Commercial Mortgage Refinance Dover DE

Looking for Commercial Mortgage Refinance in Dover? We have compiled a list of businesses and services around Dover that should help you with your search. We hope this page helps you find Commercial Mortgage Refinance in Dover.

Wells Fargo Bank Na
(302) 672-1200
250 Beiser Blvd
Dover, DE
 
Delaware State Housing Authority
(302) 739-4263
18 The Green
Dover, DE
 
First Preference Mtg Corp
(302) 674-2700
19 S State St
Dover, DE
 
The First National Bank of Wyoming
(302) 674-3666
800 South Governors Avenue
DOVER, DE
Services
Mortgage Brokers

Wells Fargo - Dover Parkway Remote Mb
(302) 736-2941
137 S Bradford St
Dover, DE
Type
Motor Bank
Office Hours
Mon-Thu 09:00 AM-05:00 PM
Fri 09:00 AM-06:00 PM
Sat-Sun Closed

First Capitol Mortgage Inc
(302) 674-5540
1326 South Governors Avenue
Dover, DE
 
Premier Mortgage Capital
(302) 346-6000
1675 S State St
Dover, DE
 
Delaware Bankers Association
(302) 678-8600
8 W. Loockerman Street, Suite 200
Dover, DE
 
Metlife Bank, National Association
(302) 734-5770
31 Saulsbury Rd # 2
Dover, DE
 
Citizens Bank - West Dover
(302) 734-0231
1399 Forest Avenue
Dover, DE
Type
Branch
Office Hours
Mon: 9AM-4PM
Tue: 9AM-4PM
Wed: 9AM-4PM
Thu: 9AM-4PM
Fri: 9AM-6PM
Sat: 9AM-12PM
Sun: na
Drive Up Hours
Mon: 8:30AM-5PM
Tue: 8:30AM-5PM
Wed: 8:30AM-5PM
Thu: 8:30AM-5PM
Fri: 8:30AM-6PM
Sat: 9AM-12PM
Sun: na

Commercial Mortgage Refinance Costs And Considerations

When you refinance a mortgage , you are typically paying off your original loan and initiating an entirely new loan. This means that you will pay the same initial costs that you paid when you financed the original loan. There are several typical costs involved in refinancing as well as a few things you should strongly considered before making the decision.

A home is for the average person the single most valuable investment they will make in their lives. For commercial property investors the price tag can rise significantly and often far surpasses the investment involved in a personal residence. Unlike a personal home, however, the goal of a commercial property is to make money so the extra investment should be expected.

When refinancing a commercial mortgage , you will have to pay closing costs and other fees, just as you did when taking out your original loan. They typically average somewhere in the neighborhood of 3% and 6% of the total loan. These fees can also be much higher than your original fee, particularly if the property value has risen and you are refinancing for the full appraisal value. Your lender may also require that your purchase points, which can add to your initial monetary investment. Purchasing points means you are essentially purchasing a discounted interest rate. One point can buy a discount of approximately 1/4 to 1/8 of a percent off of your interest rate. Over time, each point your purchase up front can save you a significant amount of money.

In addition to the initial closing costs and other fees involved with refinancing your commercial mortgage , there are some things you should seriously consider before going down this road. First of all, if your loan is for the full value of your property, you will have lost all equity that you had built up in the property. This means that you are back to square one financially and your risks have significantly increased. It also means that your property is no longer a safety net for you and you need to seriously consider other means of saving money for a rainy day.

The second thing to consider is that there are actually times when it is a wise idea to refinance. If your original loan terms carried a higher interest rate than you can get by refinancing or your grace period for an adjustable rate mortgage is almost over it is probably a wise idea to refinance and take the one time hit of extra closing costs rather than the long term hit of oppressive interest rates. The total cost of your mortgage is always the most important consideration. There have been times when wise investors actually saved money over the life of their loans by refinancing the payoff amount of their original loan at a significantly lower interest rate.

Another time when it may be wise to refinance your commercial mortgage is when you are reinvesting the money into your business or property in order to maximize your profit. Whether you are looking at making improve...

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