This question got here from Kiho Kim in Anaheim, California and, surprisingly, would not have a simple reply. If a house buyer opts for a 30-yr loan, most of their early payments will go towards interest on the loan. Buydown mortgages enable the vendor or lender to pay something much like points to reduce rate of interest and encourage patrons. The precise interest rate you secure on a mortgage is determined by the type of mortgage you choose, your skills as a borrower, and the kind of constructing or venture you are financing.
That mentioned, commercial real estate loans do not require private mortgage insurance like standard mortgage loans, so you will not have to worry about this ongoing cost. Borrow for as much as 25 years with no balloon payments for loans up to $1,500,000. With so many options and terms to consider, though, be sure you take your …Read More