Jul
07
commercial mortgage v/s residential mortgage?
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Is it best to pay off commercial mortgage and take an advance on ur residential mortgage
Repossession
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5 Comments
July 22nd, 2009 at 1:52 pm
sometinmse the rates are better and terms
July 23rd, 2009 at 6:53 pm
Who knows…depends upon you terms…principle balance….expectations…you have provided none of these to consider. Sorry that I can’t help.
July 27th, 2009 at 12:12 am
Only if it will save money on interest.
You will have to consider additional interest on a new equity loan.
If the morgtage is quite old, bear in mind that you’ve already paid most of the interest in early years and most of the payments now are applied to principal. May apply to both morgtages.
I could amortize all of those from the present balances with the interest rate and term remaining. Also the equity loan, although those are calculated on a minimum payment. You would have to decide a term limit that you can afford, and /or maximum payments.
Excell has this function.
You should have amortization tables to guide you.
July 29th, 2009 at 4:59 pm
Get valuable tips on mortgage from . It’s a very useful website.
July 31st, 2009 at 9:44 pm
If you’re in the UK you can acutally freephone an advisor at Mortgage Link and get an answer considering your requirements and circumstances. You;’ll get a better answer than asking us on here without giving any details.