The Mortgage Loan Process: an Overview

Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and get an excellent loan funded the same day. But Kim Pedersen - Alerus Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major milestones.

Step one: Decide how much you can afford

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. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan

This is where Kim Pedersen - Alerus Mortgage can start to save you money. You will provide info about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy researching the loan program that's just right for your unique situation.

Step three: apply now! We make it easy

After you've made the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. When the time is right, we'll order the appraisal of your new home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your closing date. Because you won't need to worry about these details, you get to think about moving, paint colors, new carpet, and the fun parts of moving into a new house.

You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! Kim Pedersen - Alerus Mortgage is in the business of mortgage loans; 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!