Compare mortgage rates and fees for leading lenders in Amarillo, TX. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Amarillo.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Amarillo. Plus, shopping lenders is free and there is no obligation.
April 4, 2020
The current average rate for a 30 year fixed rate mortgage in Amarillo is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Amarillo. Understand how much you need to earn to afford a home in Amarillo, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Amarillo fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Amarillo is right for you.
The median home value for Amarillo, TX (Potter County) is $97,979
Based on current mortgage rates and a 10% down payment, you need to make $17,634 per year to buy the median priced home in Amarillo
With this income, you could qualify for a $88,181 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Amarillo is $408
The median household income for Amarillo, TX (Potter County) is $44,139
Based on this income, you can afford a home valued at approximately $245,251
The home price you can afford to buy based on household income in Amarillo is 250% of the median home value which means housing prices are affordable. Amarillo (Potter County) ranks 117 out of 254 counties in Texas and 721 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Amarillo, TX is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Amarillo (Potter County) below.
Conforming loan limits for Amarillo, TX
FHA loan limits for Amarillo, TX
VA loan limits for Amarillo, TX