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Loan Programs

Step 1

The Pre – Qualification Process

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Step 2

Make the Offer to Purchase

Step 3

Acceptance of the Offer

Step 4

Meeting all Deadlines

Step 5

Last Minute Details

Home Loans

Home Loans

A person’s primary residence is the dwelling where they live, typically a house or an apartment. A person can only have one primary residence at any given time, though they may share the residence with other people.

A primary residence is considered a legal residence for the purpose of income tax and/or acquiring a mortgage.

Advantages:

  • All interest on the mortgage is tax deductible*
    *Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
  • Establishes credit history.
  • Secured investment.
  • May Build equity.
  • May be used to borrow against.
  • Gift funds may be allowed depending on loan program requirements.

Refinancing is the process of paying off one loan with the proceeds from a new loan, using the same property as security. Cash received by the borrower at closing may not exceed $2,000 (not allowed in Texas). Status varies depending upon State Law. The purpose is, as the name implies, to reduce the interest rate, payment, and/or overall term of the mortgage.

Advantages:

  • May reduce the interest rate, payment, and/or overall term of the mortgage.
  • Limit of $2,000 cash (varies depending upon State Law).

Competitive Interest Rates

When it comes to local knowledge and local decisions on home financing– go with people you know! Supreme Lending offers competitive interest rates and terms plus first rate service you can depend on. For more information, call us today!

Apply Online

Condo Loans

First Home

Purchasing a Condo is the process of acquiring a property for the purpose of primary residence, second home or investment property.

Advantages:

  • All interest on the mortgage is tax deductible*
    *Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if your mortgage interest will be eligible as a tax deduction per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
  • Establishes credit history.
  • Secured investment.
  • May build equity.
  • May be used to borrow against.

Second Home

A “second home” refers to private ownership of a residence other than one’s primary residence. Depending on their purpose, second homes are sometimes called vacation homes, or secondary residences. The property must be available for your exclusive use and enjoyment and must not be subject to any rental pools or long-term leases.

Advantages:

  • Buy the home now while employed and retire in it later.
  • May build wealth with additional equity.
  • Similar terms to primary residence loan.

Investment Property

An investment property is a real estate property that is not occupied by the owner and has been purchased with the intention of earning a return on the investment, either through rent, the future resale of the property, or both. It can be a long-term endeavor, such as a rental home, or an intended short-term investment in the case of rehabilitation (where a property is bought, remodeled or renovated, and sold at a profit).

Advantages:

  • Capital growth.
  • Rental income and yield.
  • Tax shelter*
    *Supreme Lending is not a licensed CPA or Tax consultant and therefore, cannot determine if an investment property will provide a tax shelter per IRS code. You are advised to contact a tax professional. This in no way implies you are guaranteed a tax credit.
  • May build wealth.

Competitive Interest Rates

When it comes to local knowledge and local decisions on home financing– go with people you know! Supreme Lending offers competitive interest rates and terms plus first rate service you can depend on. For more information, call us today!

Apply Online