Conventional Loans
Your Path to Homeownership
We specialize in providing purchase loans that make homeownership a reality.
Looking For Your Dream Home?
Supreme Mortgage offers conventional loans with competitive rates and flexible terms. Get pre-approved today and simplify your buying process.
The Buying Process
Once you have completed our Apply Now form, we will guide you through a process consisting of four steps.
Review
We will review your application and then contact you to discuss the next steps in the loan process.
Pre-Approve
Once pre-approved, we’ll help you select the loan that meets your needs. We will then order an appraisal and send initial loan disclosures.
Verify
You provide us with documentation of the information you submitted in your application. We’ll verify and approve your loan for closing.
Close
After signing the closing documents, we’ll coordinate the loan closing and fund your loan. It’s just that simple!
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Ready to Buy a Home
Before purchasing a home, it’s important to consider the initial costs involved. Learn about earnest money, down payments, and closing costs. Explore fixed-rate and adjustable-rate mortgage options at Supreme Mortgage.
Understand the Initial Costs
Several factors need to be considered when calculating the initial costs of buying a home, including the cost of the house and the type of mortgage you choose.
Earnest Money: When you submit an offer on a home, you’ll need to provide earnest money as a deposit. This amount is held in an escrow account by your real estate broker. If your offer is accepted, the earnest money will be applied to your down payment or closing costs. In case your offer is rejected, you’ll receive a refund of the earnest money.
Down Payment: The down payment is a percentage of the total cost of the home that you need to pay at the time of settlement. The amount typically ranges between 3.5% and 20% of the home’s cost, depending on factors such as your income, credit history, and the type of mortgage chosen. Some loan options, such as FHA loans, offer a lower down payment requirement of 3.5%.
Closing Costs: Closing costs generally range between 1% and 3% of the loan value. These costs include points, title insurance, escrow, and lender fees. At Supreme Mortgage, we offer a variety of loan products that may have no closing costs, providing you with additional flexibility.
Fixed-Rate Mortgage
A fixed-rate mortgage provides you with consistency, making it easier to set a budget for your monthly payments.
With this type of mortgage, your interest rate and total monthly payment of principal and interest remain the same throughout the loan term.
A fixed-rate mortgage is a good choice if you:
- Believe interest rates could rise in the future and want to secure the current rate.
- Plan to stay in your home for an extended period.
- Prefer the stability of a fixed principal and interest payment that won’t change.
Adjustable-Rate Mortgage
An adjustable-rate mortgage (ARM) offers an interest rate that may change periodically based on a corresponding financial index.
ARM loans are typically named based on the length of time the interest rate remains fixed and how often it adjusts afterward. For example, a 5/1 ARM has a fixed interest rate for the initial 5-year period and adjusts annually thereafter.
An adjustable-rate mortgage is a good choice if you:
- Plan to move before the end of the initial fixed-rate period and are not concerned about potential rate increases.
- Prefer a lower initial monthly payment compared to a fixed-rate mortgage.
- Anticipate that interest rates may decrease in the future.