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Frequently Asked Questions
Supreme wants to provide you with helpful resources to make your loan process smooth. Use these tools to stay informed while you purchase your new home.
We guarantee what you expect: We will handle every detail of your transaction with integrity and courtesy while maintaining the security of your confidential information. We understand that timing can be everything so we promptly pursue and secure every financing and rate advantage for you.
Pre-qualification is a process by which a potential home buyer informs the lender of income and assets. The lender will quickly review credit history and provide a broad overview of what kind of house the consumer can afford. This does not carry much weight with realtors and home owners.
Pre-approval is where the lender runs credit to verify income and assets and will determine if there are any potential unknown credit issues that need to be addressed. The lender can give specific examples of monthly payments and loan programs. Buyers are most likely to be approved for a mortgage if pre-approved and REALTORS® and home owners see this in same light as a cash buyer.
Pre-approval is where the lender runs credit to verify income and assets and will determine if there are any potential unknown credit issues that need to be addressed. The lender can give specific examples of monthly payments and loan programs. Buyers are most likely to be approved for a mortgage if pre-approved and REALTORS® and home owners see this in same light as a cash buyer.
When you want to lower your interest rate, lower your payments, pull cash out, eliminate mortgage insurance, convert from an adjustable rate to a fixed rate loan, restructure high interest debt, invest, start up a business, or help family and friends.
As long as the value of the home warrants the amount you are looking to borrow. One thing you need to be aware of is how this might affect your interest rate and you may need mortgage insurance. If it is going to push your LTV over 80%, more than likely your are going to be charged a higher interest rate.
A Loan Estimate must be provided by a mortgage lender or broker in the United States to a customer, as required by the Real Estate Settlement Procedures Act (RESPA). The estimate must include an itemized list of fees and costs associated with the loan and must be provided to the applicant within three business days of applying for a loan.
The lender issues a commitment letter that states the lender agrees to provide a mortgage to the home buyer. Commitment letters help you set realistic goals while you are house-hunting, provide the same negotiating ability as a cash buyer and enable you to move quickly once the perfect home is found.
The annual percentage rate (APR) is the effective rate of interest for a loan if the calculation is based on the original loan amount less the closing costs. This is the rate that will appear on your preliminary Loan Estimate. Please note that the APR is higher than the interest rate on your Real Estate Lien Note.
Upon your request, your loan officer will search for the most competitive rate and “lock” your rate. The “lock-in” guarantees the home buyer an interest rate provided the loan closes with that buyer and specified property within a set period of time. The property lock-in also specifies the number of points to be paid at closing.
A ratio used by lending institutions to determine whether a person is qualified for a mortgage. Debt-to-income is the total amount of debt, including credit cards and other loans, divided by total gross monthly income.
A “paper trail” is copies of all paperwork necessary to prove a financial transaction: copies of all checks, deposit slips, loan paperwork, forms to liquidate assets, etc.
A Loan Estimate is sent to all borrowers after a loan application has been made, regardless of whether they have a contract on a property. The Loan Estimate Act is a federal law requiring lenders to reveal all of the terms of a mortgage. The APR that appears on the Loan Estimate will be higher than the interest rate on your Real Estate Lien Note.
The appraisal will be sent to the customer before closing.
The lender requires an appraisal on all transactions. A clear termite report is only required by FHA if the contract being signed calls for it, otherwise, it is not required. If the appraiser recommends repairs or if repairs are mentioned in the contract, the lender will require that those repairs be done before closing. The appraiser will then perform a final inspection to assure that the repairs were completed. Appraisers seldom require repairs. If the termite report recommends treatment, treatment is required. We will need a receipt showing the name and amount of chemicals used.
Your closing will take place at the title company. The name and address will be given to you by your loan consultant and/or attorney when your loan is clear to close.
Refer to your “First Payment Letter” in your closing documents to determine where to send your first mortgage payment. If you receive a statement from your new lender prior to the due date of your first payment, send your payment to the new lender. Otherwise, send your payment to the lender as detailed in your “First payment letter”. Remember to include your loan number on your check.
Supreme Lending has a program for customers that are having trouble making their loan payments. It is critical that you contact Supreme Lending at the first sight of financial trouble making payments
The second lien is often from a different lender than the first lien. Therefore, borrowers with a second lien will make two separate payments each month—one on the first lien and one on the second lien.
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Customer Reviews
At The American Dream Team at Supreme Lending, we are committed to providing you with the absolute best customer service available. We will go above and beyond to answer every call, every time, and provide Supreme customer service!
Five Stars
Our loan officer was very responsive, and would even take our calls and answer our questions after business hours!
Very Satisfied
Jeff and Abby were fantastic to work with and very helpful with all of our questions! Would Recommend to Friends and Family!
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Families Served
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1.573 Billion In Home Loans Financed
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Licensing Disclosure
Everett Financial, INC. D/B/A SUPREME LENDING NMLS ID #2129 (www.nmlsconsumeraccess.org) 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. Copyright © 2024. Not an offer or agreement. Information, rates, & programs are subject to change without prior notice. Not available in all states. Subject to credit & property approval. Not affiliated with any government agency. Supreme Lending is required to disclose the following license information: AZ Mortgage Banker License 0925918. Licensed by the Department of Financial Protection and Innovation under the CA Residential Mortgage Lending Act License 4130655. CO Mortgage Company – Regulated by the Division of Real Estate. Delaware Lender License 10885. GA Mortgage Lender License 22114– Georgia Residential Mortgage Licensee. IL Residential Mortgage License MB.6760323-DBA1– Illinois Residential Mortgage Licensee. MA Mortgage Broker License MC2129. MA Mortgage Lender License MC2129. Licensed by the N.J. Department of Banking and Insurance – New Jersey Residential Mortgage Lender License. Licensed Mortgage Banker-NYS Department of Financial Service. NY Mortgage Banker License B501049. Ohio Mortgage Broker Act Certificate of Registration MB.804158.000. Ohio Mortgage Loan Act Certificate of Registration SM.501888.000. OR Mortgage Lending License ML-4265. Licensed Mortgage Banker by the PA Department of Banking – Pennsylvania Mortgage Lender License 45048. Rhode Island Licensed Lender 20142998LL.