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legolas · Guest

My property is zoned B1. Does that affect the type of mortgage I can get?

nemmar · Site Admin

All local areas have their own zoning laws. In many areas when a property is zoned B1 and B2 it is a commercial zone/property. You will probably have to get a commercial mortgage loan to refinance this property since you already own it. The local mortgage lenders, banks and mortgage brokers will be able to give you a list of what your options are to get financing on this piece of real estate. Often commerical loans have a minimum amount that the borrower must take out which in turn requires the land/building to appraise at a minimum amount for the loan-to-value ratio to meet those lending requirements.