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

Cell: 712.330.1573

Janie Eick

Cell: 712.339.0574

Brooke Jones

Cell: 641.420.2172

Community Updates

Rolling Oaks Barn

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Real Estate and MLS Homes For Sale in Spirit Lake

The Last Touch / Benjamin Moore Paint Store

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If you're looking for great interior or exterior paint check out The Last Touch Benjamin Moore Paint Store at 2230 33rd Street, Suite 1, in Spirit Lake. They have a great selection of authentic colors and have been ranked highest in interior paint by JD Power and Associates for several years running. The staff is extremely knowledgeable and always ready to help whether it's with a free estimate or a color consultation. They also offer cleaning services for new construction, remodels, top-down or general cleaning plus janitorial services. You can reach them at 712-336-4475 or visit their website at www.lasttouchllc.com. When you're ready for your next project give The Last Touch a try! You won't be disappointed!

Real Estate and MLS Homes For Sale in Spirit Lake

Ruthven Meat Locker

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Real Estate and MLS Homes For Sale in Ruthven

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