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Combo Loans



First and Second Mortgage combined package financing


Combo loans are two loans that are processed to close simultaneously.
 
 
Typically, the borrower will refinance their 1st mortgage and originate a 2nd mortgage to either get cash back as in a HELOC; or to take multiple high interest rate debts (such as credit cards and auto loans) and roll them up into a single Debt Consolidation loan that eliminates paying multiple bills each month with a lower single monthly payment that is tax-deductible and at a lower rate.
 
 
Depending on how a combo loan takes down the borrowers debt ratio, along with their current FICO score, the borrower may be eligible to exceed their home's value or equity position by 125% (25% over appraised value). 

 
 
 Piggyback loans are also listed as a combo loan but with alternate considerations.
 
 
With interest rates at an all time low, it is wise to not just refinance your higher rate mortgage with a lower rate, but to also consolidate those high rate debts into a tax-deductible low single monthly payment.  This is an ideal opportunity to get on financial track toward becoming debt free.

 


For Commercial Mortgage industry...
see our page on CMBS (Commercial Mortgage Backed Securities)
2nd mortgages not allowed...we show a way around this


see Mezzanine Loans ...for Commercial Mortgage Loan Financing
How to get a Junior Lien (similar to second mortgage)


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© MTG Brokers Corp. 2003, 2004

MTG Brokers Corp. conducts business as a COMMERCIAL Mortgage Broker throughout the U.S.A.
(All 50 States) including Loan Origination, Processing, and Commercial Financing Consultation


ALABAMA
, ALASKA, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, FLORIDA,
GEORGIA, HAWAII, IDAHO, ILLINOIS, INDIANA, IOWA, KANSAS, KENTUCKY, LOUISIANA, MAINE, MARYLAND,
MASSACHUSETTS,
MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW
HAMPSHIRE, NEW JERSEY, NEW MEXICO, NEW YORK, NORTH CAROLINA, NORTH DAKOTA, OHIO, OKLAHOMA,
OREGON, PENNSYLVANIA, RHODE ISLAND. SOUTH CAROLINA, SOUTH DAKOTA, TENNESSEE, TEXAS, UTAH,
VERMONT, VIRGINIA, WASHINGTON, WEST VIRGINIA, WISCONSIN, WYOMING


AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, MA, MD, ME, MI, MN, MS, MO,
MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY


MTG Brokers Corp. conducts business as a RESIDENTIAL Mortgage Broker in Colorado
that can also
originate Residential financing in the following States under the license of an affiliated mortgage contractor:

Alabama, Alaska, Arkansas, Arizona---Pending, California, Colorado, Connecticut, District Of Columbia, Delaware,
Florida, Georgia, Idaho, Illinois---Submitted & Pending, Kansas---Submitted & Pending, Louisiana---Pending, Maine,
Maryland, Massachusetts, Missouri, Michigan *--- 2nd Mortgage Submitted & Pending, Nevada, New Hampshire *,
New Jersey *--- 2nd Mortgage Submitted & Pending, New Mexico, New York, North Carolina, Ohio, Pennsylvania,
Rhode Island--- Submitted & Pending, South Carolina--- Submitted & Pending, Tennessee, Texas, Vermont,
Virginia, Washington--- Submitted & Pending

AL,AK,AR,CA,CO,CT,DE,FL,GA,ID,ME,MD,MA,MO,MI*,NV,NH*,NJ*,NM,NY,NC,OH,PA,TN,TX,VT,VA.

* We Are Not Licensed For Residential 2nd Mortgages