by Commerce Home Mortgage | Dec 14, 2020 | Glossary of Mortgage Terms, Resources
With so many mortgage terms to learn, it helps to have a quick glossary at hand when choosing the type of mortgage for you. Here’s our short list of mortgage types and terms to consider when getting ready to borrow. Our Loan Advisors can help you learn more,... by Commerce Home Mortgage | Nov 30, 2020 | Resources
Fannie Mae is no longer allowing any credit report items to contain a “dispute”. If you are thinking of purchasing a home or refinancing, and have a ‘disputed’ item on your credit report, please follow these general guidelines. If the consumer initiated the original... by Commerce Home Mortgage | Nov 30, 2020 | Resources
The most widely used credit scores are FICO scores, which were developed by Fair Isaac & Company, Inc. (and they’re named after their inventor.) Your FICO score is between 350 (high risk) and 850 (low risk). Past delinquencies, derogatory payment behavior,... by Commerce Home Mortgage | Nov 30, 2020 | Resources
Before you reach the closing day on your home purchase, you will want to make a decision as to how you will “hold title” to the property. This decision has legal, tax and estate planning ramifications. Therefore, it may be prudent to consult an attorney or... by Commerce Home Mortgage | Nov 30, 2020 | Resources
The Good Faith Estimate is a document that you will receive notifying you of estimated fees in obtaining a new mortgage. Fees are classified into two categories: non-recurring closing costs and recurring closing costs. The estimates given for the non-recurring closing... by Commerce Home Mortgage | Nov 30, 2020 | Resources
Deductible Homeowners Expenses One of the advantages of owning your own home is that the home mortgage interest and real estate taxes paid can be deducted from your federal income tax.* To do so, youll need to comply with current tax laws and complete the appropriate...
