National Bank of Commerce

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Residential Real Estate / Mortgage

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Home Mortgages. Lending you more than money.

First we listen. Then we act. And when we do, we do it with all the passion and creativity it takes to find the mortgage that’s right for you. And because we’re the financial experts, we can do what no regular mortgage broker can. Such as cut waiting times, offer flexible lending solutions and shorten the approval process. We can do these things because unlike most lenders, we have access to the financial resources and the people on-site who have the authority to make the final decisions. And with the strength of a bank behind us, you’re not just getting a loan. You’re getting a partner. National Bank of Commerce makes it even easier to apply with our online mortgage application.

Real Estate Loan Programs ⁽¹⁾

Conforming + Non-conforming Secondary Market Programs - Standard Fannie Mae, Freddie Mac, FHA and other saleable loan programs
Bank Portfolio Loan Programs - Numerous options available
Construction and Construction/ Perm Loan Programs - Single-Family home construction loans for primary residences and second homes
Land Loans - Loans for the purchase of residential lots

Home Equity Borrowing ⁽¹⁾

Want to make a major home improvement? Pay for your daughter’s perfect wedding? Consolidate all those credit card bills? Buy that boat you have always wanted? Whatever you need money for, you can benefit from the low interest rates and potential tax advantages⁽²⁾ of Home Equity Lines of Credit and loans. By using the equity in your home, you may qualify for a sizeable amount of credit, available for use when and how you please, at an interest rate that won’t make you think twice.

What is a Home Equity Line of Credit?

A Home Equity Lines of Credit (HELOC) is a form of revolving credit in which your home serves as collateral. Because your home is likely to be your largest asset, you will want to use its equity for those big expenses in life, such as education, home improvement or medical bills. A Home Equity Lines is approved for a specific amount of credit. Your credit limit is the maximum amount you may borrow at any one time under the plan.

How is the credit limit for your Home Equity Line of Credit determined?

You take a percentage (in this example it is 75%) of the home’s appraised value and subtract from that the balance owed on the exiting mortgage. For example:

Appraised value of home $100,000

Percentage x 75%

Percentage of appraised value = $75,000

Less balance owed on mortgage – $40,000

Potential Credit $35,000

In determining your actual credit limit, we will also consider your ability to repay, by looking at your income, debts, and other financial obligations as well as your credit history.

What should you bring to us when applying for a HELOC?

HELOC Application
1st Mortgage Verification
Copy of Appraisal
Mortgage Deed
Copy of Survey
Income Verification (W2’s, Pay Stub, or copy of tax return)
Insurance Declaration Page

To determine the amount of a Home Equity Line of Credit you are eligible for, please contact your National Bank of Commerce Banking Representative. The process is simple and in no time, you will be able to get back to what matters most... LIFE

(1) Loans and credit lines are subject to approval.
(2) Contact your tax advisor for details on tax advantages for your situation.