Commerce Mortgage Professional Group

EXPERIENCE* PROFESSIONALISM *INTEGRITY

Home
About Us
Loan Products
Loan Process
Definition of Documents
B2B Referral Program
Online Directory
FAQ
Contact Us
Rent Vs. Own
Espanol

Q: I am self-employed and have found it difficult to get mortgage  financing. Would you have a loan for me?
A:  Yes we do. Commerce Mortgage Professional Group specializes in Non-Income Verifying programs designed especially for self-employed homeowners.
 
Q: Can I obtain cash out of the equity in my home?

A: Certainly. Commerce Mortgage Professional Group has programs available for you to get cash for home improvement, debt consolidation, college tuition or any other worth while purpose.

Q: Do I have to pay a fee to apply for a loan?
A:  No. We'll use the information you provide us to design the best program we can to help you save money. Your Licensed Mortgage Broker will then call you to discuss the details of the program. We're so confident you'll be pleased with the loan that this service is provided at no cost or obligation to you.

Q: Where do I close my loan?
A:  Commerce Mortgage close your loan at an office nearest you, and sometimes even in your own home.

Q: Are there any closing costs?

A:  Closing costs vary based on a number of factors — including the lender, mortgage type, purchase contract, and location — but they usually include the following:

  • Lender fees.  Your mortgage company may charge for expenses related to making the loan, including an appraisal fee, a credit report fee, origination points, and discount points.
  • Third party fees.  Charges for services not provided by your lender often include the settlement fee, title insurance, and attorney’s fees. 
  • Prepaid items.  Certain mortgage costs must be paid to your lender in advance. The most common of these are pre-paid interest, hazard insurance, and deposits to set up an escrow account.
Q:  Why must I pay for an appraisal?
A:  Commerce Mortgage Professional Group requires an appraisal because we lend on a percentage of the fair market value of your home. We use independent state-certified appraisers in your community who charge a fee for their service.
Q: What if I’ve had credit problems?
A:  Your credit history is only one factor in qualifying for a loan, and having made some late payments doesn’t have to keep you from buying a home.  Someone who has consistently made payments on time in the past may have more financing options than someone who has not, but that doesn’t mean a mortgage is off-limits if you’ve had credit problems.  In fact, CMPG offers a variety of mortgage options to help people with less-than-perfect credit become homeowners and leave credit challenges behind.

Q:  What will my mortgage payments include?
A:  For most borrowers, each monthly mortgage payment goes toward the following:
  • Principal, which is the total outstanding balance of the loan
  • Interest, which is the cost of borrowing money
  • Taxes, which are levied on the property by the local government
  • Insurance, which protects the owner and the lender from losses caused by fire and natural hazards