A second commercial mortgage is a loan taken out by a borrower in addition to their first commercial mortgage loan. These loans typically include a term of at least five years and interest-only payments.

Having two commercial mortgage loans can be expensive, so it is important you understand the reasoning behind taking out a second mortgage loan and are sure you can afford payments before you decide to do so. A commercial mortgage calculator is a great tool you can use to help you estimate your budget.

Borrowers can use a second commercial mortgage as a more common strategy of qualifying for a first loan on a property that they do not yet have enough cash for.

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Even though mortgage interest rates across the nation are sitting at record lows right now, not all lenders are offering affordable home loan products. The interest rates provided by individual lenders vary greatly, as do the loan terms, so finding a mortgage lender like First Choice Bank who can give you both a competitive interest rate and low fees will make a huge difference in whether you can afford to buy a home today.

Who Is First Choice Bank?

First Choice Loan Services is a wholly owned subsidiary of First Choice Bank.

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The nation’s largest banks are being asked to write down the principal on some troubled mortgages as part of a settlement of last year’s robo-signing scandal, major news outlets are reporting.

A 27-page proposal from a coalition of the nation’s 50 state attorneys general, with the backing of several federal agencies, was reportedly sent Thursday to the nation’s largest mortgage servicers, including Bank of America, JP Morgan Chase and Wells Fargo, among others. The proposal appears to outline actions the states and federal agencies want the lenders to take in return for dropping charges related to the scandal.   At th Read full post…