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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

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

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

Community Updates

Liz Sandy Real Estate & Lakeshore Expert (Real Estate Agent)

Liz Sandy

Real Estate & Lakeshore Expert

 712.330.1386

 liz@okobojipropertygroup.com

Bombazi Salon

Arnolds Park

Bombazi, by definition, means of the highest quality. Bombazi Salon is located in Arnolds Park, IA along the broadway strip. They offer hair care, pedicures, manicures, and waxing. All of our services

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Father Daughter Dance:

Milford

An annual event hosted by the Cherish Center to promote the importance of the Father Daughter relationship. 2017 event date is Saturday February 25th from 5-10pm at the Boji Bay Funhouse and Pavilion

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

Aaron Jones

RE/MAX Hall of Fame

 712.320.9442

 aaron@bojihomes.com

Cheap vs high end quality. A buyer's perspective.

The "Real" Estate Blog

Here's the scenario. You are building a house or remodeling your house. Material costs are up. Labor costs are up. You ask yourself, where can I save a buck? Before answering this question, you

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