Resources > Glossary > Piggy Back Mortgage

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Piggy Back Mortgage

Function: noun

A Piggy Back Mortgage is a type of mortgage where a first mortgage and second mortgage are combined. The borrower can get two loans when the down payment is less than 20% to make paying for Private Mortgage Insurance unnecessary. In a Piggy Back Mortgage, both loans can be adjustable, fixed, or a combination of both. Piggy Back Mortgages are attractive because they make it possible to make a very small down payment and avoid PMI.