What Is The Difference Between Commercial And Residential Mortgages?

Before applying for a loan to purchase property, you need to know your options. Mortgage loans are of two types; commercial and residential mortgages. What is the difference between commercial and residential mortgages. From their naming, you can easily figure out that if you need a mortgage for a business, you should apply for a commercial mortgage. Conversely, if you need a mortgage for your home, you should apply for a residential mortgage. However, there are other distinctions that you should be aware of, as you will see below. Please consult with a Long Island mortgage banker for better knowledge in this area.

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