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What Is Pre-approval?

Getting approved for a loan prior to your home search is a smart move that offers several advantages. It gives you a benchmark for how much you can afford, helping you narrow down your home search from the start. It also allows you to be taken more seriously in the bidding stage, which can help tremendously in your negotiations, especially when dealing with distressed properties.

Getting preapproved is simply a matter of your lender checking your financial situation and writing a letter stating that it would be willing to lend you a certain amount of money.

You'll need to assemble several documents to start the preapproval process:


 

• Federal tax returns for the last two years.
• W2s (or 1099 statements) for the last two years.
• Bank statements for the last two months.
• Recent pay stubs and proof of any other income.
• Proof of assets (stocks, mutual funds).
• Information about your current debts.
• Information about the source of your down payment, including gifts.

TIP
Don't open new credit card accounts or take on any new debt for at least six months (and even up to a year) before shopping for a mortgage

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Local Expert Updates

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Aaron Jones RE/MAX Hall of Fame (Real Estate Agent)

Aaron Jones

RE/MAX Hall of Fame

712.320.9442

712.336.4967

Janie Eick  (Real Estate Agent)

Janie Eick

712.339.0574

712.336.4967

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

Community Updates

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Kiwanis Park

Spirit Lake

Kiwanis Park 1100 23rd St Spirit Lake, IA 51360 Close to the schools, Fareway Grocery and the bike trails, Kiwanis park offers a Shelter house, access to the bike trail system, good playground

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Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

Silver Lake

Lake Park

Silver Lake in Lake Park is a 1,000 acre lake with an average depth of about 6.5ft and a maximum depth of about 10ft. Silver Lake offers some of the best walleye fishing in the IGL's, especially in

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Amber Oberman  (Real Estate Agent)

Amber Oberman

 773.308.5177

 amber@sellboji.com

Be Radiant

Spirit Lake

Cathy Thee, the owner/operator of Be Radiant, does a great job of assessing what your skin needs and the results you are looking for to create a treatment plan customized just for you. She is very

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