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Read Your Loan Docs!!! 7 Mortgage Terms You Must Consider!
I typically try to avoid anything close to a rant, but I had an extremely frustrating day that was due entirely to one of my clients not reading their loan documents.  They had purchased this property and signed these loan docs quite a few years before I met them.  It seems that they didn't read them when the signed them, and they definitely hadn't read them anytime since.  When you are searching for a loan, especially a commercial mortgage, it is imperative to read your loan docs!  I know that many investors are only interested in the interest rate, but there are several other mortgage clauses that can greatly impact the profitability of your investment over the long term.  Here are just a few things to think about the next time you're shopping for a loan:
Interest rate: This one is usually obvious, but maybe not.  Is your rate fixed or floating?  If it floats, what index is used?  Is there a cap?  What is the default rate? Read your loan docs?
Amortization:  The rate at which your mortgage amortizes can effect your cash flow as much, if not more, as your interest rate.  Does the amortization change over the course of your loan?  ... more

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