Also known as split loans, combination loans occur when various loans are put together to form one loan.
Generally known as a split loan where the loan is apportioned between fixed and variable.
With a combination loan, the buyer receives a first mortgage for 80% of the loan amount, and a home loan second mortgage, at the same time, for the remainder of the balance.
a loan that has a first and second mortgage combined
A loan in which the borrower receives a first mortgage for 80 percent of the loan amount, and a second mortgage at the same time for the remainder of the balance. If borrower is trying to avoid PMI (mortgage insurance) it is important to consider a combination loan or the Advantage90 loan.
A simultaneously closing first and second mortgage. Commonly used to avoid Private Mortgage Insurance when a low down payment is desired.
A combined construction loan and permanent take-out loan after construction is completed.
With this type of loan, you receive a first mortgage for 80 percent of the loan amount, and a second mortgage at the same time for the remainder of the balance. If avoiding PMI (mortgage insurance) is important to you, consider combination loans--known as 80/10/10 loans or 80/20's.
A loan which allows the borrower to split their loan into separate parts. A borrower could have a portion as a variable rate, a portion fixed and a line of credit thereby having three loan accounts under one loan. This allows a borrower flexibility.