Residential Mortgage Loans
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, and vacation homes.
Call our mortgage expert today, Karmin Laramie Lynam 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. There are a variety of products available for new home purchases as well as vacation, and second homes. Let us know how we can help!
Jumbo Loans
These are non-conforming loans over $417,000. Commerce Bank offers 30 and 15 year fixed rate mortgage and competitive ARM products.
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. 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.
Information Needed
Full Documentation for Income and Asset verification:
Salaried Borrowers
- 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
Self-Employed Borrowers
- 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
Deposit Verification
- 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
