The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be here on our site if you could fill out a one-page application and receive the best loan funded the same day. But Alerus Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a mortgage loan involves four major milestones.

Step one: Decide how much you can afford

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? 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. 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 Alerus Mortgage can really save you money. You will provide information about your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is 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 picking out the home that's right for you, we're busy researching the loan that's just right for your situation.

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. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.

Step four: funding

Your real estate agent and the seller's will coordinate to decide on a title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with the title company to set your closing date. Because you don't need to coordinate this process, you get to think about moving logistics, paint colors, carpet, and all the details of moving into your new house.

You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving in! We do the mortgage legwork so you can spend your time finding your new home.

Have questions about the loan process? Call Alerus Mortgage at 952 417 8481. It's our job to answer lending questions, so we're happy to help!

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