Make the right choices when looking for a commercial mortgage

If like many people you know very little about business/commercial mortgages then your best bet is to seek a mortgage specialist’s advice.  Mortgage specialists are unbiased when helping you find the best option for you. They search the whole market; look at all the options and what you need then come up with the perfect deal for you. As they are independent of any company they can really help you go through an easy smooth process and are there from the beginning to make sure your business gets off on the right start.It can be a confusing process for anybody, especially people who have never done it before. You need to think of all the options on what type of mortgage you want. These options will include things like; the length of time your commercial mortgage will last, whether you want fixed rate or variable rate and if you want interest only or a repayment mortgage. These are all tough decisions and a specialist will be happy to sit and go through the options with you, give you advice and really help you. This advice is essential for those starting out.Those who want to know how much they have going out each month so they can budget around that should consider a fixed rate mortgage. This means the monthly outgoing will remain the same for a long period of the mortgage. After this time has passed which could be many years, the mortgage will then convert to variable rate which could see your payments increasing by quite a bit. Another thing to remember with fixed rate commercial mortgages is that early repayment penalties will occur if you find you have the money to repay early. You may be asked to pay a large amount of money.Another option as mentioned before is variable rate mortgages. You may have been persuaded by the low monthly payments initially. This does however mean that the payments won’t stay low forever and even a slight percentage increase in  payments could actually see you handing a lot more out each month, sometimes un-affordable amounts which could really make a difference.With interest only mortgages, you have to remember that initially you are only paying the interest. This does mean your monthly payments will be quite low, however after the interest is paid you will actually need to pay the capital which is the value of the property itself in one lump sum. The initial amount you where borrowing in the first place. The lender will usually want proof that you are going to be willing to pay this so it really all depends on the risk you want to take.A repayment loan is a good option if you don’t mind higher monthly repayments, you will be paying part of the interest and part of the capital each month which is a good option if you want the security of knowing you don’t have to find a huge sum of money at the end of term.There are a lot more things to think about and talk about when looking for a commercial mortgage. You really do need the knowledge of a mortgage specialist to ensure you come up with the best mortgage for you and your business. They will work with you every step of the way and ensure the process goes as smoothly as possible.