We offer two types of lines of credit programs at Capital Trust Mortgage Piggyback and Post Close Piggyback.
Concurrent Piggyback brings you the certainty you need in your combo purchase or refinance transaction. This is the perfect product for borrowers who want to avoid jumbo guidelines or mortgage insurance, or who need increased flexibility with their long-term liquidity planning. The Piggyback HELOC can be used for the purchase of condos were 25% down payment is required. The borrower need to have 10% of their own funds for the down payment and use HELOC for the remaining 15%.
The perfect solution for the home buyer who has down-payment funds but wants a secure HELOC for new home furnishings, immediate upgrades, or simply replenishing liquidity. When a HELOC is submitted to symmetry within 120 days of the closing of the first mortgage, we will treat that loan as a Piggyback rather than a Stand-Alone. This provides the certainty, pricing, and underwriting guidelines of a Piggyback, but it is not required to close concurrently with your first mortgage. Contact your Area Manager today to learn how a Post-Close Piggyback can help your borrowers enjoy their new purchase even more!