I am planning to start a business. And I need a financial support for that. Nothing other than a mortgage would help me! But I have some issues. I already have a 15-year home mortgage which I took 6 years back. I haven't failed to make the payments on time and I have a good credit score too. So, is it easy for me to get a second mortgage?
I came across the details of commercial mortgages from the site of one of the mortgage brokers in Toronto. I thought of consulting them. But, as I am not familiar with the risks of a commercial mortgage, I want to know more about it, before consulting them.
Is there any hidden risk for commercial mortgages? What all documents are necessary for the application process? My home mortgage is an open-end fixed rate mortgage. But, I am confused about choosing a mortgage for business. Which do you think would be better: Closed-end or open-end & fixed rate or variable rate?
I think, an open end mortgage would help me in future if I need more money for renovation or any other related work. I came to read about the mortgage solutions in Ontario( http://www.northwoodmortgage.com/mortgage-solutio… ). I must take a decision soon. So, please help me with your suggestions and experience as soon as possible. Thank you.