Mortgage + schools - Plano

[Siggy20]

Originally Posted by taligrm

Hey there,
We are a family about to relocate to the area from Israel this summer. I have 2 questions:
1. How long does it take on average to apply/get approved for mortgage here? I heard it can take up to 3 months??
2. Reading a lot about Plano public schools. Will need a good elementary for our son. I'm focused on two main area in Plano - 75093 and 75024. But I also hear that the market is crazy and we have to consider the possibility of not finding a house in those areas. So what are good alternative areas with good schools? Either in Plano or in other cities like Richardson, Allen or Frisco... Budget is 300k for a house. Husband will work in Richardson.

Thanks.

Some input from me. We just bought a house. Currently renting in the 75093 zipcode, bought in the 75024 area. Our new house feeds into some of the top notch schools around here. If you are looking for a rental, our current house is on the market right now. To address your questions:

1. As others have said, it depends. I would listen carefully to your realtor since they can give you the names of some good lenders. We went with Wells Fargo which is hard to deal with but that is who we bank with and they've been good on other stuff. I haven't kept an exact count but we are going on 30 days now and should be done today or tomorrow. We have great credit and are putting down more than 20%. It has been a pretty rough road and although we are getting great rates, they are really a PITA. Listen to your realtor and go with the easiest one.

2. The market is crazy and be prepared to make an offer fast if you find something you like. You should be able to find a house within your price range in those zip codes. There are some lovely older neighborhoods around my son's school that has houses under 300k but the houses are a bit smaller. It all depends on what you are looking for.

Good luck!

[netfrog]

I agree with others above that you should look at Richardson. JJ Pearce or Richardson HS magnet attendance areas are good - $300k will get you a very nice house in the Reservation neighborhood (bounded by Coit Road on W, Arapaho on S, Waterview on E and Campbell on N). There will be some good options in that range in Canyon Creek and the eastern part of Arapaho Heights neighborhoods as well. And, that will get your husband closer to work (and your family closer to central Dallas).

[BeanyMalone]

Those are nice areas in Richardson, but not a lot of inventory and it is very competitive. In the OP's position, I would get a feel for what my budget would do in Richardson/Plano and maybe even Sachse/Murphy depending on where the job is, check out the school situation, find a place to rent and talk to a mortgage lender pronto to figure out where I actually stood.

[TurtleCreek80]

Originally Posted by BeanyMalone

Those are nice areas in Richardson, but not a lot of inventory and it is very competitive.

Which is the exact same situation they are going to encounter in most of Plano....

[taligrm]

Many good tips here. We are currently looking at elementary schools, not high-school...
Will have to check out Frisco and Allen too.

[TurtleCreek80]

Originally Posted by taligrm

Many good tips here. We are currently looking at elementary schools, not high-school...
Will have to check out Frisco and Allen too.

Typically when you have an excellent high school, it is the culmination of a great K-8th "feeder" pattern where all schools are outstanding.

If you are considering the DFW area for a long-term move, you will want to look in areas with great high schools because there is more of a guarantee that all grades will be good. There are many areas where the elementary schools are good but it does not translate to strong middle and high schools. Just something to be aware of while you scout out schools and neighborhoods.

[taligrm]

Originally Posted by TurtleCreek80

Typically when you have an excellent high school, it is the culmination of a great K-8th "feeder" pattern where all schools are outstanding.

If you are considering the DFW area for a long-term move, you will want to look in areas with great high schools because there is more of a guarantee that all grades will be good. There are many areas where the elementary schools are good but it does not translate to strong middle and high schools. Just something to be aware of while you scout out schools and neighborhoods.

Well, haven't thought about that at all so good point. Thank you !