The 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 complete a simple loan app and get the best loan check cut the same day. 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 main steps involved in obtaining a mortgage loan.

Step one: determine how much you can borrow

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. 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: complete a pre-qualification

This is where the rubber meets the road and Kim Pedersen - Alerus Mortgage can really save you money. You will provide details on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed your information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for a new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you've made an offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our website. When the time is right, we'll order an 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. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company on your date of closing. Since you won't need to coordinate this process, you can concentrate on the move, paint colors, carpet, and the fun parts of getting a new house.

You've answered some few questions, provided detailed information, applied online, and the next thing you know, you're moving in! Kim Pedersen - Alerus Mortgage is in the business of 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!