Blended Mortgage

Blended Mortgage

The blended mortgage is a mortgage that uses an existing mortgage loan that you currently may have. Rather than breaking it and refinancing completely, you take out a new loan amount to add it to the existing mortgage amount. The two loans together are fused into one Blended Mortgage. The blended mortgage is popular because it can allow for the withdrawal of equity from your home without having to pay the penalty that is normally attached to the process of breaking or refinancing your existing mortgage.

If the interest rate that you currently have is very low and you need to refinance for some reason, the choices may not always be favourable. If you wanted to keep your mortgage rather than break it and refinance from dollar one and you didn't want to be forced to take a higher rate that is currently available in the marketplace, a Blended Mortgage would be the perfect solution. Blending a new mortgage with an existing mortgage would save a payout penalty as well as allow a blended interest rate to keep your payment much lower than it would be if you had to use the current rate in the marketplace. This can help to reduce the shock of losing such a good interest rate that was previously held.

The Blended Mortgage is something that a qualified Mortgage Broker can go over with you. Contact one of our professionals today to discuss all the options thoroughly.

Alberta Equity has helped over 50,000 people find and qualify for the best mortgages in Canada for over ten years. We do all of the heavy lifting and ensure that you get the best mortgage rates and product features available. Apply online for a free, no obligation consultation.