Looking to finance a home? Engel & Volkers can help.

Applying for the loan is one of the most exasperating parts of buying a house, but it doesn't have to be. I have a close business relationship with a lot of lenders in Austin, and they've helped me realize a few things that make the process of applying for a loan pretty simple.

1 – Assemble a list of questions about your loan program

Be sure to have a list of questions if you do not completely understand the pros and cons of all the various loan programs. At times, it can be hard to know the distinctions between fixed and adjustable rate mortgages. I or one of my lenders can assist you with understanding the advantages and disadvantages of each program.

2 – Determine when you want to lock

By locking in an interest rate, a mortgage lender is keeping to the mortgage interest rates for the loan – most often at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day you apply for the loan and closing. Buyers who prefer to float presume that the interest rates will decline in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Determine if you want to pay additional points to decrease your interest rate

Generally you can opt to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. It will help you decide if purchasing points is the best option for you.

4 – Gather your paperwork

Getting a loan requires lots of paperwork, so you should take some time to get all your documents together. Click here to get a list of normal loan documentation.

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