Mortgage Loans

 

Buying a new home should be a pleasant experience.

jan_reedWe can help make it that way by taking the worry out of applying for a mortgage.  Jan Reed is the mortgage expert at Commerce Bank and she can help with the mortgage for your dream home.  Call Jan at (662) 396-6235 to discuss how Commerce Bank can help you get the mortgage that is right for you.

Select A Mortgage Loan To Fit Your Financial Situation. Before you apply for your mortgage loan, you’ll need to decide which type of loan may be right for you.

Conventional Loans have a fixed rate and monthly payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same. A conventional mortgage loan generally requires higher down payment than a Rural Development Loan or an FHA Loan.

Rural Development Loans assist us in providing households the opportunity to own dwellings as their primary residence with 100% financing and in most cases with the closing costs rolled in. 

FHA Loans offer lower interest rates, require a relatively small down payment, and are insured through the Federal Housing Administration.

Once you know approximately how much home is in your price range, use the guide below or our convenient Mortgage Loan Calculator to estimate your monthly payments based on the principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes, insurance and mortgage life insurance are also not included on the chart, but may be added to your monthly payments.

Monthly Mortgage Payment Guide

Mortgage Amount   4% APR 5% APR 6% APR 7% APR 8% APR
$ 60,000   $ 286 $ 322 $ 360 $ 399 $ 440
$ 80,000   $ 382 $ 429 $ 480 $ 532 $ 587
$ 100,000   $ 477 $ 537 $ 600 $ 665 $ 734
$ 120,000   $ 573 $ 644 $ 719 $ 798 $ 881
$ 140,000   $ 668 $ 751 $ 839 $ 931 $ 1,028
$ 160,000   $ 764 $ 859 $ 959 $ 1,064 $ 1,174
$ 180,000   $ 859 $ 966 $ 1,079 $ 1,198 $ 1,321
$ 200,000   $ 955 $ 1,074 $ 1,199 $ 1,331 $ 1,468

The above rates are for illustrative purposes only. They are based on the Annual Percentage Rate (APR) indicated for principal and simple interest with a term of 30 years. We offer a variety of mortgage plans.

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. And whether you apply with us for a new mortgage to buy the home you want, or to refinance your present mortgage, ask about a Homeowner’s Credit Line. It can help you save on fees when you apply, interest when you want to borrow money, and on taxes at the end of the year. For more details, call our mortgage loan expert Jan Reed at (662) 396-6235.

 

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

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