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

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

Janie Eick  (Real Estate Agent)

Janie Eick

 712.339.0574

 janie@sellboji.com

Estherville Veterinary Clinic

Estherville

Estherville Veterinary Clinic is a locally owned vet clinic that provides first-class veterinary services to Estherville, IA and surrounding communities. From vaccination and flea and tick treatment

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Bomgaars Building Center

Spirit Lake

Bomgaars 2201 Hwy 71 Spirit Lake, IA 51360 Bomgaars offers a great selection and a convenient location in Spirit Lake. Open at 7 am Monday through Saturday and 10 am on Sunday. Bomgaars is

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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

Yesterdays

Arnolds Park

Yesterdays Restaurant has been an Okoboji favorite and is only opened seasonally. Yesterdays has a complete dinner menu that features nightly specials. They have a wonderful martini menu that will not

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