Compare mortgage rates and fees for leading lenders in McAllen, 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 McAllen.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in McAllen. Plus, shopping lenders is free and there is no obligation.
September 30, 2020
The current average rate for a 30 year fixed rate mortgage in McAllen 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 McAllen. Understand how much you need to earn to afford a home in McAllen, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in McAllen 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 McAllen is right for you.
The median home value for McAllen, TX (Hidalgo County) is $98,432
Based on current mortgage rates and a 10% down payment, you need to make $17,715 per year to buy the median priced home in McAllen
With this income, you could qualify for a $88,589 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 McAllen is $410
The median household income for McAllen, TX (Hidalgo County) is $39,124
Based on this income, you can afford a home valued at approximately $217,387
The home price you can afford to buy based on household income in McAllen is 221% of the median home value which means housing prices are affordable. McAllen (Hidalgo County) ranks 149 out of 254 counties in Texas and 1,155 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in McAllen, TX is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for McAllen (Hidalgo County) below.
Conforming loan limits for McAllen, TX
FHA loan limits for McAllen, TX
VA loan limits for McAllen, TX