The Mortgage Rates Fluctuated
My neighbor came up with a great idea for both of us to have a way to make money, and still have our kids with us. She thought that we should open up a daycare that would be located in the heart of the city. This way, parents could still be very close to their children throughout the business day.
I was not so sure about it, because I knew that we would have to get a commercial mortgage loan to purchase a building that was right in the heart of the city. If it did not work, then we would be stuck with still making the payments and without jobs at the same time.
I called a commercial mortgage advisor to ask what their opinion of this idea was and the woman I spoke to thought that it was a fabulous idea. She would love to have a daycare within walking distance of her office. She even knew about a building that was available, that would work great for a daycare.
She came to meet with my neighbor and me and discussed the price, mortgage rates, down payment and everything else we needed to know when applying for a commercial mortgage. We applied for the amount of the building the advisor had suggested and waited to hear back.
On the day she called to let us know if we had gotten the loan or not, the mortgage rates fluctuated a bit and we ended up with a better rate and payment than we had anticipated.