Real Estate Journal - "Is Now the Time to Trade In A 'Piggyback' Mortgage?" (12-8-06)

"Piggyback mortgages, which stack a smaller home-equity loan or line of credit on top of a primary mortgage, became popular in the late 1990s. These mortgages were the first in a "creative financing" wave that made homes more affordable for homebuyers and helped to fuel the recent boom in the housing market. A piggyback loan is commonly designed as a primary mortgage that covers 80% of the home's cost, paired with a second loan that usually covers 10% to 20% of the remaining cost. (Anything left over is accounted for by the down payment.) Lenders have gotten much more creative with financing options so there are many varieties of piggybacks -- such as 75%/15%/10%, for instance."