How to Get a Mortgage in Plano, Tx - Texas United Mortgage

How to Get a Mortgage in Plano

If you’re ready to get a mortgage in Plano, it’s important that you have all your ducks in a row.

Understanding how to qualify for a mortgage, which type of mortgage is best for you, and the financial requirements you must meet to get a mortgage in Plano will make it easier for you to secure the financing for a home you’ll love for years to come.

Here’s what you need to know about getting a home loan in Plano, Texas.

Why Own a Home in Plano?

Located in the north part of Texas, Plano is home to several historic sites and nature preserves. This Dallas suburb is bustling with activity, and it grows a little more each day.

Plano residents and year-round tourists can enjoy all that the city’s businesses, natural scenes, and historic sites have to offer. Museums, festivals, and shopping venues are just the beginning of what you’ll find in Plano.

The Housing Market in Plano

The median price for a home in Plano is $359,543.

While Plano isn’t the cheapest place to own a home in Texas and the market is competitive, it is an excellent place to live outside of Dallas without being too far from the action.

Plano homes spend an average of 32 days on the market. Plano schools have unmatched ratings, so if you are able to compete on the market and snag a home here, you won’t be disappointed by what the area has to offer.

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Reef Merhi

NMLS 878539 | Branch Manager | Sr. Loan Officer

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Scott Foster

NMLS 1591277 Operations Manager | Sr. Loan Officer

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Claudia Seybold

Executive Administrative Assistant | Coordinator

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Claudia Seybold

Executive Administrative Assistant | Coordinator

Claudia, a fifth-generation Texan and resident of The Woodlands since 2004, has been a dedicated professional in the Texas real estate industry since 2001. Throughout her career, she has played a pivotal role in successfully closing a diverse array of transactions, consistently delivering contracts that meet specified agreements and conditions.

Currently, Claudia is with Texas United Mortgage, where she serves as an executive assistant, working closely with Reef and the team to ensure that all deadlines are met and expectations are consistently exceeded. Her responsibilities include managing schedules, coordinating communication, preparing reports, organizing meetings, and handling a variety of administrative tasks essential to the team's smooth operation. Claudia's attention to detail and proactive approach contribute significantly to the team's success. In addition to her role at Texas United Mortgage, Claudia continues to practice as a Texas Realtor, further showcasing her commitment to the real estate industry.

Outside of her professional life, Claudia values time with her husband, Travis, and sons, Ethan and James Roy. She is an active member of Faith Bible Church, where she is passionate about serving the community. In her leisure time, Claudia enjoys RVing with her family, exploring the outdoors, and maintaining an active lifestyle through regular workouts.

Richard Haskell

NML 347730 | Sr. Loan Officer | Manager

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Joy McClellan

Sr. Loan Processor

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Nichole Walker

NMLS 2114509 | Loan Officer

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David Webber

Loan Officer

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How To Get A Mortgage in Plano

To get a mortgage in Plano, you will have to be financially prepared. Raising your credit score, eliminating your debt, and saving up for a down payment will allow you to negotiate low interest rates and find the home of your dreams.

Once you’ve improved your financial situation, you can begin to research which type of mortgage is best for you and start applying with lenders.

Your lenders will ask you to provide a long laundry list of documents to prove your financial eligibility for the loan. Your driver’s license, social security number, tax returns, pay stubs, bank account statements, asset account records, and proof of down payment are all required documents when you go to apply for a home loan.

When you meet with your lender, it’s important to be upfront and open about your financial status. If you have divorced or gone bankrupt recently, it’s best to disclose this information to your lender.

You will also be asked to authorize a credit check when you apply for a mortgage. You will have to meet the credit score requirement for the type of loan you are applying for.

Get Pre-Approved for a Plano Mortgage

Getting pre-approved is one of the most important things you can do when you are trying to purchase a home.

Sellers only want to work with buyers who are financially ready to purchase. They don’t want their time to be wasted, so having a letter of pre-approval from a lender allows you to take your place in the market.

Plano is especially competitive, so it’s unlikely that you’ll be able to purchase a home if you don’t take the time to get pre-approved.

Getting pre-approved is a similar process as getting officially approved for a mortgage. All the same documentation is required, but a pre-approval is no guarantee that you’ll get the loan.

Getting pre-approved is the best way to determine your budget so you can start shopping for homes within your price range.

Your Houston Mortgage Lenders

Long Experience

With over 30 years of experience, we’ve seen it all. Through ups and downs, economic crises and last minute loan technicalities, we know how to make home buying in Houston pain free.

Lower costs

We’re all about your bottom line. We work to find the best and lowest rates for you, and tailor the mortgage product to fit your budget. We’re a McKinney mortgage company that cares.

On time closing

Getting the paperwork and mortgage approvals can feel like a headache. We make sure the process go fast and smooth and ensure you’ll close on time.

Apply For A Mortgage In Plano: Traditional vs. Government-Backed Loans

Conventional Loans

Conventional mortgages aren’t backed by the federal government, so the requirements to qualify are much more rigorous. Borrowers must have a credit score of at least 620, and they must have little or no debt.

The qualifications are strict, but conventional loans are the most affordable home loans available.

FHA Loans

Federal Housing Agency loans are just one type of government loan available for first-time homebuyers. With lower credit score and down payment requirements, people with low income can reap the benefits of homeownership through this government program.

Interest rates and mortgage insurance make FHA loans more expensive, but they can be refinanced in the future if the borrower’s financial situation improves.

How To Get A Mortgage In Plano