About the Mortgage Loan Process
Make no mistake, there's a lot involved when you get a mortgage loan. You would not be looking up loan information if it were possible to get a loan in a single 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 loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? 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 will begin to save you money. You will give us information about your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. When we review this information we will give you a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new home with your real estate agent, we find the best program for you.
After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. Finally, we will order the 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 the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe coordinate with the title company on your date of closing. Because you don't need to worry about these details, you get to concentrate on moving, if you're going to repaint, new carpet, and all the details of getting your new house.
You've answered a few questions, given us lots of information, applied , and before you know it, you are deciding when to move 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 9524178466. Kim Pedersen - Alerus Mortgage answers loan process questions every day.