Bank of Commerce Mortgage Reviews

Disclosures from Bank of Commerce Mortgage indicate that its rates for 30-year fixed-rate mortgages range from 6% to 6.50% as of the time of publishing. For reference, the national average 30-year fixed-rate mortgage is 6.46%, according to Freddie Mac.

Bank of Commerce Mortgage publishes its current rates for loans on its website. For the most accurate rates based on your individual situation, contact Bank of Commerce Mortgage or get prequalified on its website.

Mortgage rates vary based on your credit history, the type of loan, the loan amount, your down payment and the loan term.

Bank of Commerce Mortgage offers a variety of mortgage products, including:

• FHA
• Conventional
• Jumbo
• USDA
• VA

Bank of Commerce Mortgage loan maximum

The maximum loan you can get with Bank of Commerce Mortgage depends on the type of loan you apply for and your financial qualifications. In general, the maximum loan you can get through Bank of Commerce Mortgage is $1.5 million through a jumbo loan.

In most of the country, conforming loan limits in 2024 are $766,550 for single-unit properties. In Alaska and Hawaii, the limit is $1,149,825. Limits in high-cost counties in the other 48 states can be above $766,550 but are never higher than $1,149,825.

Below are the basic requirements borrowers must meet to take out a loan with Bank of Commerce Mortgage.

Bank of Commerce Mortgage minimum credit score

The minimum credit score requirement for a loan from Bank of Commerce Mortgage depends on the type of loan you apply for:

• 580 for a FHA loan
• 620 for a conventional loan
• 700 for a jumbo loan
• 600 for a USDA loan
• 580 for a VA loan

Even if you can’t meet these credit score requirements, you might be able to apply for a nonqualified mortgage through another lender. Note that this will likely result in a higher interest rate.

Bank of Commerce Mortgage minimum down payment

The minimum down payment for Bank of Commerce Mortgage depends on the loan type:

• 3.50% for a FHA loan
• 3% for a conventional loan
• 20% for a jumbo loan
• 0% for a USDA loan
• 0% for a VA loan

Conventional loans typically require a higher credit score and down payment than you need for a government-backed mortgage, but individual cases may differ.

Bank of Commerce Mortgage maximum debt-to-income ratio

Bank of Commerce Mortgage recommends that all borrowers have a debt-to-income (DTI) ratio of no more than 43%. Bank of Commerce Mortgage’s maximum DTI ratio depends on the loan type and your financial situation.

For reference, most lenders issue conventional loans to those with a DTI ratio below 36%, but some mortgage lenders and loan types allow for a DTI ratio of up to 45%. Some FHA-insured loans may even allow for a DTI ratio of up to 50%.

Bank of Commerce Mortgage’s application can be completed online, by phone or in person. Be prepared to provide information about your income and assets so that Bank of Commerce Mortgage can determine how much you can borrow.

Bank of Commerce Mortgage application features

» LEARN: How to get a mortgage

You can expect to pay from 0.5% to 1% of the loan in origination fees as part of your closing costs with Bank of Commerce Mortgage. This fee can vary, but we recommend that you plan to spend between 2% and 5% of your loan amount in closing costs on top of your down payment.