How the Mortgage Loan Process Works

There's no doubt ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a mortgage loan in a single day by filling out a simple application. But Alerus Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in getting a loan.

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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 step is where Alerus Mortgage can begin saving you money. You will provide info on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. We will review this information then provide a pre-qualification letter. Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your agent, we find the best program for you.

Step three: apply for your loan

Once you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: your loan is funded

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 once it's approved. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company on your closing date. Because you don't need to worry about these details, you can think about the move, paint colors, new carpet, and all the details of getting your new house.

You've answered a few questions, given us detailed information, applied online, and the next thing you know, you are deciding when to move in! We take care of the loan details so you can focus on finding your new home.

Have questions about the loan process? Call Alerus Mortgage at 952 417 8481. Alerus Mortgage answers loan process questions every day.

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