The Mortgage Loan Process: an Overview
There's no doubt ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out a simple application. But Kim Pedersen - Alerus Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where Kim Pedersen - Alerus Mortgage will start to save you money. You will give us details on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we have gone over this info we will give you a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your closing date. Because you don't need to worry about these details, you get to concentrate on moving logistics, paint colors, new carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving! Kim Pedersen - Alerus Mortgage is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Kim Pedersen - Alerus Mortgage at (952) 417-8466. It's our job to answer lending questions, so we're happy to help!