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Yes! This is considered a pre-qualification or pre-approval, and obtaining a pre-qualification or pre-approval before you find a home is a smart choice. Once completed, we will issue a letter stating that you have been pre-qualified or pre-approved subject to you finding your new home. You can use the letter to reassure Real Estate Brokers and sellers that you are a qualified buyer. The pre-qualification process helps ensure that you are looking in the right price range to comfortably fit in your budget and can be completed quickly by your loan originator. A pre-approval is a more involved process than a pre-qualification but may give more weight to any offer you make on a property. Obtaining a pre-approval requires submission of documentation supporting your income, assets and debt. An underwriter will review your information, and if acceptable, issue a pre-approval letter. When you find the perfect home, simply call your Envoy representative to complete your application. At this point, you will have the option to lock in your interest rate and we will complete processing your application.

Annual Percentage Rate ( APR ) is the percentage used to figure out the total cost of your loan by taking into account all fees charged by your lender in addition to your loan principle and interest.

Interest rates are influenced by the financial markets and can change regularly. The changes are based on many different economic indicators in the financial markets.

A credit score is the primary indicator of how likely a person will repay future debt. Mortgage lenders review your credit history by reviewing your credit report. This report gives an indication of how well you have paid your bills and other financial obligations in the past. Additionally, the report will show how much debt you already have, for example, your credit cards, car, student and other types of loans. Credit scores range between 300 and 850. The higher the credit score the better. Your credit score will play a role in determining the amount of money you can borrow and the terms of your loan, including the interest rate

Homeowners are required to pay property taxes and they must also carry homeowners insurance to protect their home. In some cases the lender may require the taxes and insurance to be paid into an escrow account. If your loan has an escrow account, each month 1/12 of your annual tax and insurance payments will be collected as part of your monthly payment and placed in the escrow account. When the annual tax and insurance payments are due, the lender will make the payment on your behalf using the funds that have been accruing in your escrow account. Because tax and insurance figures can increase or decrease over time, your escrow account will be reviewed annually and may be adjustment up or down to take this fluctuations into consideration.