Fixed Rate Loans for Mixed Use Property
Planning to Invest in a Mixed-Use Property? Here is Vital Information for You
Mixed-use properties have become gold for investors because of the benefits associated with such property. One of the best options for financing this type of property is to use fixed-rate mortgages.
Why Fixed-rate Loans for Mixed Use Properties?
Various reasons make fixed-rate loans appealing:
Wide Variety of Choice
When it comes to fixed-rate loans, you have a wide choice to pick from. One factor determining your choice is the period of repayment, which ranges from 5 to 40 years. However, 3 out of 4 fixed rate loan fall under the 15-year and the 30-year terms.
15-year fixed rate mortgages come with a lower interest rate. This short time means you pay off the loan faster, therefore building equity in a shorter time. You can use this equity to refinance your property, or go for a cashout. However, monthly payments are a bit higher.
On the other hand, 30-year fixed-rate mortgages for mixed-use properties enable you to enjoy lower monthly payments, though you end up paying more interest on the loan.
Better Financial Management
With rates changing daily, it would be a challenge to manage your finances. This isn’t the case with fixed-rate loans, because you can predict your monthly expenses in advance.
Cushion against Inflation
The price of the dollar on the international market drives interest rates. This is why the rate changes every minute. However, with a fixed-rate mortgage, your rate remains constant the whole period.
Choosing the Right Mortgage
Currently, mixed-use properties are a perfect investment. This is why you need to work with a lender who can match your investment needs. Here at Mixed Use Mortgage, we have a database of lenders who are just waiting for your call. They are ready to say “yes”, they only require our word of approval once you collaborate with us.
Don’t hesitate to give us a call and discuss your options, consultation is free and never a fee.