Envoy Mortgage Review: Pros, Cons, Rates, What to Expect

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Envoy mortgage logo

Searching for a mortgage provider can often seem just as challenging as finding the perfect home for you and your family. One mortgage provider that you may have already heard about is Envoy Mortgage. Our article is going to serve as a definitive review that will focus on several key aspects of this company.

Envoy Mortgage – Details and Overview

Originally started under the name First Houston Mortgage in 1997, Envoy Mortgage has grown to a sizable mortgage provider that regularly services as much as $700 million in mortgages each year. Headquartered in Houston, Texas, they issue mortgages for virtually every area in the United States.

You can easily find a branch or mortgage officer in your area by using their Find a Branch or Find a Loan Officer locator tools. As for their licensing, Envoy Mortgage participates in a wide range of federal and state mortgage programs.

Envoy Mortgage Loan Process Explained

Start by Exploring Their Loan Calculators

The first step in the loan process at Envoy Mortgage involves exploring their various calculators. These free tools allow you to quickly and easily estimate your monthly mortgage payment by simply inputting an approximate home purchase price.

Keep in mind that these calculators do not account for additional payment requirements like taxes and insurance that go into your escrow account. However, they can give you a good starting point to estimate where your upper price limit lies.

In addition to their simple mortgage calculator tool, they also have more advanced versions that can help you see how much of each payment will go to interest as well. Ultimately, these calculators can help you see just how much of a difference a small principal only payment can make over the life of your loan.

Learn About the Loan Programs You Qualify For

Being an approved lender with several federal agencies, Envoy Mortgage participates in a wide range of popular loan programs. One of the most highly sought after is FHA loans. These mortgages are designed specifically for first-time homebuyers.

With more flexible credit terms and a reduced down payment requirement, these loans have a lot going for them. Another popular loan program to consider is VA loans. Designed for military personnel and their immediate family members, VA loans have the distinct advantage of up to 100 percent financing.

Unlike FHA loans, VA mortgages do not carry any PMI requirements. Over the life of your loan, this can save thousands. USDA mortgages, also known as rural housing loans, are another excellent choice that offers up to 100 percent financing and carry no PMI requirements as well.

In addition to these popular loan options, Envoy Mortgage also offers specialty programs like construction to permanent financing and jumbo loans. No matter what, you should have no problem finding a mortgage to fit your unique needs.

Moving Onto the Pre-qualification

At this stage in the loan process, you should be ready for your pre-qualification. This process involves an Envoy Mortgage loan officer estimating how much home you can afford and doing a preliminary check of your credit.

They will also ask for copies of certain information like your paycheck stubs and bank statements. As a general rule of thumb, it’s a good idea to provide them with up to two months of financial documents. It also helps if you have copies of your tax returns from the previous two years.

To complete your pre-qualification, simply contact a local branch in your area or search their website for a loan officer. The pre-qualification can either be completed in person or via telephone. Once completed, you will receive a pre-qualification letter than you can present to your real estate agent.

Making an Offer and Underwriting

You should hopefully be at the point where you are ready to make an official offer on a property. Your real estate agent will work with you to draw up the official paperwork. If the seller accepts, you will enter a tentative agreement with them

During this stage, Envoy Mortgage will request additional financial documents from you as well as information on the subject property like an appraisal and home inspection report. In addition, you will also be expected to get quotes on home insurance as well.

It’s very important that you maintain your financial stability during this stage. Envoy Mortgage will be checking your credit again and making sure that the property you are interested in meets the requirements of the loan program you decided on with your loan officer. If all goes well, things should move onto the closing stage in one to two weeks.

Closing and Your First Payment

Congratulations are just about in order at this stage since you are just one step away from owning your first home. You will meet with a closing agent who will have you sign the various legal documents that make you the official new owner of your dream home. You should carefully review the mortgage documents to make sure that your interest rate, loan term, and other important details match what you were originally told.

Shortly after, you will receive your account number and other payment details. Using this information, you can easily sign up for online account access on the Envoy Mortgage website. With this feature, you can easily set up automatic payments, check your account balance, and print out important tax information.

PROs and CONs of Envoy Mortgage

Pros

  • Offers a multitude of educational resources and free calculators.
  • Available in virtually every state.
  • You can complete the loan application online.
  • Full online account access is supported for established accounts.

Cons

  • No rate information is available on their site.
  • Initial pre-qualifications must be completed via telephone or in person.

Envoy Mortgage Customer Service Review

The vast majority of customers seem to have positive things to say about Envoy Mortgage. They consistently have maintained an A+ rating with the Better Business Bureau. In addition, their management team does a great job addressing the concerns of their customers.

Contact Information

Final Thoughts

Envoy Mortgage offers their clients a wide range of educational resources and online tools to help simplify the home buying experience. With a multitude of available loan options, they are an excellent choice to consider. If you have experience with Envoy Mortgage, feel free to tell us about your experience in the comments section.

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