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Home > Financial Services > Mortgage Brokers > Commerce West Mortgage & Inc.
Commerce West Mortgage & Inc.
A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan which is normally the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee which is usually a percentage of the loan or property amount.
Fixed rate mortgages are ones on which the interest rate and the monthly mortgage payment remains unchanged throughout the life of the mortgage. Jumbo Loans are larger in size than 359,650 dollars are called Jumbo Loans. They are called this simply because due to the loan size they exceed the loan amounts allowed by governmentally backed entities that help facilitate the availability of home loans.
Adjustable Rate Mortgages or ARM’s are products whose interest rates fluctuate over the period of the loan. With this type of mortgage, periodic adjustments based on changes in a defined index are made to the interest rate and payment. The index for your particular loan is established at the time of your application.
Balloon mortgages are long term mortgages that have some of the features of a fixed rate mortgage. This type of mortgage is payable in full after a period that is shorter than the actual stated term of the loan. However, the payments are amortized over a longer period keeping payments low.
A temporary buy down financial product is a mortgage on which an initial lump sum payment is made on behalf of the borrower to reduce a borrower’s interest rate and therefore their monthly payments. A buy down reduces the interest rate over the entire life of a mortgage.
CommerceWest is committed to helping you find the right mortgage product for your needs. They understand that every borrower is different, and they offer a variety of products to meet your individual requirements. They make the process of securing a mortgage simple and straight forward, by offering you the latest in financial tools that enable you to make sound financial choices.
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