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How to Save Money by Using an Independent Commercial Mortgage Broker
Being a creature of habit can cost you plenty when it comes to applying for a commercial mortgage instead of going through an independent commercial mortgage broker. Let me tell you why.
Most business people have an established relationship with their bank and take advantage of that relationship whenever they
need to borrow money. However, here is the question that you should be asking yourself: "is your bank taking advantage of you?". More and more the answer to that question is "Yes".
Once you have an established relationship with a bank they tend to start taking your business for granted. Not necessarily
in a bad way, mind you, but in the way that a mutual level of comfort exists. The bank knows your reputation for keeping your
word; they know how much money passes through your account and they know what your business does. You know that there is someone
there that you can ring up who knows you and will work with you to get a commercial mortgage.
Seeing as how applying for a commercial mortgage can be a time consuming affair it is a natural tendency to go to the people
that you already know to get the deal done with the minimum amount of red tape. The bank realizes this and it removes their
incentive to cut you the most competitive deal or to negotiate on terms that you may not like. In essence you are locked into
accepting whatever commercial mortgage "packages" your bank offers.
Now, on the other hand, if you take advantage of the services that are offered by an independent commercial mortgage broker
then a whole world of options open up for you. Your broker is able to shop your commercial mortgage application among a large
number of lenders who are hungry for new business. As a result you are often offered deals that beat your bank's best offer by a considerable latitude.
Current statistics show that only about 14% of commercial mortgage loans go through an independent commercial mortgage
broker with the remainder being placed directly through the bank where that business owner has a relationship. With those kinds of
statistics is it any wonder that a broker will bend over backwards to find you a good deal?
Imagine your potential savings possibilities when you engage an independent commercial mortgage broker who is able to find you
two, three, four or even ten or more lending sources who all want to compete for your business! Plus, a broker doesn't earn any
fees unless a commercial mortgage loan deal closes. This gives them a strong incentive to find a deal which is tailored to your
specific requirements. Even better, the broker earns their fee from the lender so it doesn't cost you anything to save all of that money.
You wouldn't buy a new car or lorry without checking out different dealers to find the best price would you?
Then why in the world would you settle for a "one size fits all" commercial mortgage from your banker? It just doesn't make
sense. At least not when there is an independent commercial mortgage broker who is jumping up and down for the chance to save you money. All you have to do is find the best one for you.
Author:- Commercial Mortgage and Bridging Finance specialists Commercial Lifeline.
Download our free Commercial Mortgage guides by visiting our
Commercial Mortgage Guide page.
This article comes with reprint rights. You are free to reprint and distribute as you like. All that we ask is that you
do not make any changes, that this resource text is include, and that the links above are intact.
 MORE RESOURCES updated Thu. February / 09 / 2012
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New HARP Could Help Up to 6.7 MillionNASDAQOther changes to the program were designed to make it easier for homeowners with private mortgage insurance (PMI) to refinance or to obtain a HARP mortgage refinance with a lender other than their current mortgage servicer. In addition, new limits were ...and more » |
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Boehner On Refi Plan: Bad Idea, Obama!Mortgageorbby MortgageOrb.com on Thursday 02 February 2012 Any hope for bipartisan support of President Obama's mortgage refinance proposal was squashed by House Speaker John Boehner, who dismissed the new initiative as a continuation of failed policies.and more » |
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