Getting a commercial mortgage is not as hard as some people think. Though it takes time, it’s as simple as A.B.C if you know what to do and how to go about it.
Nothing good comes easy, so they say. You just need to work hard to get what you want.
Whether you need to buy a new house or release equity from your existing one, a commercial mortgage could be the answer.
What is a commercial mortgage loan?
A commercial mortgage loan is any loan secured on property that is not your residence. Buy-to-let mortgages are a special type of high-volume commercial mortgage which is packaged for a volume market.
But since almost every other kind of premises are different, each loan has to be assessed individually and priced according to the risk.
Any property used as security, which may include your home, may be repossessed if you do not keep up repayments on your mortgage.
How to qualify for commercial mortgage loan
So, how do you qualify for a commercial mortgage loan? In this post, we will be revealing 3 powerful tips that’ll help you get commercial loan easily.
Step 1): Save For A Down Payment
The problem with most people nowadays is that they don’t like to save instead, they prefer to spend their income on little luxuries and material things.
If you desire to get a commercial mortgage loan, you must discipline yourself to save. You must save enough money to make a down payment.
You may ask, what is a down payment? A down payment is a percentage of the commercial loan price that you pay immediately you get a commercial loan.
How to save for a down payment
Saving seems to be a herculean task for most of us. In fact, personally, I find it hard to save at times – this is bad. Sell off or lease some properties to bring in some cash and cut down your life expenses.
You’d be amazed at how much you can save by keeping an eye on what comes in and goes out.
Take away tip:
I know cutting down on your expenses may be a little challenging but do it anyway. Save, to protect your financial future. You should save anywhere from 5 to 25% of your property’s purchase price.
Here’s what I mean: If you want a $300,000 worth commercial property, save from 15 to $80,000!
Pro tip: It takes time but the wait is well worth it!
Step 2): Increase Your Income
A quick way to qualify for a commercial mortgage loan is by increasing your income. How do you give yourself a pay rise monthly? .
Let me tell you something you don’t know:
The fastest way to increase your income and establish a long time income for your future is to start a business. What kind of business? An online business. Starting an online business requires less capital and it gives you the freedom to work anywhere, any time!
Look inwards, what skills or talent do you have? Use it to make money. Somebody invented everything you see here on planet earth, what’s stopping you from inventing something the world will benefit from?
The only thing stopping you is YOUR MIND. Erase negative thoughts by speaking faith-filled confessions. Read inspirational books and move with positive-minded people.
Don’t depend on the government to do something before you can become successful; do something to change your WORLD!
Take up your plunge and start a business
Once you increase your income, be sure you’d qualify for a commercial mortgage loan.
Fix bad credit quickly!
One quick way to fasten your approval for a commercial mortgage loan is to fix bad credit.
Step 3): How To Fix Bad Credit
The first step to fix bad credit is to stop using credit cards to buy groceries and material things when you don’t have money in your bank account.
In fact, you must change your mindset and attitude towards money if you wish to qualify for a commercial mortgage loan. Stop using cards the wrong way. Pay off your credit card debt and don’t make the mistake of buying things on credit.
Once you’ve paid your credit card debt (hurray), get ready to apply for a commercial mortgage loan.
You turn to dazzle me!
Did you learn some new things in this post? Any suggestion?
I’d appreciate your comments in the comments section.