Residential Mortgages
We are building relationships one loan at a time! Commerce Bank of Arizona offers a wide variety of mortgage solutions, whether you are purchasing a new home, refinancing an existing home or just wanting to learn more about our mortgage products we have to offer. Residential mortgages consist of single family residences 1-4 units on primary residences, second homes, vacation homes, and investment properties.
Call our mortgage expert today, Karmin Laramie 520-797-6655.
Conventional Loan Products
Refinance
Commerce Bank of Arizona has several mortgage options available you could use for debt consolidation or accessing cash from equity that may have built up in your home. Refinance loans can be used to help with many personal financial situations such as reducing monthly payments, combining a first and second mortgage, home improvements, college tuition and more.
Purchase
Whether you are a first time home buyer or trading up to a larger home, Commerce Bank works to find the best financing solution to meet your needs. With products for new home purchases as well as, second, vacation and investment homes, we can help. Financing options available up to 97% loan-to-value ratio with Private Mortgage Insurance (PMI) coverage. Ask about first time home buyer down payment assistance programs.
Jumbo Loans
These are non-conforming loans over $417,000. Commerce Bank offers 30 and 15 year fixed rate mortgage and competitive ARM products with full documentation, alternate documentation and limited documentation.
Non-Owner Occupied
Looking to invest in residential real estate? Maybe you already own investment property and would like to refinance? We have various products available with low rates and reduced fees to accommodate your financial goals.
Bridge Loans
A bridge loan is interim financing typically up to 1 year. Common use for a bridge loan, in conjunction with residential real estate, would be a consumer purchasing a new residence and plans to make a down payment with the proceeds from the sale of a currently owned home. The currently owned home will not close until after the close of the new residence. A bridge loan allows the buyer to take equity out of the current home and use it as a down payment on the new residence, with the expectation that the current home will close within a short time frame and the bridge loan will be repaid.
Conventional Loan Terms
Fixed-Rate
Want stability? A fixed-rate loan gets you evenly divided monthly payments spread over 15 or 30 years. You'll know exactly what your payments will be next month, or 120 months from now. Other loan types might offer somewhat better rates, but this is the one you'll never have to think of again.
Adjustable-Rate
Want flexibility? Payments tend to be lower with an adjustable-rate mortgage (ARM), because you share some of the lender's risk should interest rates rise significantly in the future. (But don't worry too much. Annual and lifetime caps keep rates in check.) Generally, ARMs are easier to qualify for, allow you to buy a little bit more of a home, and offer significant savings up front - which you could use to buy needed household items, or to "grow" into future payments after promotions or pay raises at work.
Interest Only
Do you get large bonuses or are you self-employed? An interest only payment plan allows you to pay only the interest for a specified number of years, typically between 3 and 10 years. This allows you to have smaller monthly payments for a period of time. After that, your monthly payment will increase – even if interest rates stay the same – because you must start paying back the principal as well as the interest each month.
