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There are times when a bank will allow a mortgage takeover at a rate higher than the original loan rate but lower than the current market rate. This is called a blend loan. Here is how it works.
A seller lists his home for $75,000 and anticipates that a new buyer will need a $60,000 mortgage. The existing mortgage on the house is $20,000 at 8%. The prevailing rate might be 15% (for example only). The seller approaches the bank with the idea of a blend loan which would be to their mutual advantage.
Under the blend loan, the interest rate that a
89.6%