Q:

How do you check the current commercial mortgage rate?

A:

Quick Answer

Commercial mortgage rates are provided by Mortgageloan.com and RealtyRates.com. The commercial rates are typically higher than residential real estate, and the process to obtain a mortgage for commercial property or a business is different from taking out a loan for a home.

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Full Answer

The commercial mortgage rate fluctuates with market conditions but are often significantly higher than rates for residential mortgages. Commercial mortgages are used to purchase property to be used in a business venture. For instance, to purchase an apartment building, the potential owner would secure a commercial loan, even if he intends to live in the building.

For anyone considering a commercial mortgage loan, the current interest rate can be found on websites such as Mortgageloan.com and RealtyRates.com. Mortgageloan.com lets visitors research mortgage rates by state and compare the chosen state's rate with the national rate. The website also offers tips and advice on how to obtain a commercial mortgage.

RealtyRates.com provides interest rates as well as other financial measurements for a variety of commercial ventures. With commercial real estate, there are different loans available, depending on the state of the project. If the building already exists, then a regular commercial loan needs secured. However, if the property is being built, the original commercial loan is for the building of the property, then a commercial loan for the mortgage is taken out. RealtyRates.com offers rates for both types of loans.

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