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
Cell: 712.320.9442
Greg Sheeler
Cell: 712.330.1573
Brooke Jones
Cell: 641.420.2172Community Updates
Campus Redemption Center
Have a bunch of cans piling up needing to be recycled? Look no further than the Campus Redemption Center in Milford, Iowa. Some may remember the old location as “Campus Video.” The owner Tom, has quite the set up and will pay $.04 for Iowa deposit containers that come in any bag whether sorted or un-sorted; these will be counted while you wait and there is a 500 limit per day. You’ll be paid $.05 for Iowa deposit containers IF pre-sorted and counted in clear redemption bags. Bags and boxes can be purchased inside. They do not accept glass of any kind. So the next time you’re thinking about tossing out those used cans, think recycling; think Campus Redemption Center at 1904 Okoboji Ave., Milford, Iowa. Hours are Monday - Thursday 12pm -5pm, Fridays CLOSED, and Saturdays 10:30am - 2:30pm.
Yesterdays
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 disappoint. Make sure to also make reservations in the Japanese Teppanyaki Room. Watch as asian inspired meals are prepared and served by your personal chef.
Boat House Apparel
Boat House Apparel brings chic clothing to the Okoboji area, with her designs centered around life at the lake. The stylish tops, dresses, and more have witty sayings, anchors, and all things that remind us of the lake we all know and love. With a large online presence, Boat House is not only popular in Spirit Lake, but all over the country! Bringing comfort and chic to her amazing designs, the owner of Boat House, Laura, has sure made an amazing clothing line right here in the heart of Spirit Lake.