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

Get In Touch

Local Expert Updates

Matt Lippon - Broker Associate

Matt Lippon

Phone: 712.336.4967
Cell: 712.330.0604

Brooke Stecker - Team Evans and Stecker

Brooke Stecker

Phone: 712.336.4967
Cell: 641.420.2172

Janie Eick - Real Estate Professional

Janie Eick

Phone: 712.336.4967
Cell: 712.339.0574

Aaron Jones - RE/MAX Hall of Fame & Lifetime Achievement

Aaron Jones

Phone: 712.336.4967
Cell: 712.320.9442

Community Updates

Minervas Restaurant & Bar

Minervas Restaurant & Bar in Okoboji

Minervas is located in the Arrowwood Resort in Okoboji. Their menu offers a little of everything! From classic pastas and aged steaks to seafood everyone will leave satisfied. They offer a great "Pick Two" option for lunch and the atmosphere is excellent. They also do a pasta night that seems to be a staple in the community. Getting to pick your sauce and everything that goes into your pasta which is then made right in front of you is certainly a treat for the whole family!

Real Estate and MLS Homes For Sale in Okoboji Find more about Okoboji

Ruthven Meat Locker

Ruthven Meat Locker in Spirit Lake

Ruthven Meat Locker located downtown Spirit Lake. They offer a wide variety of quality fresh and award-winning smokes retail meats along with seasoning rubs and cheeses. You cant go wrong with the "locker trash" it definitely makes the best boat snack!

Real Estate and MLS Homes For Sale in Spirit Lake Find more about Spirit Lake

Cafe Esteam

Cafe Esteam in Spirit Lake

This new coffee shop is located in the Allure & Co. downtown Spirit Lake. They offer amazing coffee, smoothies and homemade baked goods. This is a great addition to the community!

Real Estate and MLS Homes For Sale in Spirit Lake Find more about Spirit Lake

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