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The truth about bad credit mortgage loan commercial financing

This financing-article will tell you the truth about bad credit mortgage-loan commercial financing.

What bad credit commercial financing is exactly

First of all, let's define "bad credit commercial financing." Bad credit commercial financing is a type of mortgage-loan financing that you can get even when you have "bad credit." So let's also define "bad credit." Bad credit is when you have a credit score that's say, 615 points or less.

Now 615 points for a credit score obviously isn't as bad as a score in the 500's or as bad as a score in the 400's. But that's really where the threshold of bad credit starts: at 615 points.

Is your credit score 615 or below? Just so you don't feel bad - the average US credit score is about 680 - and that ain't too much higher than 615.

The truth about bad credit commercial financing

Anyhoo, at first glance, bad credit commercial financing seems awesome, cause you can still "get mortgage commercial financing" to own commercial real estate. And being able to obtain mortgage loan financing is great, and so is being able to own a commercial property. But, do you want to know the truth?

Bad credit commercial financing is more "expensive" than "non-bad credit" financing. The mortgage-rate you'll pay for bad credit commercial financing is significantly higher than the normal mortgage-rates. How much higher? Well, sometimes just a little bit: like, say the rate you could get for normal/non-bad-credit commercial financing is 4.5%. Some bad-credit commercial financing is available at a percentage or two higher: like at 5.5% or 6.5%. And that ain't so bad.

But - once your credit score is off the charts (like in a bad/low way) your rate for your mortgage- financing could end up being double, even triple what the rate would be for normal commercial financing. Like you could pay 9% or 12.5% - instead of 4.5%. (gulp!)

Should you, or shouldn't you.....?

My point? Sometimes it might be better to wait a bit (like 6 months to a year) and work real hard to 'fix your bad credit' - and then you can get "normal commercial financing" at a "reasonable rate."

Do you think you can only get bad credit commercial financing? Talk to one of The Mortgage Store Online's broker's - see where your credit score is (they'll do a free credit check for you).

Your broker will first of all be able to tell you if your credit score is actually bad or not. Then they'll tell you what your lending options are - and what the rates will be for those lending options. If the broker tells you your credit rate "ain't the best" - ask them how to fix it, and how long it will take to fix it so you can qualify for "non-bad-credit commercial financing" in the future. (Sometimes it's real easy!)

Apply online and get your finance loan now!

If you want to get more info about bad credit commercial financing, contact The Mortgage Store Online's brokers by using the finance contact form or by calling them at 1-866-674-0548.

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Home Mortgages: Phone: 1-866-880-2577 Fax: 1-866-270-1984
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