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

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Amber Oberman  (Real Estate Agent)

Amber Oberman

773.308.5177

712.336.4967

Charlie Leissler Residential Sales (Real Estate Agent)

Charlie Leissler

Residential Sales

712.229.9809

712.336.4967

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

Community Updates

Amber Oberman  (Real Estate Agent)

Amber Oberman

 773.308.5177

 amber@sellboji.com

Be Radiant

Spirit Lake

Cathy Thee, the owner/operator of Be Radiant, does a great job of assessing what your skin needs and the results you are looking for to create a treatment plan customized just for you. She is very

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

Aaron Jones

RE/MAX Hall of Fame

 712.320.9442

 aaron@bojihomes.com

Beware the (I'll get your home sold in a week) agent

The "Real" Estate Blog

I hear this one all the time from prospects looking to list their house. "Well, agent xyz told us that if we listed with her, she'd have it sold in a week." This would fall into the category of "If

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Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

 641.420.2172

 brooke@sellboji.com

The Boonedocks

Arnolds Park

The Boonedocks is your one-stop-shop! They have it all. Full selection of beer, wine, grocery items, and of course gasoline. Located right in Arnolds Park!

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