Every potential new homeowner faces different financial concerns and life challenges. To help you determine your best course of action, we’ve prepared this brief list of frequently asked questions and answers about buying a new home and mortgages.

Why do you want to purchase a new home?

Are you currently thinking of moving from an apartment into a home? In many states, the rising costs of rental apartments and the decreasing costs of home ownership are getting closer and closer. If you desire the opportunity to own your own home, now is a great time to buy.

Are you ready to purchase a new home?

Thoroughly understanding your income to debt ratio as well as your projected change in monthly expenses is critical to making the decision to purchase your new home. Many people are house poor, buying a new home before they are fully ready to accept the increased financial responsibility. If you are truly prepared to move forward, set a price range for your new house and be careful to stay within it when shopping around.

What amenities do you need in your new home?

While modern stainless steel kitchens, granite bathroom counters, and luxurious in-ground pools are pretty to look at, make sure you discuss and list the amenities you must have vs. the amenities that are nice to have. In most cases, it is less expensive to purchase and update an older home then it is to purchase a fully equipped new home. Dream big, but be reasonable.

Do you need a realtor? A lawyer? A banker?

There are two different kinds of realtors: those that work for you, the buyer, and those that work for the seller. Find an experienced realtor who will work hard to help you find the home of your dreams and who will be flexible about their commission.

You do not need a formal relationship with a bank to apply for a mortgage. Supreme Lending can handle everything from mortgage origination, funding and may service your new home loan.

What’s a fair price to pay for my new home?

Deciding what price you are willing to pay for a new home is a very personal matter. Your realtor should be able to assist you with researching sale prices of similar homes in the community.

Buying a new home is a very emotional event. In the end, a house is worth whatever you want to pay for it. Just be mindful of its potential resale value and the cost of any repairs or improvements you may want to make beyond the home’s initial purchase price.

At Supreme Lending, we can assist you in securing a home equity loan to cover repairs and improvements.

Aren’t all mortgage origination companies the same?

No, most mortgage origination companies sell off your loan shortly after you sign on the dotted line. Your loan may be sold to any number of secondary mortgage companies or banks.

Supreme Lending originates and funds all our home loans to help provide the lowest mortgage rates  available to you. We may service your loan as well. Our goal is to stay with you for the life of your loan, providing you with the quality customer service you expect and deserve.

You do not need a formal relationship with a bank to apply for a mortgage. Supreme Lending can handle everything from a mortgage origination, funding and may service your new home loan.

Do I need to refinance?

Interest rates continue to drop in response to the changes in the economy. Rates have never been as low as they are right now. If you refinance, you could be saving hundreds of dollars a month or thousands of dollars a year over the lifetime of your mortgage.

While there is no rule stating you must refinance, think about the ways you could use additional cash for repairs, education, investments, or retirement. You have nothing to lose and everything to gain by examining your refinancing options with the mortgage experts at Supreme Lending.

How can I gain access to my home’s equity?

If you have paid off large portions of your mortgage, but now have a need for extra cash, a private line of credit, home equity loan, or reverse mortgage can help.

If you are current with your payments, and your credit history is good, we can help you to tap into your home’s equity to free up large portions of cash. While the money from a home equity loan is typically used for home improvements, the money can be used for virtually anything you need.

Monthly payments and interest rates are usually low, and the terms can be very flexible depending upon the size of the home equity loan and how long you want to take to pay it off. Call Supreme Lending to learn more.

What do I do if my income is low and my credit is average?

If your income is low and your credit score is average, you still have options for purchasing a home. The government offers many programs such as FHA and USDA loans to help you become a homeowner. In addition, with the rise in foreclosures, many nicer homes are being resold for a fraction of their original value.

Supreme Lending will work with you to determine your eligibility for different mortgage programs, and to help you make important decisions about the potential for purchasing a home in a lower income community or rural area.

Is real estate still a good investment?

Real estate has historically been a good investment, but it is best to purchase one because you want or need a new home and can actually afford to purchase and maintain it.

At Supreme Lending, we offer many different types of mortgages including FHA, VA, Section 184 Native American Loans, Rehab loans, Conventional loans, USDA Rural Development and many others. Let us help find the best mortgage for you.

We realize we’re not able to answer everyone’s questions on a single page, so we invite you to call Supreme Lending at 918-863-0002 or click here to email us to schedule your personal and confidential mortgage review.

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Tulsa Office

1515 S Utica Suite 300

Tulsa, OK 74104

(918) 863-0002

FAX: (918) 863-0022

NMLS # 993175




Alfredo Madrid- Branch Manager

NMLS # 266006




Marc Marroquin

NMLS # 144624


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