About the Mortgage Loan Process
There can be no question that getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a mortgage 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 primary steps involved in getting a loan.
Step one: Decide how much you can afford
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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This step is where Kim Pedersen - Alerus Mortgage will start saving you money. You will give us information on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your agent will likely 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 your new house with your agent, we find the best program for you.
Once you have made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date to close. Since you don't need to worry with this coordination, you can think about the move, if you're going to repaint, carpet, and all the details of getting your new house.
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 a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Kim Pedersen - Alerus Mortgage at 9524178466. It's our job to answer lending questions, so we're happy to help!