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

Janie Eick

Cell: 712.339.0574

Alex Parker99

Cell: 132.465.4798

Community Updates

The Studio Yoga & Barre

The Studio Yoga & Barre in Spencer

The Studio Yoga & Barre has two locations: Spencer or Spirit Lake @ Allure & Co. Come and experience a community of people seeking to live healthier lives through exercising the body and mind.
They offer a variety of yoga, barre, cycling and paddle-board classes for different levels of experience.
The Studio also offers yoga and exercise apparel, as well as oils and health supplements.

Real Estate and MLS Homes For Sale in Spencer

Katy Lynn Boutique

Katy Lynn Boutique in Arnolds Park

Katy Lynn Boutique is a fabulous women's clothing store offering a wide variety of clothing, shoes, jewelry and more. Excellent customer service with all hands-on-deck in helping you find that special outfit. You can also place clothing orders online. A fun clothing store that is sure to impress!

Real Estate and MLS Homes For Sale in Arnolds Park

Cheap vs high end quality. A buyer's perspective.

Cheap vs high end quality.  A buyer's perspective. in The

Here's the scenario. You are building a house or remodeling your house. Material costs are up. Labor costs are up. You ask yourself, where can I save a buck? Before answering this question, you must be careful, especially if your home is located in an area where other quality homes are built, whether on the lake, off the lake, or in higher valued developments such as golf course developments, etc. Growing up in construction and with a plethora of new construction and remodels under my belt, let me share with you some of the easy things that your future buyers will recognize when they are looking for quality.
1. One of the first things buyers of higher end homes will look for is to determine if the owner used hollow core doors. It's an immediate sign that the seller was looking for ways to save money (where else then did they cut back that I can't see???)
2. The second most obvious is the counter tops. Did the sellers spend for a quality granite, quartz, or other hard surface, or was formica used?
3. The third item that might stick out is the cabinetry. Do the drawers have dovetail construction with hardwoods? Did they use "soft close" drawers? Are there pull outs for the pots and pans?
4. Flooring is an easy one also. Was laminate used, or is it engineered or hardwoods? Does the carpet convey a quality feel and plushness? Is there a nice thick pad underneath the carpet?
5. Though there are many other items to look at, cheap vs quality lighting and plumbing fixtures are probably the next major focus.

There is nothing wrong with with using lower cost materials, especially when trying to keep a project within budget, especially when trying to build more house for less money. Just be aware that most buyers looking to spend in excess of $300k for off lake homes and $500+ for East Lake chain homes, and $1M+ for West and Big Spirit will expect the very best materials and finishes.

Subscribe To Our Newsletter