Cash-Out Refinancing and Home Equity

In simple terms, a cash-out refinance replaces your current mortgage with another loan that:

  • Pays off your current mortgage balance
  • Uses the equity in your home to provide additional funds for other purposes

A cash-out refinance is a way to both refinance your mortgage and borrow money at the same time. You refinance your mortgage and receive a check at closing. The balance owed on your new mortgage will be higher than your old one by the amount of that check, plus any closing costs rolled into the loan.

It’s sort of like “backing up” your mortgage by taking out some of the money you’ve paid into it and increasing the mortgage principle owed as a result. Cash-out refinancing is basically a combination of refinancing and a home equity loan. You can borrow the money you need, as with a home equity loan or line of credit (HELOC).

New Construction

At Supreme Lending, we have collaborated with builders and developers thousands of developments nationwide, providing builders and developers with mortgage industry insight and guidance to improve their end unit sales. We also work with you to reach the end buyer with professional, comarketing solutions. Put our professionals to work on your next project to reduce financing turntimes and improve customer attraction rates.

Why Choose Supreme Lending for your New Construction Lending Partner?


  • Provide clarification of mortgage industry guidelines on project development and approval for conventional and government loan programs
  • Present valuable feedback to increase salability of units within typical mortgage markets


  • Offer a sensible view from a lender perspective to maximize unit sale potential prior to breaking ground
  • Maintain accessible and responsive communication throughout the development process
  • Provide professional, comarketing options that remain compliant and achieve results


  • Adhere to established expectations and timelines we provide to the builder and developer
  • Project approval from Supreme Lending that is generally accepted through FannieMae, FreddieMac, and other national investors


  • Provide a network of resources to develop answers, establish direction and deliver home ownership


  • Attentive to details and ensure delivery of on time results

Rate Term Refinance

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 Texas). 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)


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
  • Secured investment
  • Builds equity
  • 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.

203 (k) Rehabilitation Loans

Create the home of your dreams with the FHA 30 Year Fixed Rate 203(k) Rehabilitation Loan Program. Rehab loans help homeowners improve their existing home or even buy a home that in need of updates or repairs. With this program, you can finance both the purchase or refinance along with the renovation of your home through a single mortgage, instead of applying for multiple loans.

Supreme Highlights:

  • Minimum Credit Score is 620 for all Borrowers
  • Minimum Credit Score is 620 for all Borrowers
  • Maximum 55% DTI for credit scores > 680
  • Maximum 50% DTI for credit scores 640-679
  • Maximum 43% DTI for credit scores 620-639
  • Funds are Disbursed to the Contractor as work is completed and inspected
  • An FHA 203(k) Consultant is Required
  • No Funds are Disbursed in Advance
  • Up to 5 Disbursements can be made
  • No Maximum Rehabilitation Escrow Amount

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