How can you Qualify for a Commercial Mortgage?

1. How can you qualify for a Commercial Mortgage? You already know that commercial mortgages are money that you borrow to purchase commercial property. They are different from residential mortgages in a number of ways. Using a commercial mortgage, you can even buy residential properties that commercial purposes. commercial properties are riskier than normal properties. are meant In for general, Here are the criteria that you have to satisfy in order to qualify for a commercial mortgage. 1.Debt Service Coverage Ratio The amount that the lenders will let you borrow is directly related to how much debt you already have. What matters here is how much debt you have relative to your cash flow. 2.Credit Score A good credit score can help you in getting a good commercial mortgage rate. A good credit score is a sign that someone responsible is asking for a loan. With a lower credit score, the chances of you being approved for a commercial mortgage also decrease. 3.Down Payment The down payment for a commercial mortgage is more than the residential mortgage. It is generally between 20 – 35% for a mixed-use property and 50% for a purely commercial property. If you are looking for the best commercial mortgage rate for your needs in Canada, you must visit the official website of RateShop.ca. We have various lenders working with us who want to provide you with the best mortgage rates for your needs. Visit our official website today and we will ensure that you get the best mortgage rates for your requirements.