The Loan Process: an Overview
No doubt, a lot involved when you get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage loan in one day with 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 main steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
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. 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: pre-qualify for your loan
This is where Kim Pedersen - Alerus Mortgage will begin saving you money. You will provide information on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we have reviewed this info we give you a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy finding the loan that's right for your unique situation.
Step three: apply now! We make it easy
Once you've made the offer and it's been 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. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your date of closing. Since you won't have to coordinate this process, you get to think about moving, if you're going to repaint, new carpet, and all the details of getting a new house.
You've answered a few questions, provided detailed information, applied , and before you know it, you are moving in! We take care of all the loan details so you can focus on 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!