Home Mortgage Loans
Secondary market only.
Commerce Bank of Arizona offers a wide variety of mortgage solutions for purchasing a new home or refinancing an existing home.
(Residential mortgages are available for single family residences of one to four units on primary residences, second homes and vacation homes. Certain interest paid may qualify for a tax deduction; consult your tax advisor for further information.)
Conventional Home Mortgages
Whether you are a first time home buyer or moving to a new home, Commerce Bank of Arizona works to find the best financing solution to meet your needs. There are a variety of products available for new home purchases as well as vacation and second homes.
Refinancing an existing home loan can meet personal financial needs such as reducing monthly payments or combining a first and second mortgage.
This refers to non-conforming loans over $417,000. Commerce Bank offers 30 and 15 year fixed rate mortgage and competitive ARM products.
Conventional Loan Terms
Want stability? A fixed-rate loan gets you evenly divided monthly payments spread over 15 or 30 years. You'll know exactly what your principal and interest payments will be each month for the life of the loan.
Want flexibility? Payments tend to be lower with an adjustable-rate mortgage (ARM) because you share some of the lender's risk if interest rates rise significantly in the future. (Annual and lifetime floor and ceiling caps on the loans keep rates in check.) Generally, ARMs are easier to qualify for than fixed-rate loans and they offer significant savings up front, allowing you to plan for larger monthly payments that will begin after the initial rate period has expired.
FHA and VA Mortgages - This is a practical product for first-time homebuyers.
Purchases and Refinances
FHA financing allows a buyer to make a down payment as low as 3.5% of the purchase price, allows for easy qualifying if you have less than perfect credit, and allows you to finance up to an additional $5,000 for a home repair escrow all in one loan.
VA financing allows you to purchase a home with little or no down payment. To obtain your Certificate of Eligibility contact your local VA office to complete VA Form 26-1880, Request for Determination and Available Loan Guaranty Entitlement or check this website:
US Departments of Veterans Affairs
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Full Documentation for Income and Asset verification:
- Most recent pay stubs for the last two pay periods
- Last two years of W-2 statements and / or 1099’s for all borrowers
- Social Security award letter, if applicable
- Pension letter, if applicable
- Last two years tax returns, all schedules, all pages to include K-1’s and / or a copy of the filed extension, if applicable
- Year-to-date profit and loss statement and balance sheet, if beyond June 30th
- Copies of most recent bank account statements all pages, front & back
- Copies of most recent asset account statements all pages, front & back, including money market funds, mutual funds, stock accounts, IRAs, CDs, etc.
Miscellaneous Borrower Documents - If applicable
- Trust Agreement, all pages
- Divorce decrees, child support agreements, or separate maintenance agreements
- Copies of any lease agreements for any rental properties you own
- Purchase contract, if buying home