Refinancing your commercial mortgage could not be any easier! Commercial mortgage refinancing can be really helpful in boosting you professional ventures. When you make the decision on whether or not to refinance your commercial mortgage; you are taking out an entirely new mortgage loan.
Commercial mortgage refinancing may just help you free up hundreds of dollars to use down the road. You may use the extra cash to consolidate debts and renovate your commercial home.
Commercial Refinance Rates
Fixed rates and adjustable rates are just a couple of rates to choose from when you decide to refinance your commercial mortgage. Here is a brief explanation on both:
Fixed Rate
If you currently have an adjustable rate mortgage and are concerned about the rising rates; you may look into refinancing with a fixed rate. With a fixed rate you can lock in your interest rate at a low fixed payment and pay off your existing loan sooner. You can choose from the term that suits you best: 10, 15, 20, or 30 years. With a fixed rate you get the benefit of a 45-day rate lock option, interest only option available, and no prepayment penalty.
Adjustable Rate
You should consider adjustable rates with refinancing if you are planning to stay in your home for only a few years (3-5 more years). ARMs have a lower interest rate if being compared to a 30-year fixed rate. For the first 1, 3, 5, or 7 years the rate and payment will not change. Although fluctuations in the market rates change, ARMs change periodically. Adjustable rate mortgage has the benefit of free 45-day rate lock; interest only option available, and no prepayment penalty.
Our talented home mortgage lenders specialize in refinancing and can help you with any of your mortgage refinancing needs. Whether you are looking to refinance your second mortgage, home equity loan, bad credit loan, FHA/VA mortgage, or commercial mortgage, East West Mortgage can provide you the information that you need.
