Commercial Mortgage Rates in Ontario
Commercial mortgage rates in Ontario are determined by a number of factors, but the most important one is the borrower’s credit score. Commercial mortgages are a type of investment property mortgage. This means that the property being financed must be used for business purposes, and not as a residence. The most common types of properties that qualify for commercial mortgages are retail stores, restaurants, office buildings, and warehouses. Commercial mortgages are usually taken out by business owners who want to purchase an investment property. The mortgage will provide the capital needed to purchase the property, and the term of the loan will be for a number of years corresponding to the expected life of the asset. At the end of the term, the loan will be repaid in full plus interest. Are commercial mortgages more expensive than residential? The cost of a commercial mortgage is typically more expensive than a residential mortgage. This is because the risks associated with commercial