How the Loan Process Works
There can be little doubt ; getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to fill out a one-page mortgage application and receive an excellent loan funded in one day. 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 main steps involved in obtaining a loan.
Step one: determine how much you can borrow
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. 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: pre-qualify for your loan
This step is where Kim Pedersen - Alerus Mortgage will begin to save you money. You will give us info on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've reviewed this information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we are finding the best loan program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply 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
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your date of closing. Because you will not have to worry with this coordination, you can concentrate on the move, if you're going to repaint, new carpet, and the details involved in moving into a new home.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We take care of 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. Kim Pedersen - Alerus Mortgage answers loan process questions every day.