Why borrowers should pay off higher-rate mortgage first

Piggyback situation complicated by primary adjustable loan
Published on May 15, 2006

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by CareyBot

Q: My wife and I recently purchased a new home and avoided mortgage insurance by taking a piggyback: Our first mortgage is a five-year interest-only adjustable-rate mortgage (ARM) for $296,000 at 5.375 percent for 30 years. Our second mortgage is ...