If you have started learning more about the different financing options available to you, you may be taking a closer look at high loan-to-value options. There are two main ways to achieve a higher loan-to-value.

These include using a combination mortgage with a first and a second lien in place to provide all of the loan funds needed or using a jumbo or PMI loan to reach the loan amount requested. For many people, the best option is to use combo mortgages, and MortgageDepot can provide you with the financing solutions you need for your upcoming purchase.

At MortgageDepot we are a reputable New York mortgage broker that will work closely with you to set up a financing solution that meets your needs. Initially, we will learn more about your sales price and requested loan amount, and we will review your options closely with you. In most high loan-to-value situations, combo mortgages make sense. With a high loan-to-value on a first lien only situation, you will be required to pay PMI or mortgage insurance. This can add several hundred dollars or more to your mortgage payment, and it can decrease the total loan amount that you may qualify for. The other option may be a jumbo loan. A jumbo loan has a higher loan amount than a traditional loan, and it also has different underwriting guidelines, loan terms, and higher interest rates.

When you compare the options available, you may learn that combo mortgages are more affordable and may be easier to qualify for in some situations. Furthermore, when you apply for a combination loan with a first and a second lien, you may also benefit from some of our attractive terms. These include:

  • Combined loan amounts to $1 million
  • Fixed rate seconds available to combine with first
  • Exceptions to .50 DTI ALSO allowed
  • Avoid PMI (Mortgage Insurance)
  • Avoid Jumbo Higher Interest Rates

Applying for a home mortgage loan can often be stressful, and many of our clients worry about getting the best deal on their loan request as well as getting approved for their loan. When you contact MortgageDepot for assistance, you can easily learn more about the different scenarios available, and our loan consultants may prepare multiple options for you to review. Because we are committed to helping you make a great decision about your financing, we will take the time to answer all of your questions and to facilitate the loan process.

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