Making the right choice for your refinancing can save you thousands of dollars
Refinancing can save you money
There are several reasons as to why you may be considering the refinance of your commercial mortgage. Before you take that step, consult a commercial mortgage broker to discuss your options. Refinancing a mortgage will often incur a penalty fee to break your current term contract, but if you refinance into a better mortgage product, with more flexible terms and a lower rate, the refinance will still be of large benefit and could save you thousands of dollars!
Your consultation costs nothing and there is never any obligation to use my services. A commercial mortgage broker is your best way to find out if refinancing your current mortgage can save you money.
Some of the most common reasons to refinance:
1. Lower Your Interest Rate and Payments
Today’s record low interest rates provide a great opportunity to lock in a new mortgage rate for a new longer term. This will provide you with long term security, a lower mortgage payment, and save you thousands in interest over the life of your mortgage!
2. Consolidate Debt
Consolidate debts such as credit cards, loans, or lines of credit or other high interest rate debts that you may have accumulated. The advantage of doing this is to lower your total monthly payments and improve cash flow.
3. Leverage and Growth
As your business grows over time you may need upgrades, new equipment or more space. Leveraging the equity in your business to add assets or expand your operations is a great way to take your business to the next level.
4. Improve Cash Flow
A primary reason an owner refinances their commercial property is to improve cash flow. By taking advantage of the current interest rate environment, borrowers are able reduce their annual debt service resulting in additional cash flow. In addition, there is the ability to restore the amortization to 30 years.
5. Equity Disbursement
In addition to paying off the existing debt, commercial properties can be refinanced as a means to recoup equity. This cash-out can be of considerable size and free up working capital for other projects.