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Mortgage Loan Process

Once you select us to obtain your home loan, you'll be amazed at how quickly and simply the loan process moves. Before you know it, you'll have a mortgage that suits your lifestyle and saves you money.

Throughout the loan-application process, we provide you with regular updates. You can also e-mail us with questions or new information. And if you want assistance, a mortgage expert who can answer questions is just a phone call away.

Here's an overview of the loan-application process

1. Application

The first step is simple — you need to apply. If you're not quite ready to apply or need more information, review this website or call the Bremer location nearest you. Check out our Mortgage Checklist so you know what you will need when you apply.

2. Preliminary Qualification

Based on the information you give us, we'll let you know the estimated loan amount you are pre-qualified for and help you determine the best possible financing and mortgage product for you. Your Bremer mortgage lender will explain all the details to you at this point and present you with your options.

 3. Loan Processing

In order to purchase the home or property you have selected, additional forms must be completed to process your loan. It's critical to provide timely response to document requests during this time to keep the process moving forward.

4. Home Appraisal

Next, we'll arrange an appraisal of the property to determine its market value. We use carefully selected and approved local appraisers that visit the property and compare it to other similar properties in the area to ensure the house is appraised at the right value. You'll receive a copy of the appraisal at closing.

We also obtain a title opinion (an attorney's opinion) at this time. This will tell us the legal details of the property including liens against it (i.e., another loan). You will be entitled to obtain owners coverage for title insurance at your closing. This process may take up to 30 days and will depend on the location of the abstract.

5. Final Approval

During final approval, an underwriter looks over all the paperwork and loan details and decides whether or not it supports the preliminary pre-qualification issued earlier (step 2). A few key items reviewed include:

  • The Property: In this case, they review the appraisal report to verify value.

  • Total Debt Ratio: This is the ratio between all your stable sources of income against all your debts. Debts and income used in this process may vary based on loan program chosen.

  • Cash Reserves: After your loan settlement costs are paid, this is the amount of money left over in your bank account.

  • Credit History: Looking at your current and past payment history is a measure of how likely you'll repay your loan.

  • Employment History: The stability of your income, and how likely it is to continue, is reviewed.

6. Closing

This is the "mountain of paperwork" you've heard about. But don't worry — it's the closing agent's job to explain everything to you so you know what you are signing. Your Bremer mortgage lender can arrange to be there as well to assist with questions. At this time, you will be expected to take care of the closing costs and the balance of your down payment. Once you complete this step, you'll be a homeowner!

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