sellboji

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

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

Aaron Jones

RE/MAX Hall of Fame

712.320.9442

712.336.4967

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

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

Liz Sandy

Real Estate & Lakeshore Expert

712.330.1386

712.336.4967

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Community Updates

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Ace Hardware

Spirit Lake

3401 Berquist Ave Spirit Lake, IA 51360 Local hardware store in Spirit Lake owned by Gary & Peggy Fick & Cynthia Fick. The selection and the service are excellent at Ace Hardware, if you have a

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Kymm Jones Real Estate Professional (Real Estate Agent)

Kymm Jones

Real Estate Professional

 712.320.6737

 kymm@sellboji.com

The Coffee Shop & Cafe

Milford

This establishment offers a variety of coffees, espressos and smoothies plus mouth-watering baked goods--not to mention the fabulous breakfast and lunch items--made to order! There are daily specials

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Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

Spirit Lake Silver & Gold

Spirit Lake

As the only jeweler in the lakes area, you're sure to find everything you need at this established jewelry store. With over 30 years of experience, they have an eye for creating amazing pieces of

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