The Loan Process
1. Pre-Qualify for a Loan
You will be required to provide financial information, including income and debts, so Envoy Mortgage can determine how much of a home you can afford. Envoy Mortgage will then issue a letter stating the loan amount for which you pre-qualify.
*A pre-qualification is not a formal application and loan amount qualification may be subject to change depending on how accurate the income and debt information the applicant originally provided to Envoy Mortgage.
2. Select a Loan Program
3. Complete the Loan Application
The Envoy Mortgage approval process begins with you completing and submitting an application through your loan officer who will assist you. At this time, you will be asked for a number of supporting documents, some of which are listed below. Once your Loan Officer has received your application and the supporting documentation, the file is handed to our processing department.
The following will be required on most loans:
- Name and address of employers for previous two years
- W-2 forms
- Pay stubs for previous 30 days
- Tax return statements
- Bank statements
- Quarterly statements (mutual funds, 401K, IRA, etc.)
4. Processing the Loan Application
The Envoy Mortgage 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.
5. Underwriting the Loan
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.
6. Loan Approval Process
Throughout the entire loan process, Envoy Mortgage will do everything we can to approve your loan application. When your loan application is approved, the information will move to the closing process.