Lynn is In: Preliminary Loan Approval

By Lynn Cattafi, in All Communities

Lynn is In: Preliminary Loan Approval
You’re interested in moving to Delaware and building a new Schell Brothers home. Hooray!  How exciting!! But, where do you start?

Let’s start with the Preliminary Loan Approval

Part of your Schell Brothers purchase agreement will require you to call me right away for a preliminary loan approval. You have the option to choose any lender you like when you go to settlement on your new home, but I will run the preliminary approval process for you. Why is that?
Traditionally, when someone gets “pre-approved” or “pre-qualified,” it is not complete. It is just an application, a credit check, and it does not require document review or take into consideration that you might be in transition (getting ready to sell a home, retire, changes in income) between now and when your new home is ready. And from a builder’s perspective, it is important to have a consistent, thorough review of every home buyer’s ability to purchase the home. Plus, it is very much in your best interest to know what you can and can’t do or if any planned life changes would limit your ability to qualify.
Here are the steps we go through during a preliminary approval or pre-commitment:

1. Click on this link to submit your info directly to me. It is free of charge, secure, and there is no obligation to use Tidewater (If you have any issues completing it, call and we can do it manually with you over the phone, or you can come in).
2. My assistant, Gina, will reach out to you to set up a phone appointment with me, and then I will pull your credit from the info you provided. Our phone chat will last about an hour, and we will review your application, discuss your situation and loan scenarios, and you will have time to ask questions.
3. At the end of our phone call, I will e-mail you a set of initial disclosures, a Good Faith estimate, and a list of things you will need to provide us.
4. Once everything is in order, I review your documentation and then will issue you a preliminary approval letter. This will also be copied to Schell Brothers and your realtor (if you have one).

Later, you can decide if you want to complete the loan process with me, or if you want you can choose another lender. I do hope you stay with me, and I can assure you our rates are very competitive.
NOTE FOR CASH PURHASERS: you do not have to go through the above process if you intend to pay full cash for your new home. All you need to do is provide a bank statement, retirement account, or investment account statement showing sufficient funds for purchase price and estimated closing costs. You can always call me during the building process if you decide to finance part of the home.
Even if you have already received pre-approval from a lender, Schell Brothers still will want you to run through my process. I will do all I can to make it as painless as possible and give you the most thorough understanding of your unique situation. Delaying the preliminary approval process can derail your home start, and they will not begin building without it.
I look forward to assisting you in making your home a reality! Find out more at

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