Commercial Mortgage Fees - Read the small print
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Commercial Mortgage Fees - Read the small print
The lender can charge up-front loan or processing fees. Check these fees very carefully, and get an estimate as soon as possible to help you evaluate the mortgage package.
Prepayment
Ideally you want to be free to pay off the mortgage at any time before it’s final date. The majority of lenders are likely to charge a redemption penalty in the first 3 to 5 years of the mortgage. But after that initial period, you should make sure that your mortgage agreement gives you the right to avoid a prepayment penalty for paying off the mortgage or part of the mortgage early.
Grace period
Get a grace period for any payments. Say for example, the monthly payment is due on the first day of each month, but it won't be deemed late until the fifth day of the month.
Legal and Professional Fees
Before you finalize your purchase and ownership of the property passes to you, you will incur a number of costs. Common expenses to be paid are title insurance, survey fee and various fees for preparing any legal documents.
For more information about Commercial Mortgages check out our Frequently Asked Questions section.
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