An Overview of the Loan Process
There is no question that getting a mortgage loan is a complex process. You wouldn't be visiting our site if it were possible to complete a simple loan app and get a great 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 main steps involved in obtaining a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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 is where Alerus Mortgage can start to save you money. You will give us information about your employment, assets, and 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 all this information then will provide a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! Your REALTOR® should 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 looking for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with this company on your closing date. Because you won't need to worry with this coordination, you get to think about the move, if you're going to repaint, carpet, and the fun parts of getting your new home.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're deciding when to move in! Alerus Mortgage is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Alerus Mortgage at 952 417 8481. Alerus Mortgage answers loan process questions every day.