frequently asked questions
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Start your research here. Whether you want to buy a home or refinance a mortgage, information is at your fingertips.
What are the benefits of getting pre-qualified?
Getting pre-qualified for a mortgage is a great first step to kickstart your homebuying journey. Pre-qualification gives you a picture of how much you can afford based on your credit, income, and debt. It helps you determine your budget, understand estimated monthly payments, find the right loan program, strengthen your offer, and save time.
What documentation is needed to apply for a mortgage?
When you apply for a home loan, several documents are requested to confirm your ability to make monthly mortgage payments. Here are a few items you will likely will need to submit:
- Income history and employment verification from the past two years, such as tax returns, W-2s, and 1099s (if applicable)
- Asset statements for bank, retirement, and brokerage accounts
- Monthly debt payments, including any outstanding loans and credit cards
- Records of rent payments, divorce, bankruptcy, or foreclosure
Which loan program is the best fit?
There is no one-loan-fits-all. Supreme Lending offers a wide range of mortgage programs to choose from depending on what may be the most beneficial for your circumstances. Your Loan Officer can present different scenarios to see what best aligns with your goals—whether a fixed-rate or adjustable-rate mortgage, or a Conventional loan or government-backed loan, such as FHA, VA, or USDA.
What goes into a monthly mortgage payment?
A monthly mortgage payment includes several components often referred to as PITI: principal, interest, taxes, and insurance. Any condo fees or homeowners association fees may also be factored into a monthly payment.
What are closing costs?
Closing costs are paid upfront for necessary expenses associated with purchasing a home. When
applying for a loan, you’ll receive a Loan Estimate outlining these settlement charges for added fees like loan origination, appraisal, credit report, title insurance, document preparation, prepaid interest, and other miscellaneous fees.