The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
No doubt, a lot to do in oder to get a mortgage loan. You would not be looking up loan information if it were possible to get a loan in a single day with a simple application. But Alerus Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: determine how much you can borrow
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 Alerus Mortgage can start to save you money. You will give us information on your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date to close. Since you won't have to worry about these details, you can think about the move, if you're going to repaint, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! Alerus Mortgage is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Alerus Mortgage at 952 417 8481. We answer questions about the loan process every day.