About the Loan Process
There's quite a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in a single day with a simple application. But Kim Pedersen - Alerus Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? 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 Kim Pedersen - Alerus Mortgage can start to save you money. You will provide details about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Your REALTOR® will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan that's right for you.
Once you have made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with this company to set your date to close. Because you don't have to worry about these details, you get to think about moving, paint colors, carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving! Kim Pedersen - Alerus Mortgage is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
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!