Commercial Mortgage Refinance New Castle DE

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

New York Mortgage Company LLC
(302) 325-8060
62 Reads Way
New Castle, DE
 
Wilmington Mortgage Services
(302) 633-1660
2126 W Newport Pike Ste 200
Wilmington, DE
 
Lehman Brothers Bank Fsb
(302) 654-4250
1000 N West St
Wilmington, DE
 
Wilmington Trust Co
(302) 651-1540
1100 North Market Street
Wilmington, DE
 
Wilmington Savings Fd Society
(800) 792-6000
838 Market Street
Wilmington, DE
 
Pennsville National Bank
(856) 678-6006
170 South Broadway
Pennsville, NJ
 
Ark-la-tex Financial Services LLC
(856) 678-8475
364 S Broadway # 100
Pennsville, NJ
 
Aig Federal Savings Bank
(877) 244-1532
600 King St
Wilmington, DE
 
First Mariner Bank
(888) 370-9677
3301 Lancaster Pike Ste 5B
Wilmington, DE
 
Gilpin Financial Services Inc
(302) 656-5400
1400 N Dupont St
Wilmington, DE
 

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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