You’ve made a smart decision, to work with a commercial mortgage broker for your next commercial mortgage. The first thing you need to realize right out of the gate is that the right broker can save you thousands of dollars and the wrong broker can cost you just the same. At a minimum, a commercial mortgage broker should be able to assist you with the following.
For a fixed rate greater than twenty mortgage years, the borrower pays 0.90% on up to 4.99% down payment, 078% on 5% to 9.99% down payment, 0.52% on 10% to 14.99% down payment, and 0.32% on 15% to 19.99% down payment.
We urge you to dig deep and realize that having a year’s worth of proper Food Storage, is no different than the $10,000 you may have stashed away for an emergency.
Lenders normally use one or the other to check your credit ratings, Experian and Equifax.This is a fast and simple way for your lender to find out if you are worthy of the loan amount.
As a Florida Finance Broker Brisbane licensed in several states I discuss financing with many people every day. Most people are averse to considering a loan with a prepayment penalty. But it is worth looking into. Adding a prepayment penalty to your loan may reduce your interest rate significantly. Prepayment penalties typically expire after three years, but recently many lenders have started offering a choice of one, two, or three year penalties. Will you still be in the home past the expiration of the prepayment penalty? If you outlast the penalty you have reduced your monthly payment for as long as you have the loan. That can add up. And it didn’t cost a penny!
First of all Mortgage brokers specialize in home loans and are commission based, so it is in their best interest to get you the best rate possible, or they don’t get paid.
Mortgage loan rates have to be negotiated. Don’t just accept a rate that is given to you. You have the right to query it and also to request a lower rate. If you have a solid history of good credit then mortgage lenders would want you as a client. However, even a weaker credit record should not put you off from negotiating a lower rate than is being offered.
If you have difficulty selecting a broker or simply don’t have time to perform the due diligence it requires, you should think about working with a company that matches brokers to your specialized needs. It takes time to find the right broker, but once you find one, you will realize what a great asset they are and the value they bring to the closing table.