Current Mortgage Rates

Thursday, September 02, 2010





A mortgage creating a lien against two or more tracts of real property. It is briefly defined as a mortgage that covers more than one parcel of real estate. We recommend a blanket loan for those borrowers who have found the new home they wish to purchase, but have not yet sold their current home. A blanket loan combines the existing mortgage on the existing house with a new mortgage on the new house. This allows the borrowers to access the equity in their current home and put it toward their new purchase.

There is a single closing with a temporarily combined loan amount covering both houses. The combined loan is paid down upon the sale of the current residence to a smaller permanent mortgage. For example, if you owned three properties and instead of borrowing separately against each one, you could use a blanket mortgage to create a second mortgage on all three properties. Developers use blanket mortgages to develop large tracts of land into many residential or commercial properties. A single blanket mortgage can be used to finance all of the properties without taking out separate mortgages on each individual property.




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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed4.62%
30-yr. fixed jumbo5.00%
15-yr. fixed4.12%
15-yr. fixed jumbo4.50%
7/1 ARM3.75%
5/1 ARM3.50%
3/1 ARM3.50%
1-yr. ARM2.38%
10/1 ARM4.12%
*Mortgage Rates Updated: 09/01/2010