Supreme Lending Mortgage Review 2023

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Supreme Lending is a Dallas-based mortgage lender licensed in all 50 states. While the company's legal name is Everett Financial, Inc., it does business as Supreme Lending. Founded in 1999, the lender has a considerable portfolio of loan variations that includes fixed-rate and adjustable-rate mortgages, government-backed loans, jumbo loans and refinancing options. 

Supreme Lending was ranked the No. 17 mortgage lender in America by Mortgage Executive magazine in 2020 after the company closed 59,675 loans worth nearly $16 billion. 

Today's Rates

Regions Served by Supreme Lending

Does Supreme Lending Operate in My Area?

With a nationwide footprint, Supreme Lending is a licensed mortgage lender in all 50 states, plus Washington, D.C. and Puerto Rico. The company also operates more than 350 branches in the following: Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Washington D.C., Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas Kentucky, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, North Carolina, New Hampshire, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin. 

What Kind of Mortgage Can I Get With Supreme Lending?

Fixed-rate mortgage: This popular loan type locks in a specific interest rate for the entire term of the mortgage. That means your monthly principal and interest payment will remain the same the whole time you’re paying off your mortgage. Supreme Lending offers 10-, 15-, 20-, 25- and 30-year fixed-rate terms. 

Adjustable-rate mortgage: While the interest rate of a fixed-rate mortgage is static, an adjustable-rate mortgage (ARM) features an interest rate that changes after an initial period. At Supreme Lending, you can select from a range of ARMs that have initial fixed-rate periods of three, five, seven or 10 years before the rate is adjusted on an annual basis. Supreme Lending also offers one-year ARMS, six-month ARMs, and even one-month ARMs.

Jumbo loan: Jumbo loans are mortgages that exceed the Federal Housing Finance Agency’s limits for loans that can be acquired by Freddie Mac and Fannie Mae. In 2023, a conventional loan cannot exceed $726,200 in most areas of the U.S., although some high-cost areas carry a $1,089,300 limit. Homebuyers can use a jumbo loan to purchase an expensive property that requires a mortgage that exceeds these limits. 

FHA loan: Insured by the Federal Housing Administration, FHA loans help first-time buyers and people with lower credit scores become homeowners. FHA loans only require down payments of 3.5%, although you'll have to pay mortgage insurance. People with bankruptcies on their records may also qualify for an FHA loan. 

VA loan: Backed by the U.S. Department of Veterans Affairs, VA loans are designed to help veterans, current members of the military and/or their surviving spouses purchase homes. VA loans do not require a down payment to be made and buyers can also avoid paying mortgage insurance. However, VA loans required a funding fee to be paid based on loan amount and applicant's service length.

USDA loan: U.S. Department of Agriculture (USDA) loans aim to increase homeownership in rural areas. USDA loans are made available to low- to moderate-income people to purchase, construct, repair, or relocate a dwelling in rural areas. Like VA loans, USDA loans do not require a down payment.

Refinance loan: Supreme Lending offers two general types of refinancing: rate term and cash-out refinancing. Rate term refinancing is used to reduce the interest rate, payment, and/or overall term of a mortgage. Cash-out refinancing converts a home’s equity into a lump sum of cash. While interest rates are usually lower on cash-out refinance loans compared to home equity loans, cash-out refinances are considered to be higher risk than rate and term refinances and purchases, according to Supreme Lending. 

Home renovation loan: Supreme Lending also offers home renovation loans that essentially function as a second mortgage or home equity loan. Home improvement loans are paid in one lump sum or in draws at the loan closing.

Condo loan: Supreme Lending also offers the opportunity to finance a downsize or a new condo high-rise, which can be difficult to finance in some areas. The dedicated team can work on both condo purchases and refinance loans. 

What Can You Do Online With New Supreme Lending?

As a prospective customer, you can begin the pre-qualification process for a loan on the Supreme Lending website. However, after answering a number of questions online regarding your home search and financial situation, you’ll be contacted by a mortgage officer from the company who will continue the process. 

Beyond that, Supreme Lending’s website includes an overview of the loan programs the company offers, as well as calculators to help determine the size of your down payment, how much your monthly payments may be and whether it makes sense to refinance. Customers can also access their accounts online through the Supreme Lending website, although the company does not have a mobile app. 

If you want to figure out how much your monthly mortgage payment will be, SmartAsset's free mortgage calculator can help you get a breakdown with taxes, fees and insurance.

Would You Qualify for a Mortgage From Supreme Lending?

While Supreme Lending does not appear to publish qualification requirements for its loan programs, conventional mortgages typically require a minimum credit score of 620 and a debt-to-income (DTI) ratio of 45% or less. This means your monthly debt payments should not exceed 45% of your monthly income.

However, those looking to obtain an FHA loan may qualify with a credit score of 580 or higher. You may be eligible for an FHA loan with a credit score as low as 500, although you'll be required to make a down payment of at least 10%. 

VA and USDA loans also have lower minimum credit score requirements compared to conventional mortages. To qualify for a VA loan, you'll also need a Certificate of Eligibility from the U.S. Department of Veterans Affairs. Those looking to qualify for a USDA loan will need an income of no more than 115% of the household median in the area they're looking to buy in. The prospective property must also be located in a designated rural area. 

Meanwhile, jumbo loans may require a minimum credit score of 700 and a maximum DTI of no more than 45%, depending on the lender. 

What’s the Process for Getting a Mortgage With Supreme Lending?

Whether you've found the home you want to purchase or haven't even begun your house hunt, the mortgage application procress with Supreme Lending starts with pre-qualification. This free and non-binding procress is different from pre-approval, which is typically more thorough and requires more paperwork. 

After being pre-qualified for a certain type of loan, you can zero in the a home you wish to purchase. You'll submit a formal offer to the seller and negotiate a price. Once a deal is agreed upon, you'll submit the requisite paperwork to Supreme Lending, which will begin due diligence on the deal. An inspection and appraisal of the property will be carried out, and an underwriter will then review all the information and decide whether to approve your mortgage or not. Sometimes the loan approval may depend on certain conditions, like whether you've closed on the sale of your current hom. 

If approved, you'll procede to your closing, at which point you'll sign a variety of documents. Supreme Lending will then fund your loan, either on the day of closing or the following day. At that point you'll take possession of the property and officially become a new homeowner.

How Supreme Lending Stacks Up

Supreme Lending stacks up well against other mortgage lenders in terms of loan variety and areas of operation. Because the company is licensed in all 50 states, plus Washington, D.C. and Puerto Rico, it's a viable lender for buyers everywhere. Although the company does not have a mobile app, borrowers can monitor their accounts on the Supreme Lending website. 

The lender also describes the mortgage process in fives steps on its website, which can be helpful for first-time homebuyers unfamiliar with the process. Supreme Lending also has a number of adjustable-rate mortgage options that may be attractive for borrowers who plan to remain in their home for less than 10 years. 

Tips for Getting a Mortgage

• While looking for a mortgage lender, it's important to shop around for the lowest possible interest rate. SmartAsset's rate comparison tool can help you find a lender with a rate that's right for you. 
• To purchase a home, you'll likely need to make a down payment. That money may come from a variety sources like savings accounts, brokerage accounts or even a retirement account. However, you'll want to consolidate those assets in a savings account before making an offer to ensure the money is safe. One bad day in the market could set you back considerably if your down payment is tied up in stocks and other investments too close to closing.
• SmartAsset's free mortgage calculator can help you figure out your monthly mortgage payment with taxes, fees and insurance.
• A financial advisor can help you get your finances in order before you purchase a home. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.