Home Buying in San Francisco>Question Details

sandywilt17, Home Owner in Cedaredge, CO

I have a building that has a unit down stairs that I rent out and I live upstairs. I have a commercial loan thru the bank at a high interest rate

Asked by sandywilt17, Cedaredge, CO Wed Jan 8, 2014


Help the community by answering this question:


I would be more than happy to refinance you into a conventional loan.

Alex Greer
Loan Officer
NMLS #1056079

1 vote Thank Flag Link Wed Jan 8, 2014
Just send me an email if you have any questions
Flag Thu Jan 9, 2014
I will think about this and let you know Thanks
Flag Wed Jan 8, 2014
Is there a commecial component to the property? If so, what percentage? Feel free to give me a call to discuss. I do loans all over the U.S.

Bank of America
1 vote Thank Flag Link Wed Jan 8, 2014
In our region, this configuration is not uncommon, however, a "commercial loan" for such a property sounds a bit misplaced, especially if, as you describe, you live in one part of the property, and someone in the other part, which almost sounds like a residential property, that would be best served with a residential mortgage.

Unless there are other circumstances for it, a commercial loan is typical for properties that are either used commercially, or are situated in a commercial zone/district, or may have been a commercial property at the time of acquisition, etc. Depending on the use and use code, you may be able to "replace" (refinance) a commercial loan with a lower interest rate residential loan -- if the house supports the loan to value ratio the bank wants to see, and if you qualify for the payments based on income and credit underwriting used in today's economy.

Check with a local agent, loan agent, or mortgage banker for more specific and precise clarifications on what you'll need to have ready to get this sort of evaluation under way. Good luck.

J. Mario Preza
1 vote Thank Flag Link Wed Jan 8, 2014
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