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It’s our commitment to you to close according to the terms of our approval letter, or we will pay $20,000 to the seller — which can really stand out when it comes to putting in an offer.
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Whether it’s your first home or your next property, Alerus has a mortgage solution for you.
It’s our commitment to you to close according to the terms of our approval letter, or we will pay $20,000 to the seller — which can really stand out when it comes to putting in an offer.
The timeline can vary, but the homebuying process typically takes 30-45 days from the time you make an offer to the closing date, depending on factors such as the mortgage pre-approval process and inspections.
To improve your chances, maintain a good credit score, save for a down-payment, pay down existing debts, and avoid taking on new debt before applying for a mortgage.
Pre-qualification is an estimate of what you can borrow based on self-reported information. Pre-approval is a more in-depth evaluation by a lender, which includes verification of your income, credit, and assets, and provides a clearer picture of how much you can borrow.
Yes, having student loan debt doesn’t prevent you from buying a home. Lenders will look at your debt-to-income (DTI) ratio, including your student loan payments, to determine your ability to repay the mortgage. Keeping a low DTI improves your chances of qualifying.
Escrow is a third-party account where funds are held during the home buying process to cover expenses like property taxes and homeowner’s insurance. After closing, a portion of your monthly mortgage payment may go into escrow to pay these expenses on your behalf.
Explore our range of mortgage calculators designed to help you make informed decisions.
We’re here to guide you through every step of the homebuying process. Whether you’re navigating it for the first time or ready to dive in and get started, our experienced mortgage bankers are here to help you find the best loan to fit your needs.