The Mortgage Loan Process: an Overview

No doubt, a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in one day with 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.

Getting a mortgage loan involves four major milestones.

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? Use the calculators on our website to determine your monthly payment amount. 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: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will provide info on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. When we review this information we provide a pre-qualification letter. Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply any time right here on our site. Finally, we will order an appraisal of your new home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company on your closing date. Because you won't have to worry about these details, you get to think about moving logistics, painting, carpet, and all the details of moving into a new home.

You've answered some few questions, given us detailed information, applied , and Before you know it, you're moving in! We do the legwork so you can focus on finding the new home that's right for you.

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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