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Envoy Mortgage
907 Ranch Road 620 S. Ste. 301
Austin, TX 78734

Office: 512-306-8502
Fax: 512-306-8503
envoy mortgage loan austin
"Tiffany and I have worked with Envoy Mortgage many times! As a Realtor, when I refer my clients to Sean, I always know we will have a successful transaction! Gina and Sean stay on top of the details, are always in constant communication and truly care about the people they help! Thanks Envoy Mortgage for always doing a FABULOUS job!"

- Jennifer Brown and Tiffany Jobe, 360 Group, JB Goodwin Realtors

Envoy Mortgage Process Overview:

Application Process

To start the loan process, all we need is an application and a few documents to verify income and savings or other sources of funds for your down payment. Once we have a complete application, it usually takes 7 to 10 business days to get your loan approved. Our goal is to present the best possible financial "picture" that we can to the underwriter. Having many different lenders to choose from also means we have more flexibility in getting loans approved at the best terms available.

Soon after the loan application, you will receive a document called the "Truth-in-Lending" statement which may be confusing. It will have an estimate of the yield the lender will make on the loan for the first year, called the Annual Percentage Rate (APR), which includes certain closing costs. This is NOT the interest rate on your loan, so don't panic when you see it.

Mortgage interest rates change daily and are affected by economic factors just like any other commodity. We monitor several sources of information on market trends; however, the ultimate decision when to lock your mortgage rate must be yours. You can choose to "float" the mortgage rate (i.e., not lock-in the rate) until 3 business days before the closing. Like the stock market, you should try to get close to the bottom of a down cycle in rates, but do not expect to hit the exact bottom.


envoy mortgage austin, lakeway, texas application process overview

Title Commitment

The title company (or attorney's office) where the actual signing of closing documents will take place is researching the property records to ensure the home you are buying is free of adverse liens or judgments against it.

Appraisal

We will select an independent appraiser to inspect, measure and photograph the property you have purchased. The appraisal should not be confused with a property inspection that you may want to have done outside the loan process. The appraiser will do a market research on recent sales of comparable properties to determine its value. If there are repairs required by the appraiser or if the value is less than the sales price, you will be advised immediately. The underwriter reviews this appraisal as part of the loan decision.

Survey

If an old survey is not available, or if a new one is required, a survey crew will be sent to the property to find and mark the boundaries of the lot. At closing, you will receive copies of the survey showing the dimensions of the lot, location of the house and structures of the property, and easements of record.

Underwriting

Your application will be entered into our system, income and assets to close verified and a final credit report done. The complete credit file, with a summary of income-to-debt ratios and the appraisal, will go to the underwriter who reviews the file and makes the final loan decision. If there are conditions required by the underwriter for loan approval, you will be notified immediately.

The Timeline

Estimates noted in parenthesis are business days and assume that all required documents are received within 48 hours of initial application.

 


Step 1. Consultation/Application (1 day)
Overview of loan programs. Estimate settlement costs and funds required to close. Collect documentation of income and assets.

Step 2. Set up Loan File (3-5 days)
Order credit report, property appraisal, title commitment, survey, and rental or mortgage history. Get homeowners policy information. Mortgage payoff (if refinancing).

Step 3. Loan Analysis (2-3 days)
Review documentation, resolve file issues, request additional information or explanation as needed.

Step 4. Loan Approval (2-3 days)
Assemble loan package and submit to underwriter. Clear conditions (if any) required for final loan approval.

Step 5. Prepare Documents (1-2 days)
Send instructions and documents to title company. Prepare Settlement statement (HUD-1) and review documents.

Step 6. "Celebration Event" (1 day)
Meet at the title company to sign documents for home ownership. Disperse funds and get keys to new home.

 


The Top 10 Things That Delay Closing

  1. Not providing information requested in a timely manner.
  2. Unclear verification of funds to close, changing the source of down payment, and using a personal check, rather than a cashier's check to transfer "gift" funds.
  3. Changing terms, conditions or sales price on the contract without notifying us immediately. For example, upgrades to new home construction.
  4. Having late payments after the initial pre-qualification credit report or putting off paying bills in an effort to accumulate down payment. (Recent late payments may cause a loan to be declined.)
  5. Waiting until the last minute to choose your homeowner's insurance company.
  6. Being out of town on the day of the closing and/or significant amounts of time during the process.
  7. Losing or quitting your job just before closing. Employment is verbally verified prior to closing.
  8. Buying an expensive item during the loan process. Credit reports are often updated just before closing.
  9. Getting married between loan application and closing and not telling us. (Texas is a community property state.)
  10. Not bringing requested items to closing, such as cashier's check, photo ID, closing conditions, etc.