Is the mortgage on your commercial property due for renewal? Researching all of your options while juggling your other priorities can be a daunting experience. Fortunately, the experienced commercial mortgage broker team at Clover Mortgage is here to help.
Typically, your financial institution or alternative mortgage lender will send you a renewal letter shortly before your mortgage is set to expire, giving you hardly enough time to properly judge the merit of their offer. Your institution may offer you an open mortgage in the short-term to give you extra room to look for alternatives, but at a highly inflated interest rate.
Ideally, you should be researching market rates at least 3 to 4 months before your mortgage expires. Rates offered by financial institutions and other lenders can fluctuate significantly, so consulting with an experienced professional commercial mortgage broker would be very beneficial to you when exploring your options. If you have done some research on your own, try to negotiate with your lender for a better renewal offer. In negotiations, keep in mind that besides your credit score, other elements may be important, such as your financial circumstances, your payment history, and any current debts you may have.
Consider working with a mortgage broker at Clover Mortgage to find the best mortgage offer for you. Our professional commercial mortgage brokers specialize in the commercial mortgage market, and are extremely knowledgeable about current market rates. With close ties with many quality lenders and access to over 50 lenders, our brokers have access to mortgage deals that are unavailable to most consumers shopping on their own or through a traditional bank. Our dedicated team will make you our priority and with our 20 years of experience we can help you uncover the best mortgage deal for you.