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3 Tips to qualify for a commercial finance loan

Here's three tips that will help you qualify for a commercial finance mortgage-loan in the future.
Choose one to read:

• Tip #1: Fix bad credit to qualify for a finance loan
• Tip #2: Increase your income to qualify for a finance loan
• Tip #3: Save for a down payment to qualify for a finance loan

Tip #1: Fix bad credit to qualify for a finance loan

Did you try to get a commercial finance loan and not qualify? It can be tough to go through that. The best thing to do is get up, dust yourself off and do some things to qualify for a finance loan eventually.

One way to make sure you can qualify for a finance mortgage-loan in the future is by fixing your bad credit. A mortgage brokerage's lenders need to know you can pay back the finance mortgage-cash they lend you for your commercial real estate. And if you can show them you have good credit, it can be easy to qualify for a commercial finance loan.

So fix your bad credit. If you're an impulsive spender, leave your credit cards at commercial when you go shopping. If you don't have the money in cash to buy something, don't buy it. Restrain yourself, or have your family members or friends restrain you. Only use credit cards when you have the money right then to pay them off right away- and then actually pay them off right away! Create a monthly budget for all of your life expenses - and make one of those expenses a payment toward your credit card bills. Not just for the minimum amount - but for a good chunk of what owe, every single month.

Once you have your credit bills all paid off (and yes, that can take a while, even a couple years) you'll be ready to qualify for a commercial finance mortgage-loan. And being able to get that finance loan will be well worth the effort it took to fix your bad credit.

Tip #2: Increase your income to qualify for a finance loan

It can feel yucky to not qualify for a finance mortgage-loan when you want to. But don't give up! You can qualify for a finance loan eventually with some hard work.

One way to make sure you can qualify for a commercial finance loan in the future is by increasing your income. A mortgage brokerage's lenders need to know you can pay back the finance mortgage-money they lend you for your commercial. And if you can show them you have good income it can be easy for you to qualify for a finance loan.

So increase your income....um, easier said than done, right? Well, sometimes you just have to believe in yourself enough to look for new sources of income. That may mean a whole new job or just thinking of ways to make money outside of your work.

Sometimes people don't make good money because they're stuck in the minimum wage gutter - it can be a pain to get out of. But usually if you're in a minimum wage position it means (drum-roll please) you're probably not using the talents and abilities you have to make money for you. And that's good to know: it means there's more you can do to bring in the dough.

Everyone has value. Everyone has something they can do well. Maybe you haven't discovered "what you do well" yet: and you should. Just knowing what your interests are can lead you down the path of success, into new careers and higher wages. And guess what? You might have to get some education to get good at what you do - like take some night courses or training seminars. Who cares if you have to work at it - when you're doing something you love to make money, it won't just be work, it'll be fun.

And once you make more money from a job you love or a new form of income, guess what? You can get your commercial finance loan. And at that point, qualifying for a finance loan will just be icing on your cake.

Tip #3: Save for a down payment to qualify for a finance loan

It can be hard to not qualify for a finance mortgage loan right away. It can be down-right frustrating to say the least. But you can qualify for a finance loan eventually - with some planning.

One way to make sure you can qualify for a finance loan in the future is by saving for a down payment. A down payment is a sum of money: a percentage of your real estate's purchase price that you pay right away when you get a finance mortgage-loan. It gives your mortgage brokerage's lenders some security in their mortgage lending with you. And when you give them a down payment, it can be easy to qualify for a finance loan.

So save your money - some here, some there. Make a budget for your life's expenses and stick to it! You'd be surprised at how much money you can save by just watching your spending. Make a goal to save somewhere between 5% and 25% of your desired commercial property's purchase price by a certain time. So if you want a $100,000 commercial property, save anywhere from $5,000 to $25,000. So what if it takes you a couple years? After those couple measly years, you'll be on your way to owning your own commercial real estate. So start saving for a down payment today to qualify for a commercial finance loan.

If you want to get more info about commercial finance tips, 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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