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
Janie Eick
Cell: 712.339.0574
Brooke Jones
Cell: 641.420.2172
Liz Sandy
Cell: 712.330.1386
Aaron Jones
Cell: 712.320.9442Community Updates
Jonathan Blake Interiors
I have had the privilege to get know Kristi Leigh over the last few years and her eye for design is second to none. JB Interiors founded in 2002, offers specialized interior design for both residential and commercial clients. Her office located in the heart of Okoboji displays a small fraction of her talent and ideas. Showcasing unique furniture, wall decor, rugs, lighting, and many interior design accessories. Kristi takes the overwhelming and challenging aspect of interior design and creates a space exactly as you have envisioned. Take a moment out of your day to stop by the studio, or check out her design and the new Okoboji Commons Hotel.
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This new coffee shop is located in the Allure & Co. downtown Spirit Lake. They offer amazing coffee, smoothies and homemade baked goods. This is a great addition to the community!
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The Studio also offers yoga and exercise apparel, as well as oils and health supplements.