Commercial Mortgage Refinance Herndon VA

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

Potomac Mortgage Capital Inc
(703) 766-2688
585 Grove Street Suite 350
Herndon, VA
Umg Mortgage LLC
(703) 376-6000
13450 Sunrise Valley Dr
Herndon, VA
New Century Mortgage Corp
(703) 234-7300
11700 Plaza America Dr Ste 200
Reston, VA
Countrywide Home Loans Inc
(703) 391-0590
12335 Sunrise Valley Dr 610
Reston, VA
Access National Mortgage Corporation
(703) 871-1300
1800 Robert Fulton Dr Ste 3
Reston, VA
Lifetime Financial Services LLC
(703) 467-0110
1110-D Elden Street Ste 208
Herndon, VA
First Savings Mortgage Corp
(703) 547-6500
2300 Corporate Park Dr # 150
Herndon, VA
Corinthian Mortgage Corp
(703) 480-3200
13861 Sunrise Valley Dr
Herndon, VA
First Charter Bank
(703) 871-5125
11710 Plaza America Drive
Reston, VA
George Mason Mortgage LLC
(703) 259-3537
2100 Reston Parkway #111
Reston, VA

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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