BLENDED RATE MORTGAGE

A blended rate mortgage may be used if you want (or need) to increase the amount of your present mortgage. This could happen if you want to use up some of the equity in your house, maybe for renovations, or to buy a weekend cottage. Perhaps you are moving and need a larger mortgage to be able to purchase the new house.

This option is worth considering if your present mortgage has a low interest rate, or if you wish to avoid the penalty.

With this option you get to keep the balance of your present mortgage interest rate, with only the new amount at today's mortgage rates. Because you are keeping the terms of your current mortgage contract, there is no penalty involved.

If your present mortgage rate is higher than those being offered at the present time, it could be worth paying off your present mortgage and obtaining a new, bigger mortgage at today's rates.

Please discuss the current policies of the different lending institutions with your mortgage broker, to help you decide whether or not this strategy will benefit you.

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