Mortgage Loans

 

Buying a new home should be a pleasant experience.

Whether you are ready to buy your dream home, want to refinance, or you are just getting started on your home mortgage research, we are here to answer all of your questions and help you feel confident about your financial decisions.

Call our mortgage specialist Jenny Armstrong at (662) 396-6250 to discuss how Commerce Bank can help you get the mortgage that is right for you.

Once you know approximately how much home is in your price range, use our convenient Mortgage Loan Calculator to estimate your monthly payments based on the principal and interest. Closing costs are added to the loan amount at the time you take out the loan.

 

Available Mortgage Types

Conventional loans are the most traditional home loans with fixed rates.

  • First -Time Homebuyers are only required to bring a 3% down payment. All other borrowers are required to bring 5%.
  • Private Mortgage Insurance (PMI) will be applied to all loans with down payments lower than 20%. PMI can be removed once 20% equity is paid into the home.

FHA loans are low-risk loans insured by the Federal Housing Administration.

  • All homebuyers are required to bring 3.5% down payment.
  • Offers more lenient credit and income qualification.

VA loans are government insured loans for qualified Veterans and Active Military Service Members.

  • VA loans allow for 100% financing which means no down payment!
  • Surviving spouses can qualify for a VA loan.

USDA loans are government insured loans for qualified rural areas.

  • USDA allows for 100% financing which means no down payment!
  • Household income limits due apply with qualifying. Ask your Commerce Bank Lender for details on qualifying areas.

 

Is Refinancing Right For You?

Generally, it’s a good idea for you to consider refinancing whenever the interest rate for mortgages is more than two percentage points below your present mortgage. For more details, call our mortgage specialist Jenny Armstrong at (662) 396-6250.

 

Click Here to apply or call our mortgage specialist Jenny Armstrong at (662) 396-6250.  You can email Jenny at jarmstrong@commerce-bank.com.

 

View the Nationwide Mortgage Licensing System (NMLS) Registry for Commerce Bank here.