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.
