RealEstateImprovement

Buying a house and getting it financed could be a difficult issue if you are unaware of the basics of mortgage loans. Home loan choices are abound in the market making it even more difficult to make a right financial decision. So assess your needs, affordability and your mortgage loan options before you plunge into the market.

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Types of mortgage loans

There are many types of mortgage loans available in the market, enough to confuse the starters. Here’s a guide to some of the basic types of mortgage loans available in the market.

1. Fixed rate mortgage loan – This is the most common type of mortgage loan among the borrowers. Here the borrowers pay fixed interest rates throughout the specified term. However, the interest rates are generally higher here. The usual term of this loan is 15 to 30 years.

2. Adjustable rate mortgage loan (ARM) – In this type of loan, you are required to pay a fixed interest rate only for the initial 5 to 7 years. After the specified initial years, interest rates vary according to market fluctuations. There are also some ARMs that adjust rates monthly or annually without any fixed period of time. With adjustable rate mortgage loans, it is important to note the time interval after which rates would adjust as it could prove to a risky financial practice.

3. Government backed loans – The Federal Housing Administration (FHA) insures mortgage at lower down payment. It is suitable for first time home buyers who are looking for a minimum down payment and also because FICO scores to do matter.

4. Interest only mortgage loans – Here the borrower only pays the interest on the loan. This option is available for only a certain time period. The rest of the amount is generally paid at maturity. This type of loan is generally meant for people with less income.

5. Hybrid mortgage loans – This type of mortgage loans incorporate some of the features of both the fixed rate mortgage loans and adjustable rate mortgage loans. For example, you can get mortgage loans that have a fixed rate for a certain time period and then the interest rates can adjust and changes according to the fluctuating market rates later.

It is better to determine your needs and affordability before you shop around for mortgage loans or else you could have a hard time deciding on the type of mortgage loan that would suit you best.

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Every big city has some areas that are known for higher real estate prices. A major reason for this high price is the presence of large corporates and offices of the multi national companies. Corporate companies acquire prime land at the posh areas and build sky rise buildings the cost of which often running over billions of dollars. This not only drives the value of such properties further but also that of the adjacent areas. As a result other downstream business units also start setting up offices is those areas. This continues for sometime until all the freehold land in the area are occupied. And it is here that the problem begins. Other corporate companies looking for space in those areas a few years later find it extremely difficult to get a suitable space.

Cities like Tokyo, Mumbai and Hong Kong are today overcrowded with thousands of corporate companies. It is almost impossible for any company to add even a few square feet of area to undertake expansion and accommodate their growing staffs and office equipments. While some companies are adding to the floors others are forced to move to other new locations. These new locations again experience surge in real estate prices within a short span of time. Thus a vicious cycle continues. This is working as a major impediment for new corporate companies to establish offices in prime locations.

Since land is a limited resource, real estate crisis will only aggravate in the long run. Therefore there should be some efforts from the government and land authorities to clearly demarcate areas exclusively for corporate companies. These areas should be completely commercially areas and adequate provisions should be made to accommodate offices for several years whenever the demand arise.

Believe me, each time I visit a mall, I wish I would have bought off space or a commercial property on the returns of which I could have become a small or say, part-time KING! The goose that lays the golden egg in the property business today is commercial estates and complexes.

The Hot and the Happening

With the downturn in the economy, interest rates still remain fixed on loans for commercial property investments. The commercial property business is going great guns. It is the source of livelihood for many a brokers, banks and of course the investors! In a nutshell, commercial property investments are plays a significant role in steadying the economy. With more people taking a plunge in this stream of property business it has become an affair to reckon with. And an extensively profitable affair at that!

The last 4-5 years, saw the rise in commercial property prices yielding phenomenal profit. The retail and industrial sector witnessed a whopping leap of about 14 percent and 21 percent respectively. The sparking figure is baffling enough to consider property business a child’s play. But the fact is commercial property business transactions demand a huge deal of research as well as experience-hardened skills.

Keep an Eye

People who buy a piece of commercial property or space in a commercial property complex usually intend to pursue business developments of their own. Some, however, resell the properties when they feel the time is right to acquire a better price for the property. Whatever be the cause behind the purchase, every inch of the purchase decision and probable consequences have to be thoroughly analyzed and planned.

Loans, of all kinds and forms, are available today from all leading banks in lieu of buying commercial property estates. And all small and larger business establishments take loans while buying property for commercial purposes. These may be short-term or long-term, depending upon the need and the capability of the debtor. The latter is more prevailing and effective for commercial property investments.

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