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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The Three Sons
The Three Sons is your go to University of Okoboji shop!! They offer everything you need for the family from name brand items to your local Okoboji gear. The Three Sons has been a family owned and operated business since the summer of 1960. You will feel like family while you are shopping here. If you are on the boat in the summer don't forget you can also shop their inventory on the Arnolds Park Boardwalk! University of Okoboji gear is one of our favorite ways to represent Lake Okoboji on a vacation!
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