Commercial Mortgage Refinance Waterville ME

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

Maine State Housing Authority
(207) 626-4642
353 Water Street
Augusta, ME
 
Bank of America - Elm Plaza
(800) 432-1000
345 Main St
Waterville, ME
Type
Banking Center
Services
Banking Center Services: Drive Up
Outdoor ATM Services: Open 24 Hours, Talking ATM, Braille, Accepts Deposits, Drive Up, Deposit Image
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday N/A
Tuesday N/A
Wednesday N/A
Thursday N/A
Friday N/A
Saturday N/A
Sunday N/A
Drive Up Hours
Monday 9-4
Tuesday 9-4
Wednesday 9-4
Thursday 9-4
Friday 9-4
Saturday Closed
Sunday Closed

Citifinancial
(207) 873-3276
120 Jfk Plaza
Waterville, ME
 
Stephen F Jordan Llc Mortgage Brokers
(207) 872-0826
47 Main
Waterville, ME
 
Bangor Savings Bank Branch Ofcs
(207) 872-8011
78 China Road
Winslow, ME
 
TD Bank
(207) 877-7314
Shaw's, 251 Kennedy Drive
Waterville, ME
Type
Branch
Office Hours
Mon-Fri 10:00-7:00
Sat 10:00-3:00
Sun 10:00-1:00

Primary Residential Mortgage
(207) 872-5500
10 Common
Waterville, ME
 
Fortier John M
(207) 873-1101
16 Silver St
Waterville, ME
 
Republic State Mortgage
(207) 872-0800
105 Main Street
Waterville, ME
 
Boothby And Bartlett
(207) 872-5571
185 Main St
Waterville, ME
 

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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