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Article #5799Re: first lien home equity line of credit
From: Jeff Strickland
Date: Fri, 11 Apr 2003 20:34
Date: Fri, 11 Apr 2003 20:34
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2037 bytes
I think we call that a Combo Loan or a Piggyback Loan. It consists of an 80% first trust deed and a concurrent 20% second. The structure of the loan allows the borrower to avoid PMI. "L Mehl" <mehl@cyvest.com> wrote in message news:lBDla.19443$ey1.1664174@newsread1.prod.itd.earthlink.net... > Hello -- > > Washington Mutual in northern California offers this product, which is > essentially a first mortgage combined with a home equity line of credit. > > Rate is based on Wall Street Journal Prime rate with a margin of -.50 to > +1.10. > > Do readers have any comments or experience with this type of loan? > > I will appreciate any thoughts. > > Larry Mehl > mehl@cyvest.com > > > >
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X-Google-Language: ENGLISH,ASCII-7-bit X-Google-Thread: 10db0a,4265b37bc48f6a8c X-Google-Attributes: gid10db0a,public X-Google-Thread: 10a57b,4265b37bc48f6a8c X-Google-Attributes: gid10a57b,public X-Google-Thread: 10f73f,4265b37bc48f6a8c X-Google-Attributes: gid10f73f,public X-Google-Thread: 107518,4265b37bc48f6a8c X-Google-Attributes: gid107518,public X-Google-Thread: 106595,4265b37bc48f6a8c X-Google-Attributes: gid106595,public X-Google-ArrivalTime: 2003-04-11 13:34:55 PST Path: arc1-ca.pugleaf.net!archiver1.google.com!news1.google.com!newsfeed.stanford.edu!news-spur1.maxwell.syr.edu!news.maxwell.syr.edu!sn-xit-03!sn-xit-06!sn-post-01!supernews.com!corp.supernews.com!not-for-mail From: "Jeff Strickland" <crwlr@yahoo.com> Newsgroups: misc.consumers.house,alt.org.natl-assn-mortgage-brokers,alt.consumers,ba.consumers,misc.consumers Subject: Re: first lien home equity line of credit Date: Fri, 11 Apr 2003 13:34:41 -0700 Organization: Posted via Supernews, http://www.supernews.com Message-ID: <v9e9nblvmokf79@corp.supernews.com> References: <lBDla.19443$ey1.1664174@newsread1.prod.itd.earthlink.net> X-Priority: 3 X-MSMail-Priority: Normal X-Newsreader: Microsoft Outlook Express 6.00.2800.1106 X-MimeOLE: Produced By Microsoft MimeOLE V6.00.2800.1106 X-Complaints-To: abuse@supernews.com Lines: 29