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

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Charlie Leissler Residential Sales (Real Estate Agent)

Charlie Leissler

Residential Sales

712.229.9809

712.336.4967

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

Aaron Jones

RE/MAX Hall of Fame

712.320.9442

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

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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

South Shore Estates

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South Shore Estates is the newest lakeshore development on Lower Gar. Here you have access to West Lake, East Lake, Minnewashta, and Upper Gar.

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Amber Oberman  (Real Estate Agent)

Amber Oberman

 773.308.5177

 amber@sellboji.com

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Coming soon to Arnolds Park is the Inn Hotel! Welcome to an era of the past. With its art deco inspired vibe and décor, you will be transported back in time to The Golden Age of Okoboji. The

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