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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Being a creature of habit can cost you plenty when it comes to
applying for a commercial mortgage instead of going through an
independent commercial mortgage broker. Let me tell you why.
Most business people have an established relationship with their
bank and take advantage of that relationship whenever they need
to borrow money. However, here is the question that you should
be asking yourself: "is your bank taking advantage of you?".
More and more the answer to that question is "Yes".
Once you have an established relationship with a bank they tend
to start taking your business for granted. Not necessarily in a
bad way, mind you, but in the way that a mutual level of comfort
exists. The bank knows your reputation for keeping your word;
they know how much money passes through your account and they
know what your business does. You know that there is someone
there that you can ring up who knows you and will work with you
to get a commercial mortgage.
Seeing as how applying for a commercial mortgage can be a time
consuming affair it is a natural tendency to go to the people
that you already know to get the deal done with the minimum
amount of red tape. The bank realizes this and it removes their
incentive to cut you the most competitive deal or to negotiate
on terms that you may not like. In essence you are locked into
accepting whatever commercial mortgage "packages" your bank
offers.
Now, on the other hand, if you take advantage of the services
that are offered by an independent commercial mortgage broker
then a whole world of options open up for you. Your broker is
able to shop your commercial mortgage application among a large
number of lenders who are hungry for new business. As a result
you are often offered deals that beat your bank's best offer by
a considerable latitude.
Current statistics show that only about 14% of commercial
mortgage loans go through an independent commercial mortgage
broker with the remainder being placed directly through the bank
where that business owner has a relationship. With those kinds
of statistics is it any wonder that a broker will bend over
backwards to find you a good deal?
Imagine your potential savings possabilities when you engage an
independent commercial mortgage broker who is able to find you
two, three, four or even ten or more lending sources who all
want to compete for your business! Plus, a broker doesn't earn
any fees unless a commercial mortgage loan deal closes. This
gives them a strong incentive to find a deal which is tailored
to your specific requirements. Even better, the broker earns
their fee from the lender so it doesn't cost you anything to
save all of that money.
You wouldn't buy a new car or lorry without checking out
different dealers to find the best price would you?
Then why in the world would you settle for a "one size fits all"
commercial mortgage from your banker? It just doesn't make
sense. At least not when there is an independent commercial
mortgage broker who is jumping up and down for the chance to
save you money. All you have to do is find the best one for you.
About the author:
Author:- Commercial Mortgage
and Bridging Finance specialists Commercial Lifeline.
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