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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640 N Nevada Way Gilbert, AZ 85233

$550,000

3 Beds

2 Baths

1,847 SqFt

Status Active

MLS # 6768547

Property Type Single Family Residence

Price Type --

Cayman Square neighborhood of Gilbert. This home has some appealing features, including owned solar 3 bedrooms and 2 bathrooms Gourmet kitchen with stainless steel appliances white washer and dryer included. Master bedroom with an exit door to the backyard, master bathroom with an expanded shower, oversized second and third bedrooms. Separate formal dining, living room and family room. Whole house anti-scale water system, a fantastic feature for protecting plumbing and appliances from hard water buildup. 3-car garage with cabinets and oversized driveway. Backyard oasis a perfect space for relaxation, featuring an extended covered patio, artificial turf a gated private PebbleTec pool, palm trees giving you that tropical feeling! Convenient location: Close to freeways entertainment, and shopping, adding to the convenience of the property. This home will bring the new owner years of happiness and enjoyment!

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1607 W Shangri La Road Phoenix, AZ 85029

$550,000

4 Beds

3 Baths

2,073 SqFt

Status Active

MLS # 6771002

Property Type Single Family Residence

Price Type --

Beautiful 4 bedroom 3 bathroom home with a detached 4 car garage. 2 dwellings attached with 2 separate entrances. Total square footage of both dwellings is 2073. Guest home is 853sqft. Guest home is 1 bedroom with 1 bathroom and its own kitchen. Main home offers large laundry room/storage room, open eat in kitchen. Main living area has vaulted ceilings. Home has both an A/C , Heat and Evaporative system. 4 car detached garage is 30x21 with a front and back garage door and extra concrete in front and rear. Garage slab was poured extra thick for a car lift. Garage does have water, power, sewer, vacuum and cooling system. Property is completely fenced in on large corner lot. No HOA with amazing mountain views and hiking trails. Single family home but zoned for multi family use. Zoned R3.

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2233 Par Place Overgaard, AZ 85933

$550,000

3 Beds

3.5 Baths

2,895 SqFt

Status Active

MLS # 6771427

Property Type Single Family Residence

Price Type --

Looking to get out of the heat in the summer? Check this one out! This remodeled cabin in Overgaard, just 2 short hours from Phoenix. This 3 bedroom 3.5 bathroom, 2 Car Garage MULTI-GENERATIONAL property is perfect for full time living, or a weekend getaway. Home has been updated with new vinyl flooring throughout, white kitchen cabinetry, butcher block countertops, new fixtures & lighting throughout. On the main floor you will find an open concept living/dining area, fireplace, primary bedroom/bathroom, laundry room & powder room. Upstairs, is a huge loft/bedroom with a full bathroom. Go out your front door & downstairs, you will find a CASITA with its own separate entrance that features a full bedroom living room, kitchenette & full bathroom.

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668 N Miller Street Mesa, AZ 85203

$550,000

5 Beds

3 Baths

3,065 SqFt

Status Active Under Contract

MLS # 6700260

Property Type Single Family Residence

Price Type --

Don't let looks deceive you this house is HUGE, 3065 square feet. Priced at the value of a three bedroom but has the space to be used as 4/5 bedroom. Has two seperate living areas which makes for awesome two family residence. IT's a steal at only $550,000 Granite counters in bathrooms and kitchens. tile in all the wet areas and brand new carpet. Turn key ready to move in!

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9620 W Ruth Avenue Peoria, AZ 85345

$550,000

3 Beds

2 Baths

2,279 SqFt

Status Active

MLS # 6776552

Property Type Single Family Residence

Price Type --

Don't miss this great oppurtunity for this recently updated 3 bed plus den, 3 car garage home on oversized corner lot w/RV gate. Beautiful landscaped yard with private pool & your very own 3 hole putting course, extended covered patio with sunshades great for entertaining! Newly updated kitchen with all new appliances with induction range, island & walk in pantry, open to the family room plus additional open living/dining areas. Neutral finishes with beautiful new wood like LV plank & tile flooring, updated baths, wood blinds, & vaulted ceilings throughout, and no interior steps. Solar panels for effecient utility costs. Great family neighborhood with playground/park within walking distance to Peoria schools. Convenient to 101, near to all sports venues, shopping areas and restaurants

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23266 S 229th Way Queen Creek, AZ 85142

$550,000

5 Beds

3 Baths

2,311 SqFt

Status Active

MLS # 6774566

Property Type Single Family Residence

Price Type --

Step into a world of elegance and sophistication in this stunning, barely-lived-in home built in 2023. With 5 spacious bedrooms and 3 full bathrooms, this is one of the rare gems you won't find around the corner. Picture soaring ceilings that invite natural light to dance through the expansive living spaces, and a gigantic kitchen that opens seamlessly to the great room—ideal for gatherings or cozy family nights. The stunning white stone tiles pair beautifully with rich chestnut cabinets, creating a striking contrast with pristine white Cort countertops. It's a chef's paradise! The master suite feels like a penthouse retreat, offering ample space and luxury that truly elevates your living experience. Each detail is designed to impress, from the breathtaking finishes to the thoughtfully laid-out floor plan. Nestled on a premium cul-de-sac lot in a vibrant community, you'll enjoy endless amenities right at your doorstep. This is not just a home; it's a lifestyle statement. Don't let this one-of-a-kind opportunity slip away,schedule a showing today!

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4521 W Alabama Lane San Tan Valley, AZ 85144

$550,000

4 Beds

2.5 Baths

2,764 SqFt

Status Active

MLS # 6779784

Property Type Single Family Residence

Price Type --

Beautiful 2 story home in San Tan Heights. Inside you'll find 4 bedrooms, a large loft, 2.5 bathrooms w/laundry upstairs w/the bedrooms Neutral paint, flooring & window coverings provide a clean pallet for decoration. The kitchen boasts maple cabinets, granite counters, stone backsplash, stainless steel appliances and often sought after gas stove. It opens to the family which makes it excellent for entertaining. The formal dining / living space can be utilized as that or a game room, sitting room or extra TV space. The resort style backyard has a covered patio, sparkling pool w/play step & water feature. Enjoy cooking or hosting friends at your own outdoor tiki bar. The rest of the yard is low maintenance w/rock & turf. Plenty of storage in the 4 car tandem garage. -3rd bay is tandem

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3487 W Red Bird Court Tucson, AZ 85745

$550,000

4 Beds

2 Baths

2,017 SqFt

Status Active Under Contract

MLS # 6714720

Property Type Single Family Residence

Price Type --

Experience unparalleled desert luxury in this exquisite 4-bedroom, 2-bathroom oasis, nestled in the serene foothills of Tucson's coveted Quail Ridge at Starr Pass. Surrounded by the opulent JW Marriott Starr Pass Resort, this home combines Southwestern charm with modern elegance, offering the ultimate desert retreat. The open-concept design boasts a spacious living room with soaring ceilings and a cozy fireplace, perfect for both relaxing and entertaining. The chef's kitchen features granite countertops, a ceiling-height backsplash, GE Café stainless steel appliances, and a top-of-the-line Viking range. The master suite is a sanctuary with a walk-in closet and a lavish ensuite bathroom, complete with dual sinks, a soaking tub, and a separate shower. Enjoy year-round comfort with a whole-house soft water system and reverse osmosis water filtration. The family room, with its stunning Pinon Stone fireplace, adds a touch of warmth and elegance. Step outside to your private backyard paradise, featuring a covered patio, built-in BBQ, and an electric extending patio shade to keep you cool while joying the patio. Revel in breathtaking views of the Tucson Mountains and mesmerizing desert sunsets. Exterior roll-down shutters provide added security and energy efficiency. This home also includes a two-car garage, a dedicated laundry room, and energy-efficient features throughout. Conveniently located near shopping, dining, schools, and recreational areas, with easy access to I-10. Embrace the Tucson lifestyle in this stunning desert haven schedule your viewing today and make this dream home yours!

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8604 N 14th Street Phoenix, AZ 85020

$550,000

4 Beds

2 Baths

1,629 SqFt

Status Active Under Contract

MLS # 6722652

Property Type Single Family Residence

Price Type --

Seller's loss is your gain with this recently re-built ranch home located in desirable North Central Phoenix. Home has been extensively re-built due to fire damage. Property was taken down to the studs with new major systems and components including - Electrical (including main panel), Plumbing (all internal), Windows, Doors, Drywall, HVAC, Roof, Flooring, Cabinets, Lighting, Appliances, Interior and exterior paint. All work was performed by a licensed contractor with full City of Phoenix permits and Certificate of Occupancy (4/22/2024).

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4449 W Keating Circle Glendale, AZ 85308

$550,000

4 Beds

2 Baths

2,038 SqFt

Status Active Under Contract

MLS # 6744003

Property Type Single Family Residence

Price Type --

Here is your chance to own a GORGEOUS home completely renovated in 2024. Located in Bellair, one of Glendale's most desirable communities, on a large premium Cul-de-sac lot (over 1/4 acre), this beautiful single-level home boasts 4 bedrooms, 2 bathrooms, & over 2000sf of living space. Updated with luxurious finishes - You will not find a more stylish home in a great neighborhood under $600k. Entering through a covered entry highlighted with large wooden double doors, you'll notice the brand new floors across this open floorplan. Your eye is drawn across the great room to the tastefully remodeled kitchen featuring stunning quartz countertops, marble backsplash, new stainless appliances and new cabinets. Roomy master suite has walk in closet and bathroom that exudes modern luxury... The bathroom is equipped with attractive subway tile, quartz counters, modern black hardware and bluetooth-enabled speakers. Down the hall you'll find three spacious guest rooms, with private closets, and sharing an upgraded guest bathroom featuring the same amenities as the master aside from the walk-in shower. The home also offers a cozy living room with wood-burning fireplace, and an open family room tucked in its own corner of the house. The home has a 2-car garage, plus RV gate on the side. A large covered patio with built-in storage overlooks the expansive backyard - graded and ready to be made into your private oasis. Incredible neighborhood with frequent community events - the home is situated within walking distance from the Golf Course and clubhouse, pool, and pickleball. Don't miss the opportunity to make this home your own!

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3610 E Sumner Place Rimrock, AZ 86335

$550,000

3 Beds

2.5 Baths

2,152 SqFt

Status Active

MLS # 6754467

Property Type Single Family Residence

Price Type --

Gated community 30 minutes south of Sedona, Arizona. Brand New, Never Lived in home with community pool and clubhouse, tennis courts, walking trails, work out facility. Beaver Creek Preserve community features modern luxury with rustic charm, blending in with the natural landscape around. This home is ready for your RV and toys, featuring a 2 car garage plus a 52' in length and 14' width RV Garage, Awesome kitchen, large island, granite countertops, walk-in pantry in your new kitchen, 3 bedrooms plus a den, and a gorgeous primary bathroom. Inside, expansive windows frame panoramic views, while the open-concept layout boasts premium finishes and modern amenities. Outside, a spacious patio invites outdoor living and stunning vistas.

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2008 E Stacey Road Gilbert, AZ 85298

$550,000

3 Beds

3 Baths

1,959 SqFt

Status Active

MLS # 6728969

Property Type Single Family Residence

Price Type --

Discover your beautiful home in this exclusive community! This stunning 3-bedroom plus den residence features breathtaking mountain views, three upgraded bathrooms, and a spacious three-car tandem garage. Inside, enjoy an open-concept living area, a connected kitchen with newer appliances and butlers walk-in pantry, and a versatile den perfect for an office, playroom, or can be made into a 4th bedroom. Primary suite at back of the home for privacy has expanded walk in shower and closet. Step outside to a beautifully landscaped yard and expansive paver patio, ideal for entertaining. Community amenities include parks and walking trails, fostering a vibrant atmosphere.... Special Incentive for the right buyer!!

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