Texas Commercial Mortgage

A Texas commercial mortgage differs from a residential mortgage in a number of ways. For example, instead of using a home as collateral, a commercial mortgage uses a commercial building or property. Another obvious difference is the size of the loan. Typically, a commercial mortgage is far larger than a residential one. Additionally, there are a number of differences in the way a commercial mortgage is paid off.

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Commercial mortgages typically require a balloon payment. This means that, although the amortization period may span 20 or 30 years, the borrower will be required to pay off the bulk of the loan within a pre-determined period. Once the balloon is due, the borrower will probably have to refinance her commercial mortgage.

Interest Rates for a Texas Commercial Mortgage

In general, interest rates for a Texas commercial mortgage are slightly higher than for a residential one. Additionally, most commercial mortgages have fixed rates. This is similar to a Texas residential balloon mortgage, where the interest rate is locked for the term, but then changes when it comes time to refinance.

At Southern Lending Corporation, we specialize in helping commercial entities find the mortgage they need. We offer a wide array of loan services and have access to some of the lowest rates in the nation. Our staff of experts is available around the clock to answer your questions. Contact us at 1-866-614-2700 ext 100 or via email to get the process started.