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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Big Acai Bowls Okoboji
For Okoboji's superfood Big Acai Bowl Okoboji, located in the Central Emporium is a perfect spot for a healthy breakfast or a snack. Acai (pronounced ah-sah-hee) is a berry extract from acai palm tree found in the rainforests of Central and South America. The acai berries have a slightly sweet favor often compared too blueberries paired with very dark chocolate. This is a must stop for a healthy treat for the whole family that has many health benefits including healthy fats, fiber, magnesium, calcium with very low natural sugar. This natural food is a must try!
Beware the (I'll get your home sold in a week) agent
I hear this one all the time from prospects looking to list their house. "Well, agent xyz told us that if we listed with her, she'd have it sold in a week." This would fall into the category of "If it sounds too good to be true, the probably is." The majority of agents are not going to make this claim, but rather will give you an honest market analysis, inform you as to how weak or strong the market is, especially the market in which your home resides, and present the objective facts. A good agent will then lay out an effective marketing plan, where the majority of the focus should be on "online marketing". Be careful to not get caught up in empty promises, reduced commissions, and being talked in to lowering your price below market value (unless you must have a quick sale). The key to choosing a good listing agent is to objectively determine who is going to provide you the best opportunity to sell your home. Will your listing agent also aggressively work to find buyers, or will they just list your home and wait for another agent to do the work.
