Spring has sprung in metro Atlanta, and it is a great time to purchase a new home. Prospective home buyers now have a mortgage product to choose from that has been revived and made new – the combo loans.
With a combo loan, your loan amount is divided into two loans, a first mortgage and a second mortgage. With this option, you can put as little as five percent down, saving you a significant amount of money upfront. You can also avoid paying for private mortgage insurance (PMI) with a combo loan since your first mortgage is less than 80 percent of your home price.
Another benefit of choosing a combo loan is that you can select different programs for your second mortgage. You can select an aggressive option, like an interest-only adjustable rate mortgage, knowing that you will pay it off fairly quickly. Or, there is always the more conservative fixed-rate second mortgage option available.
To find out more about the combo loan or for any financing needs for your new home purchase, contact Academy Mortgage by calling 404-574-2600 or visit www.AcademyMortgage.com.
Equal Housing Lender. (c)2013 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector, Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.