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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Community Updates
Bridges Bay Resort
Bridges Bay Resort is built on the land purchased a few years prior which used to be owned by the Nielsen family of Arnolds Park. This huge complex consists of a hotel, 3 condo buildings (a 4th is under construction), and over 100 vacation cabins. A popular part of the resort is the indoor waterpark that cabin and condo owners have access to, but also, so does the public for a fee. Braccos is a fantastic summertime restaurant and bar which is frequented by boat, by car, and by foot, especially from the owners of the condos and cabins. All of the units at Bridges Bay have an opportunity for a boat hoist, and it is an extremely popular destination for out of towners looking for a vacation spot in Okoboji. Because Bridges Bay is not within the city limits, many owners utilize property management companies to help them rent their units by the day, week, and month. I've personally sold and shown many condo and cabin units and would be delighted to help.
Terrace Park
Terrace Park is located in Brown's Bay on West Lake, Okoboji. It is one of the largest public beaches on West Lake and has entertained beach goers for many years. Next to Terrace Park is Boys Town out of Omaha, Nebraska. I remember as a kid spending entire days at terrace park, either riding bicycle or taking a moped (yes a moped) down to meet with friends and playing king on the dock. In 2010, the morning after "the storm", Terrace Park was carnage. Boat were stacked on top of each other. Trees were uprooted, and hoists were tossed around. Boats and other water craft were found in Terrace Park that belonged to owners on the North end of West Lake.
The Coffee Shop
This quaint coffee shop in downtown Milford, IA is the talk of the town. You must stop in for a hot or cold drink and enjoy the atmosphere of this eclectic cafe. Locals and visitors alike enjoy meeting at this town favorite.
