If you are a First Time Home Buyer than you need to know the value of having your own checking account. It looks best if you have a checking account in your name.

I sometimes get clients applying for a Delaware Mortgage that don’t have a checking account. I counsel them right away to open a checking account because the lender likes to see a checking account, but there are also other advantages. First, it is easier to write a check than to get money orders to pay bills. Second its safer than carrying cash. Third, it makes it easier to keep track of where you spend your money.  Fourth, you can have paychecks, pension checks, social security checks, or other checks deposited directly into the checking account. Fifth, you should have your emergency fund in a bank account. I counsel all of my Delaware mortgage clients to have an emergency fund and to put those funds into an FDIC account.

The Federal Deposit Insurance Corporation (FDIC), an independent agency of the U.S. government, insures bank deposits of member banks up to the maximum permitted by law. So a bank savings account provides great peace of mind. That’s important. Because of this safety net, experts generally agree that a family’s emergency savings should be kept in an FDIC insured bank account.

If you are a Delaware First Time Home Buyer, please feel free to contact me to discuss what steps you need to take to get yourself prepared to buy your first home in Delaware.  Even if you have been turned down by another lender or are worried you have bad credit, I can still help you. Please check our listing of local seminars at Delaware Mortgage Loans Seminars. First Time Home Buyers are recommended to attend the Understanding Credit & Credit Repair Seminar and our First Time Home Buyer Seminar. If for some reason you don’t qualify now, we enroll you in our Get Mortgage Ready Program.

If you would like to apply for a Mortgage Loan, you can APPLY ONLINE HERE, you can call John Thomas at 302-703-0727.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713