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Blended Rate

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Blended Rate Options

Consolidate Debts and Keep Your Low Rate!

If your credit card debt is getting difficult to manage but you have already locked in a low interest rate on your home mortgage that you don’t want to give up, a blended rate may be a good solution.

A 6.50% may not sound like a great rate for a mortgage if you already have a 2.50%, but what if you could get a  3.50% or less and save hundreds every month?  Consider 2nd lien financing...

A fixed-rate 2nd lien can be a great tool to lower high-interest debts and significantly reduce your monthly payment liability without needing to give up your low rate on your primary mortgage.  The example below illustrates the "blended rate" of a 1st and 2nd lien mortgage, and the monthly cost savings.

Best Mortgage Rate can deliver a personalized blended rate scenario and help you decide if a blended rate program is right for you.

If your 1st lien mortgage looks like this:

Loan Amount: $600,000

Interest Rate: 2.50%

Term: 30yr

Monthly Payment: $2,371

(Principal & Interest Only)

…And Credit Card Debt like this:

Loan Amount: $50,000

Interest Rate: 19.770%

Term: Revolving

Est. Monthly Pymt: $959

YOU COULD GET A BLENDED RATE OF 3.033%,

KEEP YOUR 2.50% ON YOUR PRIMARY MORTGAGE, AND

REDUCE MONTHLY LIABILITY PAYMENT BY $541¨

 

Second (2nd) Lien Terms***:

Loan Amount: $50,000

Interest Rate: 9.425% (9.769% APR)

Fixed 30year Term

Monthly Payment: $418/mo

**Blended rate is the combined rate of the 1st and 2nd lien loans.

***The terms of the second lien is based on a credit score of 740 and a CLTV of 80%.

Request Your Personalized Blended Rate Scenario

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