The Mortgage Loan Process: an Overview

There is no question ; getting a mortgage loan is a complex process. You wouldn't be visiting our website if it were possible to fill out a simple application and get the best loan check cut in one day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four important steps involved in obtaining a loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.

Step two: complete a pre-qualification

This step is where Kim Pedersen - Alerus Mortgage can begin to save you money. You will provide details on your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. We'll go over this information then will provide a letter of pre-qualification. 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 shopping for your new home with your agent, we find the best program for you.

Step three: apply for your loan

Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. Finally, we'll order the appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to designate a title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with this company on your date to close. Because you won't have to worry about these details, you get to concentrate on the move, painting, new carpet, and the fun parts of getting your new home.

You've answered a few questions, given us detailed information, applied online, and the next thing you know, you are deciding when to move in! We take care of the loan details so you can spend your time finding your new home.

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!

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