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Will I have to get a mortgage insurance?

Home Financial Advisors Will I have to get a mortgage insurance?

  • Avatar robie55 
    Participant
    Status: Small Business Owner
    Posts: 1
    Joined: 03/27/2017
    Disability Insurance

    I need to buy a warehouse for the storage of our construction equipment. Our current rented space is small and congested.

    We decided to buy a property on a loan. Apparently, from this online page, https://www.butlermortgage.ca/mortgages/purchase/residential-commercial-mortgages/commercial-mortgages/ I was able to understand that I can get a max loan to value of 75%. In that case, I hope I wouldn’t require a mortgage insurance.

    Is it necessary to get a mortgage insurance? Please share your suggestions.

    Thanks.

    #41513 Reply
    Craigy Craigy 
    Participant
    Status: Spouse
    Posts: 1863
    Joined: 09/16/2016

    Question is one for your lender.

    You could shop multiple lenders and see what their policies are.

    Commercial loans are their own ballgame.

    LEVEL 1 WCI FORUM MEMBER.

    #41534 Reply
    Avatar adventure 
    Participant
    Status: Spouse
    Posts: 1117
    Joined: 10/24/2016

    Talk to many folks, both small local banks and credit unions, and large lenders.

    Or a place online such as OnDeck (they sponsor Mike Rowe’s podcast).

    Or maybe a line of credit if you just need the cash for a shorter timeline?

    #41566 Reply

Reply To: Will I have to get a mortgage insurance?

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