Blended Mortgage

A mortgage that combines the amount owing on an existing mortgage with additional funds being advanced. The interest rate would be a combination of the rate on the old loan and the rate in effect at the time of the new financing.

Related Terms:

1. Adjustable Rate Mortgage (ARM)
2. Blended Rate
3. Convertible Adjustable-rate Mortgage
4. Variable Rate Mortgage (VRM)
5. Assumption (of Mortgage)