McAllen, Texas is located in the deep south of Texas and offers an exciting place to live. But when house hunting in McAllen, it's important to have your mortgage lender lined up. McAllen is a hot market, and sellers expect buyers to be preapproved. Benzinga researched the top mortgage lenders in McAllen, Texas to show you the best mortgage lenders for buying a home or refinancing.
The Best Mortgage Lenders in McAllen, Texas
- Best For:Flexible Mortgage Optionssecurely through Angel Oak Mortgage Solutions's website
Available in: CA, CO, CT, DC, FL, GA, IL, MD, MA, MI, NH, NJ, NY, NC, OH, PA, RI, SC, TN, TX, VA, WA
See also: Best Mortgage Lenders in Texas
Achieve Home Ownership With Angel Oak Home Loans
Angel Oak Home Loans is a full-service mortgage lender offering traditional and portfolio Non-QM mortgage loans. Angel Oak is licensed in 45 states and offers competitive rates and quick closing times.
- Available for purchase, cash-out or rate-term refinance
- Primary, second home, or investment properties
- Single-family, townhomes, or condos
- Loan amounts up to $3.5 million
- No tax return options for self-employed borrowers and real estate investors
- 1099 income options available
- Government loan products available (FHA, USDA, VA)
- Competitive rates on conventional purchases and refinances
- Flexible down payment options
- Non-warrantable condos allowed
McAllen, Texas Real Estate Market
McAllen is the 21st most populated city in Texas, home to 143,268 residents. It is part of the 5th most populous metropolitan in Texas, the Reynosa-McAllen Metropolitan area. Located on the southern tip of Texas near Mexico, McAllen is a fast-growing city with millions of visitors annually. There are many galleries and museums, like the Nuevo Santadar Gallery and the International Museum of Art and Science. Additionally, South Texas College is a popular local community college located here.
The median home value in McAllen is $159,752. There has been an increase in the average appreciation rate over the last 10 years of 3.59%. While most residents here are homeowners, almost 40% of the real estate market are renters. The average rental rate is $1,179 per month. Residences here are mainly 3-bedroom single-family homes built between 1970-1999, with some newer dwellings. McAllen is an ethnically diverse city with many well-educated residents working in healthcare and education.
Popular Neighborhoods in McAllen
Bentsen Colonia/South Texas College
Timberhill Villa Colonia/Timberhill Villa Number 4 Colonia
Francis Addition Colonia/Whalen Acres Colonia
Williams Colonia
Amigo Park Colonia Number 1/Amigo Park Number 3 Colonia
Gray East and West Colonia/Rosa Linda Colonia
Mata Colonia
Leslie Colonia
Casa Bonita Colonia/North Depot Road Colonia
N 4th St/E Violet Ave
Nearby Communities
Alamo
Alton
Edinburg
Hidalgo
La Joya
Mission
Palmhurst
Pharr
Progreso
San Juan
Current Mortgage Rates in Texas
Several factors impact your mortgage rate. These include your credit history, the size of your down payment and your mortgage amount. Rates change daily and lenders adjust rates up or down to reflect changes in the economy and in the housing market. We update mortgage rates frequently to reflect the most relevant information.
| Loan Type | Rate | APR |
|---|---|---|
| 30-year fixed | 6.708% | 6.831% |
| 15-year fixed | 6.133% | 6.342% |
| 7/1 ARM (adjustable rate) | N/A | N/A |
| 5/1 ARM (adjustable rate) | 6.458% | 7.797% |
Is McAllen Texas a buyer's market or a seller's market?
Currently, McAllen, Texas is a seller’s market. That means the market continues to be hot and sellers aren’t willing to negotiate a lot with buyers.
Where can I find mortgage lenders in McAllen, Texas?
You can find mortgage lenders in McAllen, Texas by looking at the list above.
What is the average interest rate in McAllen, Texas for a mortgage?
Currently, the mortgage rates in McAllen, Texas are 6.76% for a 30-year fixed rate and 6.11% for a 15-year fixed rate mortgage.
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