Mortgage Refinancing
Refinance your mortgage.
There are many reasons our customers consider a mortgage refinance. Whether it’s debt consolidation, switching from an adjustable-rate loan to a fixed-rate loan, cashing out equity to address other costs, paying less interest with a shorter-term loan or converting an FHA loan to a conventional mortgage, we have the solutions1 to address your needs.
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Find the rate, term and amount you need – and bring it home.
Explore a few of the solutions we offer for your home financing needs.
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Strategies that make sense.
Refinance for lower monthly payments or to shorten your mortgage term.
One of the most common reasons to pursue a refinance is to lower your monthly payments. If you can save money by obtaining a lower rate than the rate you originally got (factoring in fees and associated costs), you may be able to decrease your monthly payment and/or pay off your mortgage faster, potentially saving money on interest paid over the longer term.
Change your mortgage or remove private mortgage insurance (PMI)
A refinance may make sense if you want to:
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Convert your adjustable-rate mortgage (ARM) to a fixed-rate (e.g., to get a more stable rate)
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Convert your fixed-rate mortgage to an ARM (e.g., to lower your monthly payment or shorten your loan’s length)
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Remove PMI (a type of insurance that protects the lender from default)
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Convert your FHA loan to a traditional mortgage
See the Should I refinance my mortgage? calculator to get started.
Use a cash-out refinance to access your home’s equity.
You home has value as an asset, and you may be able to use it as collateral to borrow money to use toward other expenses such as remodeling or repairs.
Weigh options carefully and do the math.
A refinance may not be the best option for you if you’re using it to pay off debt from overspending or if your debt-to-income ratio is too high.
How does a refinance work?
Typically, a refinance requires a property appraisal, processing, and closes in about a month. The terms of the new mortgage may include a “cash out” provision, which allows you to access your home’s built-up equity to use toward other financial goals. Once completed, your refinance results in a new loan with a new payoff term, new interest rate and new cost.
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Estimates at your fingertips.
Use our free mortgage calculators to get estimated answers to your financing questions, such as:
Get refinanced: Here’s what you’ll need.
For a refinance, you can help speed up the loan decision process by providing:
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Total monthly income, before and after taxes
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Current pay stub(s) for most recent 30 days of pay
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W-2 forms from the previous two years
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Bank statement(s) for the past two months from the account(s) you’ll use for closing costs
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Deposit for prepaid third-party charges (ask your Mortgage Banker)
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Personal federal income tax returns with all schedules for the past two years if you're self-employed, own 25% or more of a business or receive commission-based income.
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Mortgage made simple.
Our goal is to make the mortgage loan process straightforward and easy to navigate. Whether you meet with a mortgage banker face-to-face, through chat or over the phone, we’re here to help every step of the way.
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Disclosures:
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Commerce Bank Mortgage supports the markets and communities within our geographic regions and reserves the right to limit the geographic area in which loans will be made. Commerce does not lend in Maryland.
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Minimum loan amount is $766,550 where Jumbo Mortgages are offered, except in the Denver metropolitan area. In the Denver metropolitan area, minimum loan amount is $856,750 (single family residence) in most counties.
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Borrowing limited to homes in low- and moderate-income census tracts located in the Denver, Houston, Kansas City, St. Louis and Wichita areas. To determine if your property might be eligible, please contact your local Commerce Bank Mortgage Banker.
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