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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

Charlie Leissler Residential Sales (Real Estate Agent)

Charlie Leissler

Residential Sales

712.229.9809

712.336.4967

Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

641.420.2172

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

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Boji Bay Funhouse Pavilion 2501 Boji Bend Dr Milford, IA 51351 Boji Bay Funhouse Pavilion offers a LOT. Facilities Include: Banquet area with a giant indoor rug slide, kitchen/catering, Bar

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Matt Lippon

Broker Associate

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 matt@okobojipropertygroup.com

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Spirit Lake Spillway Looking for some entertainment with the kids on a nice summer weekend, come check out the Spillway. The Spillway connects Big Spirit Lake to East Lake Okoboji allowing

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Healthy Living Program Center Spirit Lake

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Healthy Living Program Center Spirit Lake 802 Lake Street Spirit Lake, IA 51360 One of the many convenient locations offered by the Bedell Family YMCA is conveniently located in downtown Spirit

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