How the Mortgage Loan Process Works

Shopping for a mortgage? We'll be glad to talk about your mortgage needs! Give us a call at (612) 386-5901. Ready to begin? Apply Here.

There is no doubt ; getting a mortgage is a complex process. You wouldn't be looking up loan information if you could get a 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.

There are four primary 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? 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 amount 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: pre-qualify for your loan

This is where the process really begins and you save the most money. You will give us information on your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. We'll review all this information then will give you a pre-qualification letter. Handle it with care — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy finding the loan program that's just right for your unique situation.

Step three: apply for your loan

Once you have made an offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.

Step four: funding

The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your date to close. Since you don't have to coordinate this process, you get to concentrate on moving, paint colors, new carpet, and the fun parts of getting a new home.

You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! Alerus Mortgage is in the business of loans; you're not — so take care of the details. Doesn't that make sense?

Have questions about the loan process? Call Alerus Mortgage at (612) 386-5901. We answer questions about the loan process every day.

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