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You Can Laugh At Mortgage Worries - If You Follow This Simple Plan
Getting yourself pre-qualified after discussing your goals with a commercial loan officer is very easy, but beware of commercial mortgage companies that ask you for a non-refundable application fee. If there are issues with you or your property and you’ve spent $1000 to $5000 on their application fee it’s quite possible your fee is gone forever with no guarantee for financing. Who Else Wants To Be Pre-Qualified For An Apartment Loan? Getting pre-qualified is not a guarantee for financing either but this phase of your transaction should cost nothing. It should give you an indication of how your property sizes up as to being able to service the debt you’re about to incur and if there are any issues which could affect that debt service. Once all the pre-qualification is done and you’ve decided to sign that purchase contract it’s time for third party report fees such as appraisal, environmental and site inspection, etc. These fees vary depending on the type and amount of the loan and the investor. These third party reports assure the investor that the property conforms to established underwriting guidelines. From time to time these reports come back with issues that were unknown and have a negative impact on the loan such as the need for a new roof or sub-standard electrical systems that require expensive repairs. It’s better to know sooner than later about these types of things and be able to address them with the seller. At this point (if all is well with the issues underwriting has had to consider) you should be issued a commitment by the investor and close the loan. Again, depending on the loan size and the type of loan you may be required to pay a commitment fee to the investor that will secure funds for your loan. This fee is normally credited on your final closing statement towards your total costs. The Most Common Financing Mistake (You’re Probably Making It Now!) Most people don’t take the time to check out their options. Do your homework as you would for any purchase. You should ultimately have a comfort level with the professionals you choose to represent you; not only the real estate broker, but the commercial mortgage broker as well. Apply Online
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