A purchase transaction is defined as the process of acquiring a property for the purpose of primary residence, second home or investment property.
All interest on the mortgage may be tax deductible*
Establishes credit history
Can be used to borrow against
*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.
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 Minnesota). 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.
Reduction of the interest rate, payment, and/or overall term of the mortgage
Limit of $2,000 cash (varies depending upon State Law)
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NOT A GUARANTEE, OFFER OR AGREEMENT. EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING NMLS ID #2129 (www.nmlsconsumeraccess.org) 14801 Quorum Dr., #300, Willmar, MN 75254. 877-350-5225. © 2017. Information, rates, & programs are subject to change without prior notice. Subject to credit & property approval. Not affiliated with any government agency. Intended for Minnesota Consumers Only. Minnesota- SML Mortgage Banker Registration Residential Mortgage Loan Originator.