Hi..Need some advice on my first home purchase. Plan on closing next week, initial plan was for 5% down with a second trust deed (loan) of 15% towards 20% down on a 237,000 house. They call it a piggy-back loan. With the second loan I don't have to pay PMI or impounds on prop taxes... Although the second loan comes in with a higher interest rate then the mortgage.Broker just told me that I could qualify for the mortgage and the full 20% second loan with 0 down.Should I go with that option and use the down payment money to pay off about 11,000 in (higher interest) credit card debt?Have not recieved the numbers yet on the higher mortgage payment with 0 down... But still wondering if this is advisable???Thanks..Rich.
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