Why 'Pre-Approval'

* You know the terms of the financing (sum of money down, loan amount, interest rate and payment)

* You know the conditions that you have to provide to obtain a mortgage

* Your financing is secure, so to speak. You are telling everyone that you are serious about buying, you just need to find the right property.

What to be aware of: Most Mortgage Lenders can now provide you with a 'Pre-Approval' within about 45 minutes, based on the information you give them. Normally all you have to show them is your current Pay Stub(s), Bank Statement(s) and a W-2(s). When you receive your 'Pre-Approval', make sure that you understand how long the pre-approval is good for, normally 90 days.

• What are the conditions of the loan approval, i.e. what do you have to provide to be able to obtain this loan.

• Are the Terms (Interest Rate, Loan Amount, Payment, Number of Payments) locked in?

• When you get Pre-Approved a credit report is pulled automatically. Get 'Pre-Approved' by one Lending Institution. Otherwise your credit risk score has the possibility to decline each time you have a different lender provide you with a 'Pre-Approval'.

If you are not currently working with a lender, please feel free to call any of the following mortgage professionals who would be happy to help you achieve your goal of home ownership:

S. Alex Contant

New Penn Financial

PH: 302-346-3131

e-mail Website

Carol Smith

RMS/Residential Mortgage Services

PH: 302-213-5505

e-mail Website

Wade Wyatt, Mortgage Specialist

NMLS ID: 860743

New Penn Financial

PH: 302-531-6342

e-mail Website