Loan Programs

Property Types

PRIMARY RESIDENCE

A person’s primary residence is the dwelling where they live, typically a house or a condo. A person can only have one primary residence at any given time, though they may share the residence with other people.

A primary residence is considered as a legal residence for the purpose of income tax and/or acquiring a mortgage.

Advantages

    All interest on the mortgage may be tax deductible*

    Establishes credit history

    Secured investment

    Builds equity

    Can be used to borrow against

    Gift funds are allowed

*Supreme Mortgage 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.

SECOND HOME

A second home refers to private ownership of a residence other than one’s primary residence. Depending on their purpose, second homes are sometimes called vacation homes or secondary residences The property must be available for your exclusive use and enjoyment and must not be subject to any rental pools or long-term leases.

Advantages

    Buy the home now while employed and retire in it later

    Build wealth with additional equity

    Similar terms to primary residence loan

INVESTMENT PROPERTY

An Investment Property is defined as a real estate property that is not occupied by the owner and has been purchased with the intention of earning a return on the investment either through rent, the future resale of the property, or both. An investment property can be a long-term endeavor, such as a rental home, or an intended short-term investment in the case of rehabilitation (where a property is bought, remodeled or renovated, and sold at a profit).

Advantages

    Capital growth

    Rental income and yield

    May be tax shelter deductible*

    Build wealth

*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.

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