An Overview of the Loan Process
There can be no question ; getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. 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.
Getting a loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 the process really begins and Kim Pedersen - Alerus Mortgage can really save you money. You will supply info about 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 (with your permission, of course). After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we are researching the loan that best fits your needs.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. Finally, we will order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate a title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date to close. Since you will not need to worry about these details, you can concentrate on the move, painting, new carpet, and the details involved in getting a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! We do the legwork 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!