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
Liz Sandy
Cell: 712.330.1386
Janie Eick
Cell: 712.339.0574
Greg Sheeler
Cell: 712.330.1573Community Updates
Kozy Heat
The Kozy Heat Fireplaces Gallery is a fireplace dealership located just off of Highway 71 in Arnolds Park, IA. The gallery is an authorized dealer of the following items: gas fireplaces, wood fireplaces, electric fireplaces, outdoor fireplaces, pellet grills, gas grills, smokers, charcoal grills, and ceramic grills. The Kozy Heat Gallery also offer... Show More
Smack Shack
Get your taste buds ready for some smashing good sandwiches! The Smack Shack offers some amazing gourmet sandwiches. Every menu item is brilliantly created by chef Jeremy Neppl. I love the smack burger myself, as well as the spicy fried chicken thigh sandwich. I really don't think you can go wrong ordering here, they even have PB&J options for... Show More
Bedell Family YMCA
The Bedell Family YMCA offers many programs to kids and adults alike. Children can get their first experiences with various sports, and continue their interests as they grow into specific programs. Adults also are offered many sports, health, and wellness programs at the Y, they even provide childcare while you attend your program, or work out. The... Show More