If you have a business and its experiencing cash flow problems, you have a couple of options that might just solve the issue. Among these is attracting investors or mortgaging a real property that you own. In the first instance, it might not work if you have a small mom-and-pop business that caters to the neighborhood. In such case, your remaining option would be to get a mortgage. However, the mere word sends a shiver down your spine.
Have no fear though as these solutions can make it easier for you.
Get a Short-Term Mortgage
Some lender may advise you to get a 30-year over a 15-year mortgage, but hey, their job is to convince you to get a longer one because they can also earn bigger from that. While it’s true a short mortgage will make you fork out a little bit more each month, it can potentially help you save money on the deal. According to thesimpledollar.com, short-term mortgage usually equates to lower interest rates. So instead of glumly computing the huge amount you have to pay each month, look on the bright side because you’ll have a lower interest rate and charges won’t be that big.
Set a Settlement Goal
Sometimes, even a 15-year mortgage term would sound vague if no actual date is set. Once your Utah lender approves your mortgage application, request for a payment sheet and post it where you can easily see it. After a couple of months or years, seeing the payoff date drawing nearer could energize you to make your business better so you would have enough money to pay your mortgage.
Get the Balance Right
There are instances when borrowers have already overpaid and yet never realized it. While most lenders would advise their clients about this, there are a few who might take advantage and just continue receiving payment. It would be greatly beneficial if you ask for statement time and again to check the amount you still owe.
If you are in Salt Lake City and you need additional funding for your business, you can always seek advice from a mortgage company to know the best options available for you. With the money that you can get from your loan, your business won’t be suffering more cash flow problems.