About the Loan Process
There can be no question ; getting a mortgage is a complex process. You wouldn't be visiting our site if it were possible to fill out a one-page mortgage application and get 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 loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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 provide info on your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll review this info then will provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool for buying your new home! Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy researching the loan program that's just right for you.
Once you've made the offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer 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 work together to designate an escrow/title company to handle the funding of your loan. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with the title company on your closing date. Since you don't have to worry about these details, you can think about moving, painting, new carpet, and all the details of moving into a new house.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you are moving in! Alerus Mortgage is a mortgage specialist; 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. We answer questions about the loan process every day.