00pm
Msg #365582

Re: What's a piggyback loan, please.

Thanks, how does that work with the docs - this is a first for me.

Reply by Linda_H/FL on 12/20/10 3:09pm
Msg #365583

Re: What's a piggyback loan, please.

Think of it as two separate loan signings - you're going to get two sets of loan docs...the package for the second loan MAY be smaller than the first...also may not be...

Reply by Kathy/NJ on 12/20/10 3:15pm
Msg #365585

Re: What's a piggyback loan, please.

Okay, thanks much.

Reply by Linda Juenger on 12/20/10 3:54pm
Msg #365589

Re: What's a piggyback loan, please.

I don't get very many of these lately, but what I do is go over the numbers of BOTH loans before you sign anything. Make sure both loans are ok with borrowers. I wasted a lot of time one time in going over the 1st and signing it, then starting the 2nd one and the borrowers did not want to sign that one.

Reply by Lee/AR on 12/20/10 3:57pm
Msg #365590

Re: What's a piggyback loan, please.

Fee should be higher. You are printing & signing 2 loans.

Reply by HisHughness on 12/20/10 10:23pm
Msg #365615

FWIW on such questions in the future

I googled +"piggyback loan" +definition and got 17,800 hits.

Reply by C. Rivera Chicago Notary Services on 12/21/10 10:25pm
Msg #365672

DO SHARE HUGH! n/m