The Mortgage Loan Process: an Overview

Make no mistake, there's a lot to do when you get a mortgage. You would not be looking up loan information if you could get a loan in one day by filling out 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 getting a loan.

Step one: Decide on your maximum loan amount

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? 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 the process really begins and Kim Pedersen - Alerus Mortgage can really save you money. You will provide details on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are looking for the best loan for you.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. Finally, we'll order an appraisal of your new home.

Step four: funding

The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company on your date to close. Because you don't have to coordinate this process, you can think about the move, if you're going to repaint, carpet, and all the details of getting a new house.

You've answered some few questions, provided detailed information, applied , 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. 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.