A hybrid mortgage is a mortgage with multiple terms.
These terms may be part fixed and part variable, and/or part long-term and part short-term.
For example, a hybrid mortgage might be contain the following:
- 50% in a 5-year fixed rate
- 50% in a 5-year variable rate
As another example, a hybrid might contain:
- 20% in a 3-year fixed rate
- 30% in a 5-year variable rate
- 50% in a 1-year fixed rate