Normally the very first loan has a lower, fixed rates of Click here for more interest. what act loaned money to refinance mortgages. The 2nd loan has a higher rate and/or a variable rate. This can in some cases be more costly interest-wise. But do the mathematics. PMI can be expensive, as well. If you can pay off the higher-rate 20 percent equity loan quickly, you may come out better off with a combination mortgage.
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