Blend and Extend
An existing mortgage can often be renegotiated to extend the term. Lenders will typically ‘blend’ the penalty for breaking the existing term with the rate for the new extended term. A Borrower is typically motivated to do this for one of two reasons; to take advantage of lower rates in the market or to protect themselves against a potential rate increases in the future.
About The Author
Don Scott
Don Scott is the founder of a challenger mortgage brokerage that is focused on improving access to mortgages. We can eliminate traditional biases and market restrictions through the use of technology to deliver a mortgage experience focused on the customer. Frankly, getting a mortgage doesn't have to be stressful.
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