What is a Combination Mortgage?

Mortgages are of various types such as Portable, Reverse, Combination, etc. We should be aware of them to judge suitability for ourselves. Looking to buy an existing home? Well, a suitable option for you is to acquire a 'Combination Mortgage', if you have a good credit score as well.

This mortgage allows two loans within one, one as a loan to assist in the building of the house, which would be at a variable rate. However, the second loan would be the actual mortgage against the house at a constant rate.

Today in our financial glossary we are talking about 'Combination Mortgage' https://www.chango.ca/glossary/combination-mortgage/ what it means to you, and how it can apply to your financial life.

Feel free to comment below if you have any questions.

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