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Old 06-05-2014, 02:05 PM
 
19 posts, read 17,939 times
Reputation: 14

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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.
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Old 06-05-2014, 02:13 PM
 
139 posts, read 169,340 times
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1. Dont think so. From my and friends experience anywhere between 30-40 days, may be sooner once the contract is signed. It helps if you can get all your documents ready and keep credit clean
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Old 06-05-2014, 02:28 PM
 
Location: Austin
7,205 posts, read 18,458,694 times
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Most loans in Texas, from start to finish, can take under 3 WEEKS, not 3 months.
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Old 06-05-2014, 03:10 PM
 
420 posts, read 411,021 times
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Quote:
Originally Posted by FalconheadWest View Post
Most loans in Texas, from start to finish, can take under 3 WEEKS, not 3 months.
This was our recent experience.
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Old 06-05-2014, 03:12 PM
 
Location: Texas
44,246 posts, read 54,822,568 times
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I don't know how making an international move will affect you, but if everything is in order, it's weeks to loan.
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Old 06-05-2014, 03:17 PM
 
Location: Funky town
954 posts, read 1,533,025 times
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It can take months if you are not a US citizen/ permanent resident, no credit history, no extensive job history, etc. In fact, you may get denied in some cases. For most families not having those issues, it will be under 3 weeks as some others have mentioned.
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Old 06-05-2014, 09:54 PM
 
85 posts, read 124,542 times
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@frenzyrider +1
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Old 06-06-2014, 01:39 AM
 
19 posts, read 17,939 times
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Default Thanks all

How about the odds to find in our budget in west Plano? Any other possible areas, if we don't find? I just read so much about Plano schools that I'm afraid any other city schools would be not as good... Is it true?
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Old 06-06-2014, 06:00 AM
 
467 posts, read 1,031,535 times
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Quote:
Originally Posted by frenzyrider View Post
It can take months if you are not a US citizen/ permanent resident, no credit history, no extensive job history, etc. In fact, you may get denied in some cases. For most families not having those issues, it will be under 3 weeks as some others have mentioned.
Correct. I know one of my physician friend with 'Rich' income denied mortgage since he had only a few months of W2 history. Not having enough credit history in US is an additional reason. The mortgage guys will question /reject your mortgage if you recently transferred funds from your friends/ relatives. It has to be a legitimate reason for the source of funds like gifts or withdrawal from 401K...etc. The fastest way to a home ownership is going all cash if you can. To the OP : Talk to a mortgage broker with your situation first before you decide to jump in.
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Old 06-06-2014, 06:10 AM
 
12,196 posts, read 23,110,799 times
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Quote:
Originally Posted by taligrm View Post
How about the odds to find in our budget in west Plano? Any other possible areas, if we don't find? I just read so much about Plano schools that I'm afraid any other city schools would be not as good... Is it true?
Not true. Plano schools are excellent but Richardson ISD's own JJ Pearce HS is a top 10 area high school, ranking smack between Plano Sr & Plano East. You don't have a Plano West sized budget so those are the two Plano high school zones you'll be house shopping in. $300k is a good budget for any of those areas, including Richardson. Which is totally ok; Plano West is NOT the "be all and end all" absolute best high school. It's a top one and I'm not taking away from their success at all, but your kids are not screwed for life if they don't go here. You have the ability to choose to live in 3-4 of the entire DFW area's best public school zones so several good options on the table @ $300k.

You could also choose to not buy a house and rent in one of the country's top public high schools' zone, Highland Park ISD. It is about 15 minutes south of Richardson and would be an easy "reverse" commute against traffic. A 3 bedroom duplex (where your family lives on top and another on bottom, or side by side; sharing yard) rents for around $2200-2500/mo. The average home price in HPISD is over $1.0M so renting is a fantastic way to take advantage of getting into the district.
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