A combo loan is a form of mortgage loan involving a combination of two loans against one asset, most commonly a house. The combo loan was created to eliminate the borrowers' need for private mortgage insurance when financing more than 80 percent of the home's value.Continue Reading
Lenders require mortgage insurance to protect their investment on mortgages issued with little or no down payment. If the borrower defaults on the mortgage, the mortgage insurance company comes in to reimburse the lender. Mortgage insurance is not free, however, and the borrower must make monthly premium payments to the mortgage insurance company despite the fact that the insurance protects lenders and not homeowners.
A combo loan is a method for getting around mortgage insurance requirements. This is because combo loans divide a mortgage into two loans: one to pay the down payment and another, more typical mortgage. In this way, borrowers work around the 20 percent down payment requirement needed to forgo mortgage insurance. While this method can help homeowners obtain a loan without a down payment, it should be noted that this loan structure does not offer default risk that is less than that of a traditional mortgage with no down payment.Learn more about Personal Loans
The TSP-21-G form is the loan agreement form individuals sign when they borrow against their Thrift Savings Plan accounts, according to the U.S. Government Publishing Office. TSP loans are only available to current military and federal employees, explains Zacks Investment Research. Retired investors and individuals on extended leave are not eligible.Full Answer >
The loan application form 1003 is a mortgage application form designed by Fannie Mae, explains Bankrate. The full name of the mortgage application is the uniform residential loan application, known as Fannie Mae form 1003, and it is the industry standard as of 2016.Full Answer >
To apply for a Jackson Hewitt Christmas loan, complete an inquiry form on the company's website and wait for a short while as the company finds a suitable lender, explains Jackson Hewitt Loans. Go to the lender's page, read and accept his terms, and wait for the money to be deposited into your account.Full Answer >
You can apply for a Magnum cash loan by visiting the company's website at MagnumCashAdvanceLoans.com and filling in an application form. Magnum then connects you with a number of lenders who evaluate whether or not to offer you credit.Full Answer >