The Loan Process: an Overview
There can be little doubt that getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to complete a simple application and receive a great loan funded the same day. 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.
Getting a loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. 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. 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 Alerus Mortgage can start saving you money. You will give us details about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we have reviewed this info we provide a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new house with your real estate agent, we find the best program for you.
Once you have signed the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to designate an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your date to close. Since you will not have to worry about these details, you get to think about moving, painting, new carpet, and the details involved in getting your new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving in! We take care of the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Alerus Mortgage at 952 417 8481. We answer questions about the loan process every day.