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what is Commercial Mortgage?
A commercial mortgage is not the same as a residential mortgage. A commercial mortgage applies to commercial buildings or businesses. Businesspeople take out commercial mortgages.
What is a commercial mortgage?
A commercial mortgage is not the same as a residential mortgage. A commercial mortgage applies to commercial buildings or businesses. Businesspeople take out commercial mortgages.
Does Jacksonville Mortgage deal in residential as well as commercial real estate mortgages?
Yes, Jacksonville Mortgage deals in residential as well as real estate mortgages. They not only work with home mortgages but also with real estate for companies and other properties.
Is residential mortgage close-end mortgage?
Normally residential mortgages are not closed-end mortgages. By definition, closed-end mortgages cannot be prepaid but most residential mortgages in the U.S. do have a prepayment clause that allows the borrower to prepay the balance of the mortgage (perhaps by paying a penalty).In Canada, residential Mortgages could be open or closed depending on the need of the client. In some cases where the client is unsure what the time frame would be for them to repay the mortgage and does not want to get stuck with early repayment penalties, I suggest them an open mortgage.But if they are pretty much sure that they are okay to go the full term of the mortgage 1 - 5 years, then a closed is preferred as to give client the advantage of a better interest rate.
What company deals with fixed mortgages?
There are a number of companies willing to create fixed mortgage packages for residential and commercial properties. Among those with the most online presence include GMAC mortgage and Nationwide.
What are the different types of mortgage payments available?
The different types of mortgage payments available include fixed-rate mortgages, adjustable-rate mortgages, interest-only mortgages, and balloon mortgages.
What is the definition of fixed mortgages?
A fixed mortgage is a type of loan where the rate of interest stays the same. Other mortgages' interest rates often fluctuate, but the rate of a fixed mortgage is constant.
How do buy to let mortgages compare in terms of interest rates and eligibility criteria?
Buy to let mortgages typically have higher interest rates compared to residential mortgages, as they are considered higher risk for lenders. Additionally, eligibility criteria for buy to let mortgages may be stricter, requiring a larger deposit and proof of rental income to cover the mortgage payments.
Commercial Mortgages Investment?
Commercial mortgage investment is a loan used to buy or refinance a commercial property.
What is one of the advantages of getting a government-sponsored mortgage instead of a conventional mortgage?
Government mortgages charge lower interest rates than conventional mortgages.
Is one of the advantages of getting a government sponsored mortgage instead of a conventional mortgage?
Government mortgages charge lower interest rates than conventional mortgages.
Where can a person go to get advice on residential mortgages?
A person could go many places for advice on residential mortgages. Local and national banks have lots of literature on residential mortgages and have employees that specialize only in residential mortgages. One could also try contacting a real estate agent who might have many contacts with mortgage brokers that they do business with on a daily basis.
