Combination
Rate Mortgages - US
Information &
Advice on Combination Rate Mortgages. Find Today's
Leading Combination Mortgage. What is a Combination
Mortgage & is it Right For You?
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Combination
rate mortgages combine fixed interest rates and
adjustable interest rates. Lenders often refer to
these loans as
hybrid loans. For the first 2 or 3 years,
the interest rate is fixed. It remains the same and
so does your monthly payment. During the remaining
years of the loan, your interest rate becomes
adjustable and can vary.
A combination rate mortgage
may suit you if:
-
You
need stability today — You want to gain
control of your finances by knowing your monthly
payments will be the same for the next few
years.
-
You want to repair your credit —
You hope to eventually get a home loan with a
better interest rate, but must first show you
can repay a mortgage.
There are a number of companies who offer highly competitive
Combination Rate Mortgages. Use one of our
free Mortgage
Calculators to compare different Combination
Rate Mortgages.
During the
first 2 or 3 years, combination rate mortgages
typically have lower interest rates than fixed rate
mortgages. Monthly payments are lower and you may be
approved to borrow higher amounts.
If you have a lot of consumer debt — credit card
balances, medical bills, high-rate car loans — these
loans are a good choice. The amount of debt you have
can be higher than on other types of loans.
You can also use combination rate mortgages to
refinance a home and consolidate debt. Using the
cash that may be available, you can pay off your
bills. Then, all your debt is in the form of a home
loan. You make 1 payment each month instead of a
dozen. And your total monthly payment is lowered.
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