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Jeremy25

Pros and cons of commercial mortgage

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Hi,

     I'm here to clear few doubts related to the commercial mortgage in Canada. I'm Jeremy and I'm planning to an office for our business. I have a credit score of 700 and no unpaid debt. If it good that I choose a commercial mortgage? Will it affect my business?

      Has anyone got any experience in taking a commercial mortgage? I got many suggestions from my business mates, but I thought of clearing my doubts here before I jump into it.

      When I checked an Ontario commercial mortgage, it shows the max LTV for office building as 75%. Is it the maximum? Hope you can help me.

      I would also like to go a bit further. If I take a commercial mortgage, how long will I have to wait for the loan process to get complete? Any idea?

      Waiting for your reply. It will be appreciated to the most

Thanks in advance

 

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This is a fundamental question, which everyone is asking himself when he is taking a loan "Does it worth it?". My opinion is that it's of course always better to take a loan, but you must also understand that thus you must always be ready to pay the monthly payments and also to be prepared for any problem that can appear because banks won't pay attention to your health problems or that you have lost your job, they will only ask you to pay money. I can't say that all banks are like this because I have once taken a loan from Mortgage Advisor Birmingham, when they found out that I have lost my job they stipped the monthly payments for a while and gave me time to hire a new one. You must already decide for yourself if you want to risk or not.

 

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Very interesting information! I think everyone should know about the pros and cons of mortgages because almost 80% of Americans buy their homes with a mortgage. I, too, am among those people who can't afford to buy a house with one sum, so I had to work very hard to find a good lawyer who knows about credit and mortgages, which include taxes and other documentation. I had previously thought I didn't know anything about it, but I still took that risk to make sure my wife and I lived comfortably. It's important to know and more about this here https://www.Cambridgemoneyman.com

 

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