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NBD BANCORP ANNOUNCES NEW MORTGAGE PRE-APPROVAL PROGRAM

 DETROIT, Dec. 7 /PRNewswire/ -- NBD Bancorp (NYSE: NBD) is introducing a new Mortgage Pre-Approval Program designed to offer area homebuyers an increased level of confidence and security when shopping for a home.
 The new program is aimed at potential homebuyers who wish to begin shopping for a new or existing home and want the assurance that they will be qualified for the mortgage before they submit a Purchase Agreement to the owners.
 "Consumer research indicates that one of the greatest fears potential homebuyers have when shopping for a residence is whether they will qualify for the mortgage financing," explained Thomas J. McDowell, president, NBD Mortgage Company. "The NBD Mortgage Pre-Approval Program eliminates the uncertainty from the financing variable of the purchase," McDowell continued.
 NBD offers two levels of assurance for the potential homebuyer.
 The first level is a Pre-Qualification evaluation to determine what price ranges a homebuyer may qualify to own. The pre-qualification helps find a target range of home prices that a customer may find financially comfortable. There is no credit qualification or application involved at this level, and the process takes about five minutes.
 The second level is the Pre-Approval process. The pre-approval involves having a potential homebuyer actually complete the entire mortgage application process, with no property to finance. The customer may select the term and conditions of their final mortgage during the pre-approval process. NBD will then perform an actual credit evaluation for the application and provide an approval which is good for 60 days.
 Within the 60-day time period, it is anticipated that the customer would select a home and negotiate a Purchase Agreement. Upon completion of the Purchase Agreement, NBD will then verify the property, appraise the home, and complete the necessary documents for the mortgage closing.
 Interested homebuyers may obtain additional information by calling 1-800-CALL-NBD for the Mortgage Center nearest them.
 -0- 12/7/93
 /NOTE: ILLINOIS EDITORS - NBD Bancorp is the parent company of two metropolitan Chicago banks with total assets of over $5 billion and 40 offices. OHIO EDITORS - NBD Bancorp is the parent company of NBD Bank with 23 offices in Columbus and Dayton, Ohio. INDIANA EDITORS - NBD Bancorp is the parent company of NBD Bank of Elkhart, Ind., NBD Bank, N.A. of Merrillville, Ind., and the INB Bank of Indianapolis. NBD has 248 offices in Indiana and $10 billion in assets. NBD Bancorp is the largest banking company in the state based on total assets. FLORIDA EDITORS - NBD Bancorp is the parent company of NBD Trust Company of Florida, N.A. with offices in North Palm Beach, Sarasota, Boca Raton and Naples, and NBD Bank, FSB with offices in Venice, Sarasota, North Palm Beach, Boca Raton and Naples./
 /CONTACT: Steven W. Seeley of NBD Bancorp, 616-771-7101/
 (NBD)


CO: NBD Bancorp ST: Michigan IN: FIN SU: PDT

KE-ML -- DE008 -- 1200 12/07/93 10:26 EST
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Publication:PR Newswire
Date:Dec 7, 1993
Words:477
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