Commercial Mortgage Refinance Park City UT

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

Intermountain Mortgage Company
(435) 649-6660
2029 Sidewinder Dr Suite 200
Park City, UT
 
Frontier Bank
(435) 615-2265
1245 Deer Valley Dr
Park City, UT
 
Sun Valley Financial Of Utah Inc
(801) 256-1153
6076 S 900 E Ste 101
Salt Lake City, UT
 
Mountaincrest Mortgage Services Inc
(801) 971-5183
6076 S 900 E Ste 100
Salt Lake City, UT
 
Ifreedom Direct Corporation
(801) 493-2700
2363 Foothill Dr Ste 200
Salt Lake City, UT
 
I-net Mortgage
(435) 647-3000
1745 Sidewinder Drive
Park City, UT
 
Abn Amro Mortgage Group Inc
(435) 714-2337
186 Park Ave #4-206
Park City, UT
 
First Colony Mortgage Corp
(801) 567-9977
6792 S. 1300 E.
Salt Lake City, UT
 
Strategic Funding
(801) 943-7772
6340 S. 3000 E. Ste 300
Salt Lake City, UT
 
Clayson-mitchell Mtg Srvcs Lc
(801) 944-9697
7105 South Highland Dr Ste 200
Salt Lake City, UT
 

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...

Click here to read the rest of this article from GlobalBx