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Why risk a rate rise while you're house hunting? By locking in a rate now, you can guarantee that rate for a specified time period. New Penn has a number of flexible options to help. Note that you can lock a rate at any time in the home purchase process.
With a pre-qualification from New Penn, you'll have extra power in the home marketplace. You'll know what you can afford, be treated as a serious buyer and often strengthen your hand in negotiations.
Sellers and their real estate agents know you have the means to buy. It elevates your position.
The New Penn Financial pre-qualification process is fast and easy, and there's no obligation.
We offer a wide range of loan programs, making it easy to choose a loan that matches your needs. We can explain your options in a variety of loan programs including loans for borrowers who just miss government agency guidelines. We even offer a range of specialty loans for real estate investors and foreign nationals. In short, New Penn is all about flexible lending options and the expert advice to help you choose your mortgage solution.
When you're pre-qualified and have selected the best mortgage, you are simply a more qualified and more knowledgeable house hunter. You know your price range and you know what you can afford-and so does your real estate agent, who can facilitate home viewing based on your criteria. Once you've found that perfect home, the process typically goes like this:
You should have your home-to-be inspected by a professional inspector who can identify any problems that need attention. He or she will look at everything from structural issues to maintenance issues to appliances included in the sale. If any problems were found, you and the seller could negotiate fixes (either in repairs or perhaps reduced sale price) before the close of the escrow.
At this stage we will begin processing your loan and have an appraisal done. An appraisal is necessary and ensures that the home's value is worth the sales price.
We submit your application for formal approval by our underwriting department. Next, you sign your mortgage papers. After a final review and approval of all documents, we disperse funds to the seller, (these are normally received in three days or less). The only item left is to extend congratulations to you on officially becoming a homeowner.
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