The Mortgage Loan Process: an Overview

Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be looking up loan information if you could get a mortgage loan in a single 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.

Getting a home loan involves four major milestones.

Step one: determine how much you can borrow

A couple of factors determine this amount. 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. 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: pre-qualify for your loan

This is where the rubber meets the road and you save the most money. You will supply information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home, we are finding the best loan program for you.

Step three: apply for your loan

After you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your closing date. Because you will not have to coordinate this process, you can think about moving logistics, painting, carpet, and the details involved in moving into a new home.

You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving! Kim Pedersen - Alerus Mortgage is in the business of mortgage loans; you're not — so we do the work. Makes sense, doesn't it??

Have questions about the loan process? Call Kim Pedersen - Alerus Mortgage at (952) 417-8466. We answer questions about the loan process every day.

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