An Overview of the Mortgage Loan Process
Make no mistake, there's a lot involved in oder to get a mortgage loan. You would not be looking up loan information if you could 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.
There are four important steps involved in obtaining a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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 the process really begins and Kim Pedersen - Alerus Mortgage can really save you money. You will give us details on your employment, your assets, and 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. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! Your real estate agent will likely 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 deciding on your new home, we are finding the best loan program for you.
Once you've made the offer and it's been accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. Finally, we will order an appraisal of your new 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 coordinate with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your date of closing. Since you don't have to worry with this coordination, you get to think about the move, painting, carpet, and all the details of moving into a new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! Kim Pedersen - Alerus Mortgage is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Kim Pedersen - Alerus Mortgage at 9524178466. We answer questions about the loan process every day.