3 Common Mistakes That First-time Mortgage Borrowers Make and How to Easily Avoid Them

Deciding to purchase a home will be one of the biggest investment decisions you’ll make in your life, but it can be confusing for the first-time home buyer to know all the ins and outs of buying a home. If you’re wondering what things first-time buyers often forget about before purchasing a home, here are three important things that you’ll want to keep in mind.

Ignoring Their Credit History

If you have a high debt load or you haven’t been making your minimum payments, it can be pretty frightening to consider looking at your credit report, but it’s very important to do this before applying for a mortgage. A lender will be taking a look at your credit history and reviewing it carefully before approving your application, so it’s important for you to be aware of what your credit history says about you and how it might impact your mortgage.

Buying Too Much Home

It’s easier than you might think to be swayed into purchasing your dream home, but it’s necessary to keep a cool head and make an informed decision so that your home investment can be financially beneficial for you. The amount you should be paying for a home on a monthly basis will leave you with enough that you can pay for the necessities, any existing debts and any extras while still having wiggle room in case of emergency. While you may want to spend a little more, this can end up being a mistake if things don’t go as planned.

Forgetting The Documentation

This may be among the easiest of steps, but not having the appropriate documentation can push back your home purchase, so ensure you have all the necessary paperwork for when you need it. Beyond the Verification of Rent you’ll need from your previous landlord, it’s also important to make sure that you have liquid assets not just investments and RRSPs as this will prove to the lender that you can handle a financial hurdle in the event that it arises.

There are so many things involved in obtaining a mortgage that it can be easy to forget some very important aspects of approval. By being aware of your credit history and keeping your payment price within your means, you’ll be well on your way to a sound purchase. If you’re currently looking to purchase a home, give me a call to get started on the right path – J.P. Cook – 602-320-4253.

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17966 W Highland Avenue Goodyear, AZ 85395

$650,000

4 Beds

3 Baths

2,343 SqFt

Status Active

MLS # 6726612

Property Type Single Family Residence

Price Type --

Welcome to Alicante at Sedella, a luxurious gated community! This 4 bedroom, plus den is the popular Lark model which is a unique single story home featuring a social living area. One of the bedrooms includes its own bathroom making a perfect ensuite. The kitchen opens into the great room and dining area for entertaining!! The owners chose to upgrade the living room and master bedroom with 16 ft multi sliders. With wall to wall sliders on the rear of the home, you can be sure there is no lack of natural light!! The oversized private backyard features a large salt water pool, an 8ft RV gate and RV parking. YES the HOA does allow you to park your RV or trailer behind it! Come take a look today, the photos don't do it justice!

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5674 N 12th Street Phoenix, AZ 85014

$650,000

2 Beds

2 Baths

2,404 SqFt

Status Active

MLS # 6729008

Property Type Townhouse

Price Type --

Completely renovated single-level, open contemporary floor plan, with 2 huge bedrooms & bathrooms in North Central Phoenix. Everything has been updated from electrical, plumbing, HVAC, roof, & beautiful new landscaping. High End upgrades include chef's kitchen with huge island, quartz countertops, custom cabinets, porcelain tile flooring, soundproof windows with blackout shades. Relax in either the front patio with soothing waterfall fountain or private & spacious back patio with glass firepit. Immaculate and meticulously maintained. Prime Central Phoenix location with top rated Madison school districts, close to Biltmore high end shopping and top rated restaurants, hiking & biking trails, within Eruv. No HOA - would make an amazing primary residence and/or long or short term rental!

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4323 N 129th Drive Litchfield Park, AZ 85340

$650,000

5 Beds

3.5 Baths

4,623 SqFt

Status Active

MLS # 6732968

Property Type Single Family Residence

Price Type --

This palatial estate in the exclusive Bel Fleur gated community is a must see! Within the 4,623 sq ft of this vast home, you will find 5 bedrooms, 3.5 bathrooms, a luxurious open kitchen, separate formal living and dining spaces, a sizable family room, and a spacious loft. The home features ample natural light, soaring ceilings, 3 fireplaces, new A/C units in 2023, and tasteful touches throughout. The primary suite is located downstairs, with double sinks and separate tub/shower in the bathroom, and an expansive walk-in closet. The 3 car garage has abundant space. The home backs to common area and offers a quiet retreat from the city while still being just a short drive to the Wigwam, golf, restaurants, parks, schools, and everything that Litchfield Park has to offer. Priced to sell now!

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20857 E Arrowhead Trail Queen Creek, AZ 85142

$650,000

4 Beds

3.5 Baths

2,325 SqFt

Status Active

MLS # 6735444

Property Type Single Family Residence

Price Type --

Welcome home! Right in the heart of Queen Creek, just minutes from Queen Creek Marketplace, Costco and all of the shopping and entertainment that Queen Creek has to offer as well as quick freeway access. This gorgeous 4 bedroom, 3.5 bathroom home has been beautifully upgraded. Outdoor areas includes a large side patio with pavers and the backyard features a heated pool and spa that is perfect for swimming and entertaining all year long. Interior features tile flooring, a gourmet kitchen with quartz countertops and under cabinet lighting! The living room features a custom entertainment center with an electric fireplace as well as automated shades for the rear sliding door. You must see this home to appreciate its beauty!

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320 E Joan D Arc Avenue Phoenix, AZ 85022

$650,000

4 Beds

2 Baths

2,229 SqFt

Status Active

MLS # 6734382

Property Type Single Family Residence

Price Type --

Welcome to Moon Valley! This 4-bedroom home is on a huge cul-de-sac lot boasting an RV gate with a large slab for parking your boat, RV, or other toys. The tiled covered patio overlooks the grass lawn and pool. Enjoy the winter evenings by sitting on the patio near the wood-burning fireplace. The kitchen has granite counters and stainless-steel appliances. Relax in the family room in front of the beautiful stone fireplace. In addition to the formal dining room, there is a breakfast room next to the kitchen. The en suite master bedroom has a large walk-in closet and the bedroom has a Jack & Jill bath. This home is conveniently located with easy access to I-17 and the 101.

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9821 E Glencove Street Mesa, AZ 85207

$650,000

4 Beds

2 Baths

2,249 SqFt

Status Active

MLS # 6738100

Property Type Single Family Residence

Price Type --

Nestled in gated community, this home has 9+ceilings. Maple 42''cabinets, in 2023 painted inside throughout, added new stove, dishwasher, microwave & Italian stone tile (wide wood plank look). Pavers in back yard extends from covered patio & sidewalk to RV gate. Mesquite trees shade back yard. The owners added an electrical box/outlet to add hot tub in future. Split 4-bedroom floorplan with family & formal living area. Kitchen has granite countertops open into family room. The 2-bathrooms are upgraded & insulated doors in 3car garage. Community Park with playground, volley & basketball courts, walking trails & green belts add space between homes. Enjoy east Mesa close to: The salt river, Usery Park, Hiking, Kayaking, Fishing, 202 north, shops & restaurants. 7 miles from the 60.

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3932 E Shaw Butte Drive Phoenix, AZ 85028

$650,000

4 Beds

2 Baths

2,029 SqFt

Status Active

MLS # 6745223

Property Type Single Family Residence

Price Type --

Gorgeous home, great location and plenty of updates! What's not to like??? This beautiful 4 bedroom, 2 bath home offers a renovated pool, owned solar, updated AC, dual pane Low-E windows, granite throughout, a stunning kitchen and more! Centrally located with easy freeway access. Schools, parks, and abundant shopping nearby. Not to be missed!

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9022 W Ross Avenue Peoria, AZ 85382

$650,000

5 Beds

2.5 Baths

2,764 SqFt

Status Active

MLS # 6748230

Property Type Single Family Residence

Price Type --

You will LOVE this well taken care of 5 bedroom, 2.5 bath, 3 car garage home. This amazing home has huge kitchen with granite counter tops, kitchen island and large walk-in pantry. The master suite has plenty of room to relax, with master bathroom featuring dual sinks, separate tub and shower. Upstairs features open loft area with large secondary rooms. The resort style backyard is amazing with pool, gazebo including built in BBQ on a huge lot with no neighbors behind. In last two years owners have updated AC units, pool eq, carpet, and so much more. Come check it out and fall in love. Winter grass just put in down. Home warranty included(750.00)buyers can choose company. Empty nesters ready for a new family to love this home. Best 5 bdrm for 235$ sqft in the area!!

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1205 N Sunshine Lane Payson, AZ 85541

$650,000

3 Beds

3 Baths

2,548 SqFt

Status Active

MLS # 6750801

Property Type Single Family Residence

Price Type --

Alpine Heights Must See Updated Home situated on a 12000+ sq ft treed lot enhanced with a circular drive way. This 3 bedroom 3 bath home with an extra room perfect for an office offers all new kitchen and bath cabinetry with Quartz countertops. New Luxury Vinyl flooring through out, the blonde and tan color tones are gorgeous. Perfect flooring for many years to come. New baseboards, doors, hardware, lighting, fans and canned lighting, all features that accentuate the abundance of natural light the main level offers with a back drop of trees seen through the windows. Wrap around deck has two entrys into the home with one from the kitchen dining area, easy for outdoor entertaining. The lower level living with office, bath & bedroom connect to the garage with an entry to the back yard. New AC helps keep the upstairs cool in the summer months and a Fireplace for the cooler months. Enjoy the outdoors with the fenced yard for privacy. Don't miss your opportunity to see thsi home Today!

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12260 W Lone Tree Trail Peoria, AZ 85383

$650,000

4 Beds

2.5 Baths

2,908 SqFt

Status Active

MLS # 6758362

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 2.5-bath single-level home nestled in the highly desirable Vistancia community of North Peoria. This spacious 2,908 sq ft home sits on a coveted north/south exposure corner lot, offering a perfect blend of style, comfort, and convenience. Step inside to discover an expansive open floor plan, where a neutral color palette, oversized tile, and luxury plank flooring set the tone for modern living. The central gourmet kitchen is a dream, featuring stainless steel appliances, gleaming granite countertops, a water softener, and a large center island with a breakfast bar. The kitchen flows seamlessly into the casual dining area and great room, creating an ideal space for both daily living and entertaining. Just beyond, enjoy easy access to the backyard pool oasis, complete with a sparkling heated pool, spill-over spa, cozy firepit chatting space, and an extended covered patio, all perfect for relaxing or hosting friends and family. The owner's suite is a true retreat, offering a spacious ensuite bath with dual sinks, custom-tiled walk-in shower, a deep soaking tub, and a generous walk-in closet. Three additional bedrooms, 1.5 baths, and a versatile office with built-ins provide ample space for work, rest, and play. A formal dining room and convenient laundry room round out this fantastic floor plan. Located just a short walk from top-rated Vistancia Elementary, multiple parks, playgrounds, and the Mountain Vista Clubhouse, this home offers unbeatable access to community amenities, including tennis & pickleball courts, indoor basketball court, game room, two resort-style pools, water slides, and a splash pad. Plus, you're just minutes away from the Four Corners area, where you'll find popular restaurants, shopping, and easy access to Loop 303 for commuting. This home truly has it all - submit your offer today!

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5307 E Cambridge Avenue Phoenix, AZ 85008

$650,000

3 Beds

2 Baths

1,300 SqFt

Status Active

MLS # 6758567

Property Type Single Family Residence

Price Type --

Welcome home! This 3-bed, 2-bath property features a spacious front lawn, a convenient garage, and an extended driveway. The living room offers a soothing palette, classic plantation shutters, and attractive wood-look flooring. Enjoy delicious meals in the eat-in kitchen, equipped with skylights, granite counters with a matching backsplash, ample custom wood cabinetry, recessed lighting, stainless steel appliances, a handy pantry, and an island with a breakfast bar. The cozy main bedroom showcases a walk-in closet and a private bathroom for added convenience. Discover a sizeable backyard complete with a covered patio, stylish pavers, fragrant citrus trees, an RV gate that leads to a detached garage holding endless opportunities such as workshop or for extra living! Don't miss out on this fantastic opportunity to make this home yours!

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5862 N 86th Drive Glendale, AZ 85305

$650,000

4 Beds

3.5 Baths

2,726 SqFt

Status Active

MLS # 6765318

Property Type Single Family Residence

Price Type --

Stunning 4-Bed, 3.5-Bath Home Built in 2023 Welcome to your dream home! This exquisite property boasts modern elegance and thoughtful design, featuring high ceilings that create an airy and spacious atmosphere throughout. Step into the heart of the home, where the gourmet kitchen awaits. It showcases top-of-the-line appliances, an expansive island perfect for entertaining, and ample counter space for all your culinary adventures. The open layout seamlessly connects the kitchen to the living and dining areas, ideal for gatherings with family and friends. With four generously-sized bedrooms, including a luxurious master suite with a private bath, there's plenty of space for everyone. The additional bathrooms are beautifully appointed, ensuring comfort and convenience for all. Natural light floods the home through stylish window shutters, adding both charm and privacy. The backyard is a perfect retreat, offering a serene space to relax or entertain. Don't miss the opportunity to own this remarkable home that blends contemporary living with timeless appeal. tour today and experience all that this property has to offer!

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