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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

Brooke Stecker Team Evans and Stecker (Real Estate Agent)

Brooke Stecker

Team Evans and Stecker

641.420.2172

712.336.4967

Charlie Leissler Residential Sales (Real Estate Agent)

Charlie Leissler

Residential Sales

712.229.9809

712.336.4967

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

712.330.0604

712.336.4967

Greg Sheeler Real Estate Professional (Real Estate Agent)

Greg Sheeler

Real Estate Professional

712.330.1573

712.336.4967

Community Updates

Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Athletic Republic Spirit

Spirit Lake

Athletic Republic Spirit 1380 Lake St Spirit Lake, IA 51360 Located behind Central Bank in Spirit Lake, just one block off of Hwy 9 and 71. 24 hour health club with free weights, machine

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Ries Eyecare

Milford

Ries Eyecare 2213 Okoboji Ave Milford, IA 51351 Another eyecare option in the Iowa Great Lakes area is conveniently located in Milford on Hwy 71 next door to Ingwersen Chiropractic and Healthy

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Matt Lippon Broker Associate (Real Estate Agent)

Matt Lippon

Broker Associate

 712.330.0604

 matt@okobojipropertygroup.com

Downtown Church

Arnolds Park

Downtown Church 45 S Hwy 71 Arnolds Park, IA 51331 Next to Okoboji Middle School/Okoboji Bible Conference Services: Sunday evening at 5:30 p.m. Small Groups- Tuesday/Wednesday at 6:30

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