The Mortgage Loan Process: an Overview
There's little question that getting a mortgage loan is a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage loan in one 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 mortgage 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? 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 you save the most money. You will give us details about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a great 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 deciding on your new home, we are researching the loan that best fits your needs.
Once you've made an offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date of closing. Because you will not need to worry about these details, you can think about the move, paint colors, new carpet, and the details involved in moving into a new home.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you are moving in! Alerus Mortgage is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
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!