At Envoy Mortgage, we understand the value of helping our borrowers achieve the best results in their home buying experience. For us, that means ensuring our borrowers know just what to expect during the loan process.
Step one begins with contacting a local Envoy Loan Originator.
During your conversation, your Envoy loan officer will discuss your credit, income and any debts to establish affordability as well as what loan programs are available to you. Envoy will then issue a letter stating the loan amount for which you pre-qualify.
(Getting pre-qualified means a lender has given you an estimated mortgage amount based on a general look at your finances.)
Receiving a pre-approval starts with connecting and submitting an application with the help of your Loan Originator.
You will be asked to provide a number of supporting documents such as W2’s, Pay Stubs, Bank Statements and Employment History. Once your loan officer has received your application and the supporting documentation, the file is handed to our processing department.
(Getting pre-approved means you start the loan process early-on by submitting your documents to an Envoy underwriter.)
Our processing department verifies the accuracy of the information you provided in your application.
In addition, the processor will review your credit report, order an appraisal, title commitment and other third-party information. If problems or questions arise regarding the information you provided, our processors will work with you to get the correct information.
Once processed, one of our underwriters will examine the file to certify that it conforms to industry standards and that the appraisal, survey, title commitment and other documentation are acceptable.
After reviewing your financial background, you will be notified of your approved loan amount.
More people are benefitting from pre-approvals over just pre-qualifications because it saves you time, money and gives you better negotiating power. You can now contact your realtor to begin your home search!