Resources > Glossary > Combination Loan
Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.
0-9 A B [C] D E F G H I J K L M N O P Q R S T U V W X Y Z Common Terms 1 Common Terms 2
Combination LoanFunction: noun Definition 1: With a combination loan, you receive a first mortgage for 80% of the loan amount, and a second mortgage at the same time for the remainder of the balance. Down paymnents are generally 10% or less in a combination loan. If avoiding PMI (mortgage insurance) is important to you, consider combination loans. A combination loan could be used in a construction scenario. One loan would be for the construction, while another loan would follow after the construction is over. Another advantage of a combination loan is that the borrower would have one-time closing costs instead of having double the closing costs if they got two separate loans. Thesaurus / Related Terms Bridge Loan Conforming Loan Construction Loan Home Equity Loan Mortgage Combined Loan to Value
|