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
Janie Eick
Cell: 712.339.0574
Brooke Jones
Cell: 641.420.2172
Greg Sheeler
Cell: 712.330.1573
Aaron Jones
Cell: 712.320.9442Community Updates
"The Tressle"
"The Tressle" bridge used to carry the old railroad that traversed the area. Now the tressle is home to some of the areas best fishing. Served as a hot spot for fisherman, and a trail for walkers and bikers, the tressle is a classic structure of the Okobojis. We spent days jumping off of the tressle doing cannonballs, preachers, flips and the like. I know in my life my friends and I have caught literally tens of thousands of crappie and blue gill off the tressle bridge.
Taco House
A home town favorite! The Taco House is a hidden gem in the Great Lakes area. If your looking for delicious Mexican food give this a try. Taco House is not open during the winter months but you are able to put in a freezer order before they close to satisfy your craving on those cold days. Whatever you decide to order don't forget the Taco House hot sauce, you won't be disappointed.
Silver Lake Campgrounds
Lake Park has a couple choices to choose from when deciding to camp on Silver Lake. Both campground are on the lake and offer daily, weekly, monthly or even seasonal rates. The one "in town" is a great spot located near the public pool, ball fields, the city park, public fishing dock, and the dam that flows out of Silver Lake. The camping season runs from April 15 to October 15 each year. Click the link to find more information as well as their camping rates.