Posted on: 14th May, 2009 08:07 am
what is difference between home mortgage and commercial mortgage? can anyone explain with example.
a home mortgage is for a home that someone will use as a primary residence. the term is also used for transactions involving second homes, and even small (1-4 family) investment properties.
a commercial mortgage would pertain to a loan secured by a commercial piece of property (apartment building, office building, etc. for example).
a commercial mortgage would pertain to a loan secured by a commercial piece of property (apartment building, office building, etc. for example).
You are referring to RESIDENTIAL vs COMMERCIAL.
A residential loan is one you secure for residential type of properties up to 4 units. A commercial loan is one that is geared towards commercial type of properties which would include residential building greater than 4 units, stores, warehouses, office buildings, shopping malls, etc etc
A residential loan is one you secure for residential type of properties up to 4 units. A commercial loan is one that is geared towards commercial type of properties which would include residential building greater than 4 units, stores, warehouses, office buildings, shopping malls, etc etc
thanks
