Purchasing a Home

Buying your first home? Moving to a larger or smaller one? Relocating? Whether you're a first time buyer or a veteran, the more you know about buying a home, the easier it will be.

The hardest part is knowing what to expect and where to begin. You need sound information to get you started in the right direction - or to help you complete the process. Bank of Commerce / Mortgage can provide you with the guidance you need, so you can focus on finding the home of your dreams.

Home Loan Types

Though the number of mortgage programs and options has grown in the last decade, the type of loan that's right for you still depends on how much you can afford and what your future plans are. Depending on your personal situation, some home loans may be more attractive than others.

For example, a fixed-rate loan, the most popular option today, works best for those planning to put down roots. You've locked in your rate for the term of the loan, whether it's for 15 or 30 years. However, some buyers may opt for an adjustable-rate mortgage (ARM), because its initial interest rate is lower than a fixed-rate loan - and it lets you qualify for a larger loan amount. But with an ARM, the interest rate floats, meaning it may go up or down over the life of the loan, affecting the size of your mortgage payment.

Commercial, Construction, Rental and Investment Property

With each area so unique please contact Diana with your lending needs and she will be happy to provide you with all your options.
 

 Refinancing Your Home

Want to use the equity in your home for college tuition or home renovations? Switch an adjustable-rate loan to a fixed-rate one? Lower your monthly payments? Pay off your home faster by getting a shorter term? If so, you might consider refinancing your home.

When is the Time Right to Refinance?
Many factors go into determining if it's right for you to refinance. To determine if it's the right time for you to refinance, contact Diana.

Refinancing Loan Types
Though the number of mortgage programs and options has grown in the last decade, the type of refinancing loan that's right for you still depends on how much you can afford and what your future plans are. Depending on your personal situation, some loans may be more attractive than others.

Home equity lines of credit
Second mortgages for purchase or cash out

Second mortgages, more popularly known as home equity loans, provide a way for homeowners to finance just about anything, from kitchen remodeling to college for your kids. A home equity loan gives you a fixed interest rate on a lump sum for a major expenditure - putting the equity in your home to work for you.

Equity loans are popular because the interest charges are tax-deductible, just as interest is deductible on first mortgages.

Give Diana a call or send an email now
to employ her expertise for
 your loan transaction!