Mortgage Do's And Don'ts

Mortgages can be tricky, and it's easy to make mistakes that can end up costing you dearly. That's why we've put together this list of Mortgage Do's and Do not's to help you navigate the process with ease - and a little bit of humor.

DO: Shop around for the best mortgage rates

DON'T: Assume your bank will give you the best rate just because you have a checking account there. Remember, loyalty is a two-way street.

DO: Have a budget in mind

DON'T: Get in over your head. Just because you can technically afford a million-dollar mansion doesn't mean you should buy one. You don't want to be house-poor and unable to afford groceries.

DO: Get pre-approved before house-hunting
.

DON'T: Assume you'll be approved for a mortgage just because you have good credit. Pre-approval is important because it gives you a better idea of how much house you can afford and shows sellers that you're serious.

DO: Consider your future plans

.
DON'T: Assume you'll live in your new house forever. Life happens, and you may need to sell sooner than you think. Make sure you're not getting into a mortgage that you can't realistically afford if you need to move in a few years.

DO: Get pre-approved before house-hunting
.

DO: Consider your future plans

DO: Read the fine print

DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.

DO: Be prepared for unexpected expenses

DON'T: Assume everything will go smoothly. There may be unforeseen expenses, like a leaky roof or a broken furnace, that can quickly drain your savings. Be sure to budget for these types of surprises.

DO: Read the fine print

DON'T: Sign on the dotted line without reading the terms and conditions. There may be hidden fees or clauses that could come back to haunt you later.

DO: Be prepared for unexpected expenses

DO: Have a good sense of humor

DON'T: Take everything too seriously. Yes, buying a house and getting a mortgage can be stressful, but try to find the humor in the situation. After all, laughter is the best medicine for a stressful day.

By following these Mortgage Do's and Do not's, you'll be well on your way to successfully navigating the mortgage process - with a smile on your face. Good luck, and happy house hunting!

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💼 Event Venue Ownership: A Real-Life Success Story & Financing Guide 🏆

🏢 From Renter to Owner: How One Event Center Made the Leap 🚀

Bill Rapp, Commercial Mortgage Broker

August 15, 2025•2 min read

🏢 From Renter to Owner: How One Event Center Made the Leap 🚀

💼 Event Venue Ownership: A Real-Life Success Story & Financing Guide 🏆

🧾 From Renter to Owner: An Event Center Success Story

For years, many event center owners have been stuck in the same cycle—paying rent, dealing with landlord restrictions, and watching overhead costs eat into their profits. But what if you could flip the script, build equity, and secure a permanent facility for your business?

This is exactly what one local event center owner did—and their journey from renter to owner shows how strategic financing can turn a dream into a reality.

The Challenge

Running a successful event center requires stability. Unfortunately, renting means your lease terms—and future—are in someone else’s hands. Rising rents, building maintenance issues, and the risk of non-renewal make it hard to plan long-term.

The Breakthrough

After years of leasing, this event center owner connected with our mortgage brokerage team to explore owner-occupied commercial real estate financing. By leveraging their business’s strong financials and a SBA 7A loan program, they were able to:

· Secure long term 25 Year quarterly Floating Rate financing

· Construct their existing location on their land parcel

· Reduce monthly payments compared to leasing

· Gain valuable tax benefits through property ownership

Why Owning Beats Renting for Event Centers

Owning your venue isn’t just about pride of ownership—it’s a smart financial move.

· Equity Growth: Every mortgage payment builds long-term wealth.

· Predictable Costs: Eliminate unpredictable rent increases.

· Creative Control: No landlord restrictions on renovations or branding.

· Retirement Security: Your property can be sold or leased for passive income later.

Financing Options for Event Centers

Depending on your situation, several loan types may fit:

· SBA 504 Loan – Low down payment financing for commercial real estate.

· SBA 7(a) Loan – Flexible use of funds for property purchase + working capital.

· Conventional Commercial Loan – Competitive rates for strong borrowers.

Final Takeaway

If you’re an event center owner tired of throwing money away on rent, there’s a path to ownership that could strengthen your business for decades. With the right financing strategy, you can make the leap—just like our client did.

📞 Ready to explore your options? Contact us today to see how we can help you own your venue and build your business’s future.

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Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: • Fixed-rate mortgages: Offering stability with predictable monthly payments. • Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. • FHA loans: Making homeownership accessible with lower down payments. • VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: • Purchase loans: Financing the acquisition of new buildings or land. • Construction loans: Facilitating the development of your project. • Refinance loans: Restructuring your existing mortgage for better terms. • SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: • Expertise: Our brokers have a deep understanding of both residential and commercial lending. • Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. • Streamlined Process: We handle the paperwork, keeping you informed every step of the way. • Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

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🧮 Renovation ROI Calculator

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