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Advice on what to expect from your commercial mortgage loan broker

This article will advise you on what you should be able to expect from your commercial mortgage loan broker.

From an honest, helpful commercial mortgage loan broker, you should be able to expect:

No commercial mortgage loan broker fees until closing

Why shouldn't a commercial mortgage loan broker charge you broker fees until the closing? Cause if they haven't got you financing or refinancing then they haven't done anything to deserve pay.

If a mortgage loan broker is honest, they'll wait until they've gotten financing for you to charge you any fees for their services. And when is that point? Only when you've signed your mortgage loan contract. So don't get swindled: stay away from brokers that charge broker fees before closing.

No charge for a commercial mortgage loan consultation

Why shouldn't a commercial mortgage loan broker charge you for a consultation?

Consider this. Pretend you went into a car dealership to check out cars. And you spent some time talking to a car dealer to find out what types of cars are available and there their cost. Would you expect to be charged for talking to that car dealer? No way. And it should be the same with mortgage loan brokers.

An honest mortgage loan broker won't charge you fees for a consultation. It's absurd. You should be allowed to find out about a service or product before you use it. So save yourself a pain in the neck and keep away from brokers who charge you for a consultation.

No charge for you to apply for a commercial mortgage loan

Why shouldn't a commercial mortgage loan broker charge you to apply for a commercial mortgage loan? Well, an application is just a way for you to give information to a broker. And a broker can't even tell you if you can get a mortgage loan for your specific circumstance until they process that info. What if they say they can't get you a mortgage loan? You'll have wasted money on an application that went nowhere.

Do you get charged for walking through the door of regular stores? Of course not. And being charged to submit an application for a commercial mortgage loan would be just as ridiculous. Avoid fraud and save money by steering clear of brokers that charge application fees.

Information about your commercial mortgage loan closing costs

Why should a commercial mortgage loan broker provide you with information about your mortgage loan closing costs? Because it's hard to foretell all the extra costs involved in closing a mortgage loan. Particularly if you've never gotten a mortgage loan before. Or if it's the first time you've used a certain broker.

An honest helpful broker will tell you all the costs involved in closing a mortgage loan. And that's important information. You need to be aware of the full expense of getting a mortgage loan so you're not suffocated by unexpected costs at closing. Have you met a mortgage loan broker that won't give you information about closing costs? Move on to another broker.

Just so you know, closing costs for a commercial mortgage loan generally include:

  • Mortgage loan broker fees
  • Mortgage loan lender fees
  • Mortgage loan legal fees
  • Mortgage loan registration fees
  • Disbursement fees

Information about all commercial types of mortgage loans available to you

Why should a commercial mortgage loan broker provide you with information about all commercial types of mortgage loans available to you? Because you'll want a type of mortgage loan that suits you best: one with rates, terms and payments that work well for you.

Did you know there are about 28 different commercial types of mortgage loans to choose from? Of course all of them might not work for you, but a good bunch of them could. There are also "innovative mortgage loans" where a broker can use various mortgage loan types to make your deal work. So, there's no reason in the world for any broker to try and convince you of a single mortgage loan type immediately without letting you know your options. Have you met a broker that won't give you information about what commercial mortgage loan types are available to you? Avoid them like the plague.

Learn more about commercial types of mortgage loans

Information about your commercial mortgage loan payment options

Why should a commercial mortgage loan broker provide you with information about your mortgage loan payment options? Because there are multiple ways to pay off a mortgage loan. Do you want to make payments in a way that suits your income and budgeting? Then you'll need all the information about mortgage loan payment options you can get.

Do you think you might want to pay off your mortgage loan faster some point in the future? Then it's important to know what payment options are available to you. You could end up getting stuck without the option to pay off your mortgage loan faster, and that means you could lose money. It's also helpful to know if there are financial penalties for making pre payments or completely paying out your mortgage loan. Have you met a broker whose lips are sealed when it comes to discussing mortgage loan payment options? Can them.

Learn more about commercial mortgage loan payments

Information about your commercial mortgage loan qualification

Why should a commercial mortgage loan broker provide you with information about your commercial mortgage loan qualification? In order to get a mortgage loan in a way that suits you best you'll need to know the ways you personally qualify for a mortgage loan.

Maybe you could qualify for a commercial mortgage loan without income verification. Wouldn't you like to know that? It could make it easier for you to get a mortgage loan. Maybe you could qualify for a commercial mortgage loan without a down payment. That would save you money. Have you met a broker that won't give you info about your mortgage loan qualification? If so, tell them to scram.

Just so you know, you can get commercial mortgage loan qualification by having at least one of the following:

  • A down payment
  • Good income
  • Good credit
  • Equity in real estate

Need more info on mortgage loan advice? Contact The Mortgage Store Online's brokers by using the contact form or by calling them at 1-866-674-0548.

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