About the Mortgage Loan Process
No doubt, quite a lot involved when you get a mortgage. You wouldn't be visiting our website if it were possible to fill out a one-page loan app and receive an excellent loan check cut in one day. But 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 obtaining a mortgage loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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: pre-qualify for your loan
This step is where Alerus Mortgage will start to save you money. You will supply info about your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). When we review all this information we will provide a pre-qualification letter. Be careful with this letter — it is a useful tool when you make your offer! Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy finding the loan program that's right for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your date of closing. Because you will not need to worry about these details, you get to concentrate on moving, painting, new carpet, and all the details 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 in! We take care of the legwork so you can focus on 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.