Which Commercial Loan refinancing option is best?

There aren't quite as many Commercial Financing Loan programs as there are for a residential loan, but it seems like it sometimes! We'll work with you to get you the best Commercial Financing Loan program to fit your needs. But there are some general considerations you can have in mind in advance.

Are you refinancing a Commercial Property primarily to lower your rate and monthly payments? Then your best option might be a low fixed-rate Commercial Loan. Maybe you have a fixed-rate Commercial Mortgage now with a higher rate, or maybe you have an ARM -- adjustable rate Commercial Mortgage -- where the interest rate varies. Even if it's low now, unlike your ARM, when you qualify for a fixed-rate Commercial Mortgage you lock that low rate in for the life of your loan. This is especially a good idea if you don't think you'll be selling the Commercial Investment Property within the next three to five years or so. On the other hand, if you do see yourself selling within the next few years, an ARM with a low initial rate might be the best way to lower your monthly payment.

Are you refinancing primarily to cash out some equity? Maybe you want to pay for deferred maintainance or Commercial Property improvements, pay your child's college tuition bill, take your dream vacation, whatever. Then you'll want to qualify for a loan for more than the balance remaining on your current Commercial Mortgage. If you've had your current Commercial Loan for a number of years and/or have a mortgage whose interest rate is higher, you may be able to do this without increasing your monthly payment.

You want to cash out some equity to consolidate other debt? Good idea! If you have the equity in your Commercial Property to make it work, paying off other debt with higher interest rates than the interest rate on your mortgage 

Do you want to build up equity more quickly, and pay off your mortgage sooner? Consider refinancing with a shorter-term Commercial Loan, such as a 15-year Commercial Mortgage. Your payments will be higher than with a longer-term loan, but in exchange, you will pay substantially less interest and will build up equity more quickly. If you have had your current 30-year mortgage for a number of years and the loan balance is relatively low, you may be able to do this without increasing your monthly payment -- you may even be able to save! This is a great option for people whose main goal is not to save money on their monthly payment but rather want to build up equity and pay off their Commercial Property more quickly.

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