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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Local Expert Updates
Aaron Jones
Cell: 234.234.2342
Brooke Johnson
Cell: 641.420.2172
Greg Harvey
Cell: 712.330.1573
Matt Rogers
Cell: 712.330.0604Community Updates
Character Center Climbing Tower
Located at the Bedell Family YMCA in Spirit Lake.
The Climbing Tower offers 5 different "courses" offering different levels of difficulty, some easy enough for my 4 year old to enjoy and some are quite difficult. This offers kids a great activity to keep themselves entertained while having fun and staying active.
Spirit Lake Spillway
Spirit Lake Spillway
Looking for some entertainment with the kids on a nice summer weekend, come check out the Spillway. The Spillway connects Big Spirit Lake to East Lake Okoboji allowing overflow water to move from Big Spirit Lake to the chain of lakes. This helps keep water levels under control on Big Spirit.
Depending on the time of year you visit, you may see hundreds, if not thousands of fish, mostly carp swimming upstream, it’s a neat site to see.
While you are here, you can launch your boat for a day on the lake, or you can visit Orleans Beach next door. Or you can grab lunch at the Spillway Drive In.
Spencer Hospital
Spencer Hospital delivers the highest quality healthcare in its area.They are compassionate about their patients, while providing high-tech, and professional care to each of their patients. They have a specialized cancer center, diagnostic imaging, surgery center, and a brand new OB unit. Spencer Hospital's amazing doctors provide personalized care, and treat each patient with compassion, and care.
