An 80-10-10 mortgage is a piggyback mortgage where the first mortgage covers 80% of the home's value, the second mortgage covers 10%, and the remaining 10% is a cash down payment. This structure helps homeowners avoid mortgage insurance.
The phrase 'Location, Location, Location' emphasizes that the location of a property is one of the primary factors influencing its value. The statement underscores that the geographical location outweighs almost all other variables in determining real estate prices.
A loan guarantee involves agreeing to indemnify the holder of a loan for all or a portion of the unpaid principal balance in the event of a borrower's default.
