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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

Get In Touch

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

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Stan's Bait Shop

Milford

Stan’s Bait Shop 2306 Okoboji Ave Milford, IA 51351 Stan’s Bait shop is located on the Hwy on the North end of Milford. Stan’s offers a great selection of products and services including fish

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Lake Park United Methodist Church

Lake Park

Lake Park United Methodist Church 1471 135th Ave Lake Park, IA 51347 Service ----10:30 AM sunday

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

Aaron Jones

RE/MAX Hall of Fame & Lifetime Achievement

 712.320.9442

 aaron@bojihomes.com

Miller's Bay

West Lake Okoboji

Miller's Bay, on the west side of West Lake is a popular spot for boaters in the summer to just go chill out, throw an anchor, and relax. On the weekends, this bay is filled with boats tied up to

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