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

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

Community Updates

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

 712.330.1573

 greg@okobojipropertygroup.com

All Pets Animal Clinic

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All Pets has always gone above and beyond for our pets, providing amazing customer service, and pet service for years. Dr. Roti has always been so informative, and kind to us and our pets whenever our

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Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

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Arnolds Perk Coffee House

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You can't come to the Lakes Area, and not go to Arnolds Perk. This whimiscal little coffee shops is always very busy in the summers, and rightfully so; their coffee is amazing! They also have

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Janie Eick Real Estate Professional (Real Estate Agent)

Janie Eick

Real Estate Professional

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Goodies

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Goodies Handmade Candies is a small family-run business located in Spirit Lake, Iowa. Goodies has become a "must stop" place when visiting the area. Goodies offers handmade candies, ice cream,

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