The Mortgage Loan Process: an Overview
There can be no question that getting a mortgage is a complex process. You wouldn't be here on our website if you could fill out a simple application and receive the best loan funded the same 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 important steps involved in getting a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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 process really begins and Kim Pedersen - Alerus Mortgage can really save you money. You will supply info about your employment, assets, and 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. After we have gone over all this info we will give you a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. At the end of this step, 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 a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your closing date. Since you won't have to coordinate this process, you can concentrate on moving logistics, paint colors, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided 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. Doesn't that sound nice?
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!