How the Loan Process Works

There's little doubt that getting a mortgage is a complex process. You would not be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. We do 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 getting a loan.

Step one: Decide how much you can afford

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? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 is where Kim Pedersen - Alerus Mortgage will start saving you money. You will provide info on your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed this information, we'll give you a pre-qualificaiton letter. Your real estate agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on the home that's right for you, we are researching the loan that best fits your needs.

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 a loan couldn't get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date to close. Because you will not have to worry with this coordination, you get to think about the move, if you're going to repaint, carpet, and the details involved in moving into a new home.

You've answered some few questions, given us detailed information, applied , and before you know it, you are moving in! Kim Pedersen - Alerus Mortgage is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??

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

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