How the Loan Process Works

There can be little question ; getting a mortgage loan is a complicated process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

There are four main steps involved in obtaining a loan.

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? 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. 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 the process really begins and you save the most money. You will provide details on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). When we review all this info we provide a letter of pre-qualification. Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new home with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with this company to set your date of closing. Because you won't have to worry about these details, you can concentrate on moving, if you're going to repaint, new carpet, and the fun parts of getting a new house.

You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! Alerus Mortgage is in the business of mortgage 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. We answer questions about the loan process every day.

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