About the Loan Process

There is no doubt that getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if you could get a mortgage loan in a single day with 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.

There are four main steps involved in obtaining a mortgage loan.

Step one: determine how much you can borrow

A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 Kim Pedersen - Alerus Mortgage can start saving you money. You will supply info on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Your REALTOR® will use your 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 looking for a new home with your real estate agent, we find the best program for you.

Step three: apply for your loan

After you've made the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our website. When the time is right, we'll order the appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company on your closing date. Because you will not have to coordinate this process, you get to concentrate on the move, if you're going to repaint, new carpet, and all the details of getting a new home.

You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving! 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.

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