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Choose a commercial type of mortgage by the kind of rate you want

This mortgage-article will let you know how to choose a type of commercial mortgage loan based on the kind of mortgage rate you want.

Mortgage loan rates are the percentage of interest you'll pay on the amount of money you borrowed for your commercial loan. And that rate can be fixed (so it stays at the same percentage). Or it can adjust up and down with our economy's prime rate. Or it can do a bit of both. Yes, a bit of both.

There are different commercial types of mortgages with different kinds of rates. There's the fixed rate loan, the adjustable rate loan and the convertible rate loan.

Fixed rate mortgage loan

You can also get a fixed rate mortgage loan for your commercial real estate. The fixed rate mortgage loan is a type of mortgage that has a rate that "stays the same" (or "fixed") for your entire mortgage term.

No matter how the economy changes - your mortgage rate will stay the same. No matter how the price of real estate changes - your rate will stay the same. No matter how mortgage-rates in the industry sky-rocket: yup, your rate will stay the same, fixed, unmovable, steadfast - got it?

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Adjustable rate mortgage loan

The adjustable rate mortgage loan is a type of commercial loan that has a rate that goes up and down with the economy's prime rate.

This "adjustable rate" type of commercial mortgage loan, has a rate that is always lower than the rates of other types of commercial loans.

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Convertible rate mortgage loan

"Convertible" rate mortgage loans can also be had. This type of commercial mortgage loan initially has an adjustable rate when you get it. So when you first get a convertible rate mortgage loan, it will have the lowest rate possible, and that low rate will adjust up and down as the prime rate of the economy adjusts up and down.

But with a convertible rate mortgage, at any time during your mortgage term, you can choose to change your "adjustable rate" to a "fixed rate."

This is a really ideal type of commercial mortgage loan. Why? Cause whenever you think the mortgage market's rate is reasonable during your commercial mortgage term, you can lock into a "fixed rate" for a longer term. It's the best of both the adjustable and fixed rate-worlds. It's "the convertible rate mortgage loan."

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Learn more about convertible rate mortgage loans, by choosing a link below:

If you would like more information about mortgage-rates and commercial mortgage loans, simply contact The Mortgage Store Online's brokers by using the rate quote form or by calling them at 1-866-674-0548.

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