The Best Mortgage Lenders in Mckinney, TX
Compare verified mortgage lenders serving Mckinney, Texas. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Mckinney
Featured Mortgage Lenders
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a top-rated lender known for its exceptional customer service and competitive rates in the McKinney area. With nearly three decades of experience, they offer a wide range of loan products and are highly praised for their personalized approach, local expertise, and efficient closing processes. Their strong community presence and high customer satisfaction scores make them a trusted choice for homebuyers.
Loan Types:
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a leading digital mortgage lender with a strong local presence in the Dallas-Fort Worth metroplex, including McKinney. They are renowned for their technology-driven process, which ensures fast approvals and competitive rates. With high customer ratings for transparency and reliability, they provide a seamless experience for various loan types, backed by over two decades of industry expertise.
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Movement Mortgage
Movement Mortgage, LLC
Movement Mortgage is highly regarded for its community-focused approach and efficient loan servicing in the McKinney area. Founded in 2008, they combine local knowledge with national resources to offer competitive rates and a variety of loan options. Customers consistently praise their responsiveness, support during the homebuying process, and commitment to giving back to the community, making them a reliable choice for mortgages.
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Frequently Asked Questions
Common questions about mortgage lending in Mckinney, TX
What are the current mortgage rates like in McKinney, TX, and how do they compare to the national average?
Mortgage rates in McKinney are generally competitive with national averages but can be influenced by Texas's overall market and local demand. As of recent trends, rates in the Dallas-Fort Worth metroplex, including McKinney, often run slightly higher than the national average due to the state's robust and fast-growing housing market. It's best to get quotes from several local lenders who understand the specific dynamics of Collin County.
Are there any special down payment assistance programs for first-time homebuyers in McKinney?
Yes, McKinney homebuyers can access several programs. The Texas Department of Housing and Community Affairs (TDHCA) offers statewide programs like the My First Texas Home loan with down payment assistance. Additionally, the City of McKinney itself administers the McKinney HOME Program, which provides deferred, forgivable loans for down payment and closing cost assistance to income-eligible buyers purchasing within city limits.
How does McKinney's rapid growth and new construction affect my mortgage options?
McKinney's extensive new construction neighborhoods offer unique mortgage opportunities. Many builders have preferred lenders who may offer incentives like closing cost credits or rate buydowns. However, it's crucial to get an independent appraisal, as financing in rapidly developing areas requires ensuring the home's value keeps pace with the sale price in a market with many comparable new builds.
What should I know about property taxes in McKinney when calculating my total monthly mortgage payment?
Property taxes are a significant component in McKinney. Collin County has some of the highest property tax rates in Texas, often ranging from 2.3% to 2.7% of the home's appraised value. Your lender will escrow these taxes, so your monthly PITI (Principal, Interest, Taxes, Insurance) payment will be higher than the mortgage interest alone, which is a critical factor in debt-to-income ratio calculations.
Are there specific loan considerations for buying in McKinney's historic downtown district?
Yes, purchasing in the McKinney Historic District may involve special considerations. Some homes may be older and require specific inspections (like foundation or plumbing) that could affect loan approval. Furthermore, if you're considering a renovation, you might explore loan products like the FHA 203(k) or a conventional renovation loan, as standard mortgages may not cover needed updates in these unique properties.
Why Choose a Mortgage Lender in Mckinney?
Local Market Knowledge
Lenders who understand Mckinney's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Texas.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Mckinney and get competitive rates on your home loan.