An Overview of the Loan Process

There's a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a mortgage loan in a single day by filling out a simple application. We do most of 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 primary steps involved in getting a mortgage loan.

Step one: Decide how much you can afford

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. 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: complete a pre-qualification

This is where Kim Pedersen - Alerus Mortgage will start to save you money. You will supply info on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we have gone over all this info we provide a letter of pre-qualification. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your agent, we find the best program for you.

Step three: apply for your loan

Once you have signed the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. Finally, 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" and closing. We'll work with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your closing date. Since you will not have to coordinate this process, you can concentrate on moving logistics, painting, carpet, and the details involved in moving into your new home.

You've answered a few questions, given us lots of information, applied , and before you know it, you're deciding when to move 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. We answer questions about the loan process every day.

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