Save the Cost of Mortgage Insurance

Save the Cost of Mortgage Insurance

  • SHANNON FOSTER-BOLINE
  • 04/11/23
During the banking crisis in the Great Recession, certain types of mortgages were unavailable that are once again being offered. Fortunately, the 80-10-10 mortgage is one of those making a reappearance and it can save borrowers a considerable amount of money.
 
 
The objective of an 80-10-10 mortgage is to avoid the expense of mortgage insurance for buyers wanting a 90% loan. A buyer can obtain an 80% first mortgage and a 10% second mortgage with a 10% down payment and not be required to have private mortgage insurance.
 
For example, a buyer could put $30,000 down on a home priced at $300,000 and get an 80% first mortgage without mortgage insurance. The borrower could get a second mortgage, either through the same lender or a third party.
 
In the example, the 80-10-10 would save a buyer $193.71 per month which can be a considerable amount of money over a ten-year period. The interest rate on the second loan will be higher than the first because there is more risk.
 
Helping buyers make better choices is a valuable service real estate professionals can provide. Having the right tools and information can make the decisions easier to understand. Using an 80-10-10 calculator, you can see what the savings might be for your situation.
SHANNON FOSTER-BOLINE

SHANNON FOSTER-BOLINE

About The Author

About Shannon Foster-Boline

Buying or selling a home is one of the biggest financial decisions most people make — and it deserves thoughtful guidance, not pressure.

I work with Knoxville buyers, sellers, and relocation clients who value strategy, clear communication, and a calm, informed approach. My role isn’t just to open doors or negotiate contracts — it’s to help clients understand their options, anticipate challenges, and move forward with confidence.

With over 1,100 homes sold and more than $270 million in lifetime sales, I bring deep market knowledge and real-world experience to every transaction. I’ve worked with first-time buyers, seasoned homeowners, relocation clients, and luxury sellers — and I tailor my approach to each client’s goals, timeline, and comfort level.

My approach

Clients often describe working with me as steady, thoughtful, and reassuring.

I believe:

  • Strategy matters more than urgency

  • Local market knowledge matters more than national headlines

  • Clear communication reduces stress and leads to better decisions

  • Preparation creates leverage — whether you’re buying or selling

I’m especially experienced in:

  • Relocation and move-up buyers

  • Coordinating buy/sell timelines

  • New construction and modern homes

  • Historic neighborhoods and established communities

  • Navigating complex negotiations calmly and effectively

Experience & leadership

In addition to my work with clients, I’ve been deeply involved in real estate leadership and education throughout East Tennessee. I’ve served in multiple leadership roles within the East Tennessee Realtors and Tennessee Realtors Associations, including President of East Tennessee Realtors.

I hold several advanced designations, including:

  • Certified Residential Specialist (CRS®)

  • Graduate Realtor Institute (GRI®)

  • Accredited Buyer’s Representative (ABR®)

  • Real Estate Negotiation Expert (RENE®)

  • Senior Real Estate Specialist (SRES®)

These credentials reflect my commitment to education, ethics, and professional excellence — but my focus always remains on what matters most to my clients.

Outside of real estate

Outside of work, I’m a mom, a partner, a gardener, and someone who deeply values community and connection.

I love travel, historic architecture, and exploring neighborhoods — both locally and abroad. My family and I split time between Knoxville life and visiting loved ones around the world, experiences that shape how I connect with clients navigating big transitions of their own.

If you’re considering a move

Whether you’re buying, selling, or simply thinking ahead, I believe good decisions start with good information.

If you’d like thoughtful guidance, honest insight, and a calm partner in the process, I’d be honored to help.

Work With Us

We understand the elements of the individual needs and the unique process of each transaction. At the end of the day, we want you to walk away feeling that you have received an amazing experience with our team and that you have been able to realize your dream of selling or buying a home!

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