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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
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%.