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Mortgage Glossary



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  • Blended rate mortgage
    A mortgage rate that blends together two different rates and applies against a single property. For example, if you refinance your mortgage and your old rate is higher or lower than your new rate, your mortgage specialist will calculate the average of the two rates—this is called a blended rate mortgage. For example, if you have a $50,000 mortgage at a 5% interest rate and get a second $50,000 mortgage at a 10% interest rate, the total blended rate would be calculated as: (50,000 x 0.05 + 50,000 x 0.10) / (50,000 + 50,000) = 7.5%.
  • Blended mortgage payment
    A mortgage payment where a portion of the payment is applied toward the principal of your loan and the rest of the payment is put toward your loan interest.
  • Bridge financing
    A short-term loan that helps you "bridge" (or cover) the gap of time between buying your new home and selling your existing home. You’ll probably need this type of financing if your closing dates don’t match.

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