Buying a house in Plano/Frisco (West: 2015, lease, mortgage)

[harzeejp]

Hi Eveyone

We have been relocated for work purpose in Plano from Barcelona in Spain about 4 months ago.
After 6 years in the center of Barcelona, here we come Plano Texas!

I won't compare the differences, it is not the point of my post

As said before, now we are set up in Plano in a complex named Lincoln Time square.
We have lease the appartment for 6 months (it seems to be the minimum stay time)

Since the beguinning we were willing to buy a place. Here are my questions:

1) We both work in Plano (closed to legacy and preston) but we have been advised to direct our search to Frisco for a price reason. Is that correct? Is Plano really more expensive than Frisco?
2) How are the bank working here to give your a loan? Anyone with experience knowing how it works in Europe? (such as down paiement, credit history we dont have, conditions, rate,...) I'm still not sure I understand how the APR works here.
3) What budget seems you reasonable for a house with 3 bedrooms, 2 bathrooms, living space, small backyard? What should we expect? I have been told that the prices are really low in Texas.

I think this is all for the moment

Thanks everyone
JP

[Snowyy]

Buy in Plano for better schools and resale. Loan situation depends on your visa status, income, credit history and down payment. Depending on your taste you can find such property for $150,000-600,000.

[SouthernBelleInUtah]

You need to go speak to an officer at your bank. They can tell you what you need to get approved and how much you can borrow.

If you are planning to stay less than 5 years, you should not buy as you will lose money when you sell.

[jsafstrom]

There are many variables to consider. Find a good realtor that can help you with your questions. There are some that frequent this message board or pm me for names.

[Rakin]

Originally Posted by SouthernBelleInUtah

If you are planning to stay less than 5 years, you should not buy as you will lose money when you sell.

This is probably not accurate as of today. We are seeing a 6-10% inflation rate on homes currently and that is expected to continue for at least the next year.

I went to a developers function today and per their numbers there are about 1500 people per day moving into DFW. That's a huge demand for an already low inventory of homes.

Prices will go up in the next year, interest rates will follow.

[SouthernBelleInUtah]

Oops then.

[frenzyrider]

Originally Posted by harzeejp

Hi Eveyone

We have been relocated for work purpose in Plano from Barcelona in Spain about 4 months ago.
After 6 years in the center of Barcelona, here we come Plano Texas!

I won't compare the differences, it is not the point of my post

As said before, now we are set up in Plano in a complex named Lincoln Time square.
We have lease the appartment for 6 months (it seems to be the minimum stay time)

Since the beguinning we were willing to buy a place. Here are my questions:

1) We both work in Plano (closed to legacy and preston) but we have been advised to direct our search to Frisco for a price reason. Is that correct? Is Plano really more expensive than Frisco?
2) How are the bank working here to give your a loan? Anyone with experience knowing how it works in Europe? (such as down paiement, credit history we dont have, conditions, rate,...) I'm still not sure I understand how the APR works here.
3) What budget seems you reasonable for a house with 3 bedrooms, 2 bathrooms, living space, small backyard? What should we expect? I have been told that the prices are really low in Texas.

I think this is all for the moment

Thanks everyone
JP

You most certainly need a realtor just judging by your questions. He/she can help you pre-qualify. Some basic things -
1) Try getting pre-qualified. Moderator cut: not allowed I am assuming pre-qual may be difficult or higher interest rate due to no credit history but give it a try. Also, difference between APR and interest rate are fees. Higher the difference between quoted interest rate and APR, higher the fees.
2) Because this is Texas, 3BR have difficult resale on single family homes. Might I suggest nicer townhomes. There are some new townhomes in Craig ranch just north of Villas of Craig Ranch. The city is Mckinney but the school district is Frisco. It is on Custer Rd, which splits Mckinney and Frisco. You can get a nice townhome around $150-$180k.
3) Is school important? Prices will greatly differ based on that?
4) Look on www.zillow.com . you can even contact a realtor from there. Choose one with good reviews (lots of it).

I am not a realtor nor a solicitor for one.

[frenzyrider]

Originally Posted by Rakin

This is probably not accurate as of today. We are seeing a 6-10% inflation rate on homes currently and that is expected to continue for at least the next year.

I went to a developers function today and per their numbers there are about 1500 people per day moving into DFW. That's a huge demand for an already low inventory of homes.

Prices will go up in the next year, interest rates will follow.

That sounds extreme. What is the net migration? Can you quote the source because I remember in a published article sometime back that 477,000 people migrated to TEXAS as a whole between Aug 2011 and Dec 2012. This is why your number looks extreme when considering only DFW.

Also, inflation (in general for CPI) most certainly will go high up in early 2016 if not late 2015 because of all the QE efforts by treasury to boost the economy and trying to keep the fed rate closer to 0% till end of 2013. I am predicting the mortgage interest rates will hover over or closer to 5% by end of 2014.

[Obamney1]

It all depends on if and how much loan you can get. I too recommend West Plano for your commute, school, resale & amenities.

[DaveG99]

Originally Posted by frenzyrider

2) Because this is Texas, 3BR have difficult resale on single family homes. Might I suggest nicer townhomes. There are some new townhomes in Craig ranch just north of Villas of Craig Ranch. The city is Mckinney but the school district is Frisco. It is on Custer Rd, which splits Mckinney and Frisco. You can get a nice townhome around $150-$180k.


I am not a realtor nor a solicitor for one.

Huh? From what I have learned town homes are the ones that are least desirable and 3BR homes are selling easily.