Mortgages and Renewals
Most consumer real estate mortgages are written for terms of five years or fewer, even though their amortization periods (the time it would take to pay off the entire mortgage were interest rates to stay the same) may be between 10 and 30 years. When the term ends, the mortgage is due and payable. At this point, most mortgage holders take the opportunity to renew or to renegotiate. There are several points to consider when negotiating or renewing a mortgage.
Commercial Real Estate
Buying a commercial property requires extensive due diligence to ensure the buyer knows what they are getting, and generally comes with more extensive financing requirements. Several lawyers at Snyder & Associates are experienced in helping buyers and sellers achieve a smooth transaction.