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Commerce Bank

Commerce Bank is committed to residential real estate funding and offers a variety of loans.  The latest to come into their fold is the 5-1 Interest only adjustable rate mortgage.  The fixed interest term is 5 years and all the customer pays is the interest for that time.  They also offer a one year adjustable rate mortgage. With a low interest rate for the first year it’s just right for the purchaser to get settled in his new home and take advantage of those favorable market trends.  Jumbo loans are available in both fixed rate and adjustable rate types.

Commerce Bank offers fixed rate balloon mortgages.  This type of loan has a fixed payment amortized on a 30 year schedule, with a short term.  The balance is due at the end of the term.  A first time buyer program is available.  These require a low down payment, some of which may be a gift.  They are subject to income limitations.  A no income verification fixed rate mortgage is available and is ideal for the self employed.  It may be used for purchase or refinancing.  Home equity lines of credit are available as well.  These have the advantage of no closing costs on loan under $100,000, no application fees, no title fees and no points. The interest may even be tax deductible (check with your tax preparer).

Commerce Bank is part of a lager holding company called Commerce Bank Holding Corp.   Commerce Bank Holding Co. is actually a wholly owned subsidiary of Mercantil Servicios Financieros, the largest financial institution headquartered in Venezuela. Mercantil Servicios Financieros has 80 years of experience in banking, and offices in the United States and Europe. Commercebank has assets in excess of $3690 million and they posted a $40 million pretax profit for 2005.  The bank is headquartered in Coral Gables, Florida, with eight branches throughout Miami-Dade County, two in Broward County, one in Manhattan, New York, and one in Houston, Texas. It also has loan production offices in Tampa and in Weston, Florida. The bank offers a wide variety of domestic, international and personal banking services, including investment, trust and estate planning through its subsidiaries.  Commercebank was founded in 1979 in North Miami and became part of the Mercantil Group in 1987.

Commerce Bank’s mission statement says, “We are committed to providing unparalleled levels of customer satisfaction and flexibility through the latest available technology. We are constantly enhancing our product lines and services to meet the needs of our domestic and international markets. We are expanding our retail business, while continuing to focus on the South Florida commercial and real estate markets, and maintaining a strong position in the international arena as a leader in private banking, correspondent banking, and corporate banking.”


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