Unlock better terms or access equity with a commercial refinance. Cahaba Mortgage Group will help you reassess your loan and discover smarter options to support your business growth.
Our commercial refinance services are designed to help business owners improve loan terms, reduce monthly payments, or access property equity. Cahaba Mortgage Group will work with you to evaluate your current loan structure and compare refinancing opportunities that align with your long-term goals. Whether you’re looking to lower your rate or free up capital, we provide guidance every step of the way to help you make a confident move.
FAQs
What is a mortgage?
A mortgage is a loan used to purchase a home, where the property serves as collateral until the loan is paid off.
What is the difference between a fixed-rate and an adjustable-rate mortgage?
A fixed-rate mortgage has the same interest rate throughout the loan term, while an adjustable-rate mortgage (ARM) starts with a fixed rate and adjusts periodically based on the market.
How much do I need for a down payment?
The typical down payment ranges from 3% to 20% of the home’s purchase price, depending on the loan type and lender requirements.
How long does the mortgage approval process take?
The mortgage approval process typically takes 30-45 days but can vary based on factors like the complexity of the loan and the responsiveness of all parties involved.
What are closing costs?
Closing costs are fees paid at the end of the home-buying process and include expenses such as appraisal fees, title insurance, and attorney fees. They typically range from 2% to 5% of the loan amount.
What documents are required for a mortgage application?
You’ll need to provide documents such as pay stubs, tax returns, bank statements, identification, and credit history for the mortgage application.
What is an escrow account?
An escrow account is set up by the lender to hold funds for property taxes and homeowner’s insurance, which are paid on your behalf when due.
What credit score do I need to qualify for a mortgage?
Most lenders require a credit score of at least 620, but certain loan programs, like FHA loans, may allow for lower scores.
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