Start with pre-approval, not pre-qualification. A pre-approval means a lender has reviewed your income, assets, and credit, which gives you a number you can rely on when you make an offer. Conventional, FHA, and VA loans each have different down payment rules and credit standards, and not every program fits every property. Newer subdivisions on the outskirts sometimes come with builder incentives that work well with certain loan types, so ask your loan officer to run more than one scenario. That early comparison often saves more than chasing any single rate headline.

Texas has no state income tax, but property taxes are a major part of the monthly payment, so your lender will set up an escrow account to cover them. Ask about the homestead exemption once you close, since it can lower the taxable value of your primary residence. Rate movement has been choppy lately, and rates can shift from one day to the next, which makes the lock decision worth discussing early. A lock that matches your closing timeline protects you from a bad week, while a float only makes sense when you have room on the calendar. Keep an eye on appraisal timing too, because a delay there can push a closing date further than any rate change would.

Sellers in McKinney weigh offers carefully, and buyers with verified, well-documented financing tend to stand out. If you are selling to move up, coordinate your listing and your purchase so you are not carrying two mortgages longer than necessary. Buyers who plan to stay for several years may find that a slightly higher rate today is manageable, especially when the home fits their long-term needs. Those waiting on rates to fall should weigh that against the risk of losing the house they want. A rate only helps if the loan actually closes.