How the Mortgage Loan Process Works
There's a lot involved when you get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in one 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 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. 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: pre-qualify for your loan
This is where Kim Pedersen - Alerus Mortgage can start saving you money. You will provide details about your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. We will review this information then give you a letter of pre-qualification. Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out your new home, we're busy researching the loan program that's right for you.
Once you've made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate 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 make sure the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date of closing. Because you won't need to worry about these details, you can think about moving logistics, paint colors, new carpet, and all the details of getting a new house.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you are moving in! Kim Pedersen - Alerus Mortgage is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Kim Pedersen - Alerus Mortgage at 9524178466. Kim Pedersen - Alerus Mortgage answers loan process questions every day.