Mortgage Refinance Experience
Below I have mentioned some terms to become familiar with to help increase your knowledge and help you become prepared and learn what to expect as you approach a Mortgage Refinance for a commercial property.
Long before I became involved in Commercial Financing and Real Estate Development, I would hear terms mentioned in regards to Residential and Commercial Loans and Loan Refinance options, ARMS, Balloons etc. I had absolutely no experience in real estate or how to obtain a mortgage loan, so these terms were like a foreign language to me. I realized very fast without thorough knowledge of the terminology it is hard to figure out what direction you will go.
If you think back to when you applied for your original Commercial Mortgage Finance, you will remember specific terminology slightly different than that of Loan Refinance. You had to think about the price of the commercial property, the time it will take to secure a loan this size, it is possible for the amount of time specified on the contract to run out before you get funded, protection from default on such a large loan, not to mention collateral, down payment, closing costs and so on, not too unlike a mortgage on a house.
Long before you ever thought of a Mortgage Refinance you had to make sure you can handle such responsibility with the original commercial loan by speaking to your Financial Advisor and your Accountant about how long your finances could carry the loan if things don't go as planned.
You had to make sure you can handle such an obligation by speaking to your Financial Advisor and your Accountant about how long your finances could carry the loan if things don't go as planned before ever thinking of moving onto Mortgage Refinance.
It is very important to find a good Broker that offers a variety of innovative loan programs for your specific need. So now, it is time to look at Mortgage Refinance. Things can become very complicated on a loan for a commercial property.
The terminology is somewhat different when it comes to Loan Refinance. You start looking at possible Prepayment Penalties, Cash out Proceeds, and maybe you want to inject the money you cash out into another business venture or update your current property, what is the Discounted Cash Flow, Current vs. Proposed Loan to Value Ratio.
Successful Brokerage firms will want to share information with you. Remember, knowledge is power, stay informed by reading and researching your topic. When looking for a Broker don't hesitate to ask how long they have been in business and their approval vs. denial ratio.
Long before I became involved in Commercial Financing and Real Estate Development, I would hear terms mentioned in regards to Residential and Commercial Loans and Loan Refinance options, ARMS, Balloons etc. I had absolutely no experience in real estate or how to obtain a mortgage loan, so these terms were like a foreign language to me. I realized very fast without thorough knowledge of the terminology it is hard to figure out what direction you will go.
If you think back to when you applied for your original Commercial Mortgage Finance, you will remember specific terminology slightly different than that of Loan Refinance. You had to think about the price of the commercial property, the time it will take to secure a loan this size, it is possible for the amount of time specified on the contract to run out before you get funded, protection from default on such a large loan, not to mention collateral, down payment, closing costs and so on, not too unlike a mortgage on a house.
Long before you ever thought of a Mortgage Refinance you had to make sure you can handle such responsibility with the original commercial loan by speaking to your Financial Advisor and your Accountant about how long your finances could carry the loan if things don't go as planned.
You had to make sure you can handle such an obligation by speaking to your Financial Advisor and your Accountant about how long your finances could carry the loan if things don't go as planned before ever thinking of moving onto Mortgage Refinance.
It is very important to find a good Broker that offers a variety of innovative loan programs for your specific need. So now, it is time to look at Mortgage Refinance. Things can become very complicated on a loan for a commercial property.
The terminology is somewhat different when it comes to Loan Refinance. You start looking at possible Prepayment Penalties, Cash out Proceeds, and maybe you want to inject the money you cash out into another business venture or update your current property, what is the Discounted Cash Flow, Current vs. Proposed Loan to Value Ratio.
Successful Brokerage firms will want to share information with you. Remember, knowledge is power, stay informed by reading and researching your topic. When looking for a Broker don't hesitate to ask how long they have been in business and their approval vs. denial ratio.
About the Author:
This article is brought to you by the experts at EFD Commercial Investments Inc. For more free information about loan refinance, visit their Mortgage Refinance page.
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