Mortgage Lender Serving Plano, TX

Plano's comprehensive plan, Plano Tomorrow, describes the city as having many successful, established residential neighborhoods with a variety of housing options. It includes a Neighborhood Conservation Policy and an Undeveloped Land Policy.

For a buyer, that means a purchase commonly involves an existing home. On an existing home the appraisal and inspection look at the condition of that specific house, and on an FHA loan the property must also meet FHA minimum property standards. It is worth building some flexibility into your timeline and budget for repair requests, and talking to us before you choose between FHA and conventional financing for a home that may need work.

The City of Plano points property owners to both the Collin Central Appraisal District and the Denton Central Appraisal District. Its online tax calculator asks whether the property is in Collin County and offers three school district choices: Plano ISD, Frisco ISD, and Denton County with Lewisville ISD.

So a Plano address is not automatically in Plano ISD. Each school district is its own taxing unit with its own rate, which is one reason the estimated taxes on two Plano homes can differ. Confirm the county and the district for the exact parcel, and have us run the payment from that parcel's real tax records.

The city's tax tool includes a homestead exemption for a primary residence, an exemption for homeowners who are 65 or older, and a disability exemption. Texas law also requires school districts to offer a homestead exemption, and lets other taxing units adopt local percentage exemptions. You request exemptions through the appraisal district, and they apply to the owner who qualifies, not to the house.

Texas limits how much a homestead's appraised value can rise each year. After many years of ownership, the appraised value on a long-time owner's tax bill can sit below current market value because of that limit. The limit expires on January 1 of the tax year after the owner no longer qualifies for the homestead exemption.

That is worth understanding when you buy a home that has had the same owner for a long time. The seller's current tax bill may understate what your bill will be. Ask for an estimate based on the expected appraised value, and let us use that figure when we calculate your monthly housing expense.

Plano homeowners who have been in their homes for a while sometimes look at borrowing against the equity. AXS offers home equity loans and HELOCs, which are secured by your home, so the decision deserves care. Eligibility depends on your credit, income, the equity you have after your current mortgage, and an appraisal of the property. Our home equity guide walks through when it makes sense and when it does not.