Over the last several years consumers have started to request alternative financing to a traditional mortgage from lending companies. The mortgage lenders response to this overwhelming demand was the creation of hybrid loans. What exactly are hybrid loans you may be asking yourself? Hybrid loans include some of the following.
Piggy back loans are hybrid loans that allow consumers the opportunity to purchase a home with a smaller down payment and possible avoid having to have private mortgage insurance. The two loans are approved simultaneously and will generally result in lower payments per month then a traditional mortgage and private mortgage insurance.
Graduated payment mortgages are another hybrid loan option. This type of hybrid loan starts off with smaller payments that gradually increase over a period of five years. This might be a great financing option for individuals who expect their income to increase over the next several years however since early payments on this type of hybrid loan are applied to interest first it could cause the principal amount for you loan to increase.
Other great alternative mortgage options include government programs...
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