Resources

Handling a Dispute on Your Credit Report

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...

read more

Improving Your Credit Score

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, current...

read more

Holding Title

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 certified...

read more

Closing Costs

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...

read more

Tax Deductions

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...

read more

Down Payments

Verifying Assets for Your Down Payment, Closing Costs, and Reserve A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs and reserves. Down Payment and Closing Costs Documenting that the down payment...

read more

How Escrow Works

Title and escrow services are typically performed by the same company in Northern California and Nevada. In other areas, these services may be performed by two separate companies or by an attorney. To finalize the sale of the home a neutral, third party (the escrow...

read more

What’s a Debt-to-Income Ratio?

Your debt-to-income ratio is simply a way of determining how much money is available for your monthly mortgage payment after all your other recurring debt obligations are met. Debt Limit There is generally a debt limit associated with each type of loan, such as a...

read more

Why Do I Need Title Insurance?

Purchasing a home is probably the single biggest investment you will ever make. When you purchase property, what you actually acquire is title to the property. Your title encompasses ownership, use and possession of the land. However, title to property may be limited...

read more

FAQs for Consumers

1. What is the difference between a mortgage broker and a mortgage bank? A Mortgage Broker brokers loans out to other Lenders. A Mortgage Banker underwrites, funds and closes the loan in their own name. Because Commerce Home Mortgage operates as both a Mortgage Banker...

read more

10 Things Not to Do During Your Loan Process

Several things can affect a lender's ability to close a loan transaction successfully and on time. From the time that a loan transaction begins, to the time escrow closes, a Borrower's credit scores, account balances, debts, assets, employment and income are reviewed...

read more

Calculate Your Loan

  • %
  • Your Monthly Payment