5 Mortgage Rules You Should Know by Heart

If you’re buying a house or refinancing your loan, here’s what you need to know.

For millions of Americans, a mortgage is the biggest debt they’ll ever have to repay. Unfortunately, as anyone who’s ever gone through the process can attest, mortgages involve pages and pages of legal documentation that can be nearly impossible for most people to comprehend. To simplify mortgages, there are some basic guidelines that anyone can learn and commit to memory. Below, we’ll go through five useful rules about mortgages.

Rule 1: Keep your mortgage payment to 25% or less of your income.

Housing costs are typically the largest expense item in your household budget, but that doesn’t mean you can afford to break the bank. Lenders look closely at your income to determine how much you can truly afford to pay for a monthly mortgage payment, and one simple guideline they use is to take your available income and multiply it by 25%. If a mortgage would require larger payments than that, after taking into account both the loan itself and associated payments like property taxes and insurance, then a lender will generally be less comfortable in giving you the loan.

Rule 2: Avoid private mortgage insurance by making a 20% down payment.

Mortgage lenders typically require borrowers to obtain private mortgage insurance or PMI if they make a down payment that’s less than 20% of the value of the home. PMI protects lenders against the risk that the value of the home will fall below the outstanding principal balance on the mortgage, leaving the borrower “underwater” on the loan. For borrowers, however, it’s an added expense that essentially provides no value to them. As difficult as it can be to save up a 20% down payment, the hundreds of dollars in PMI that it will save you could make the difference between being able to afford a slightly more expensive home and having to settle for less.

Rule 3: Understand how adjustable rate mortgages work and what risks are involved.

Fixed mortgages are easier to understand because the interest rate that they charge never changes, so you can count on monthly mortgage payments remaining constant throughout the lifetime of your loan. That’s not the case with adjustable rate mortgages or ARMs, which only remain fixed for a set period. Most lenders refer to ARMs with two numbers, such as 5/1. The first number refers to how long the initial rate remains in place. The second number describes how often the rate adjusts after the initial rate ends. For a 5/1 ARM, the initial rate stays in place for five years, and then changes every year after that. When rates change, they’ll also change your monthly payment, so make sure you understand the illustrations that your mortgage documents will provide so you don’t get a nasty surprise at the end of the initial term.

Rule 4: Know whether you’ll actually be able to deduct your mortgage expenses.

Many people look forward to being able to deduct mortgage interest, property taxes, and other key expenses of owning a home. But one thing to keep in mind is that all of these tax breaks are only available if you itemize deductions on your tax return. If the cost of your interest and taxes isn’t enough, when combined with other itemized deductions, to exceed the standard deduction you’re entitled to receive, then buying a home won’t do you any good from a tax perspective. That shouldn’t necessarily stop you from making a purchase and taking out a mortgage loan, but it should inform you as to the true cost of doing so.

Rule 5: Be careful diverting retirement money toward a home purchase.

The tax laws governing retirement accounts allow you to make withdrawals from an IRA of up to $10,000 toward a first-time home purchase without having to pay the typical penalties for early withdrawal of your retirement savings. However, just because you can use IRA money toward a home purchase doesn’t mean you should. First, even though you won’t owe penalties, you will owe income tax on the money you withdraw, potentially leaving you with a big tax shortfall at the end of the year. More importantly, diverting that money from your retirement savings will leave you in a less favorable position in the long run with the size of your nest egg. As a potential source of down payment money, tapping an IRA can seem like a smart move, but be aware of the long-term consequences before you pull the trigger.

Buying a home will probably be the biggest purchase you ever make. Being smart about the debt you incur to buy your home is essential to avoid the mistakes that so many homeowners made during the financial crisis. Keeping these rules in mind will take you a long way toward a better understanding of the mortgage process and your mortgage loan.

Source:  http://www.fool.com/investing/2016/05/28/5-mortgage-rules-you-should-know-by-heart.aspx?source=iedfolrf0000001

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14830 E Rhoads Court Fountain Hills, AZ 85268

$1,950,000

4 Beds

4.5 Baths

4,185 SqFt

Status Active

MLS # 6641512

Property Type Single Family Residence

Price Type --

'''Artistic Seclusion'' a Frank Lloyd Wright inspired contemporary estate, tucked in the west end of Sunridge Canyon and backed on two sides by public land, Offers first-class privacy and luxury living. This property is double gated and has a private long driveway from the cul-de-sac to the main building. The modern fusion of steel and glass creates a striking contemporary impression. The main entrance features an artistic 18-foot iron/glass door and the garage entrance is equipped with an electric lift to the open space grand room which, with extra high ceilings, features a hidden TV behind artistic metal panels over the fireplace and high walls of glass all covered with motorized blinds. The chef's kitchen boasts imported Italian cabinets, luxury Gaggenau and Thermador appliances and stainless countertops, dual raised bars, and more. All rooms are built in a circle around a central courtyard with artistically designed two-tier waterfalls, rocks and plants. The glass walled corridors around the courtyard are equipped with gallery grade picture hanging tracks and spotlights to present the owner's art collections. All guest rooms are as spacious as the master bedroom and each has its own in-suite bath and patio. The estate is surrounded by lush foliage. The backyard oasis includes a sparkling pool with motorized pool cover, heated spa, firepit and an outdoor kitchen. The estate is adjacent to Sunridge Canyon golf course and The Club at Adero, and is 10 minutes to Mayo Clinic.

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13459 E Wethersfield Road Scottsdale, AZ 85259

$1,950,000

4 Beds

4.5 Baths

4,701 SqFt

Status Active

MLS # 6775588

Property Type Single Family Residence

Price Type --

Resort living inside & out of this updated stunner with the views you have been searching for! Located in 24/7 Guard Gated Scottsdale Mountain, this spacious home combines indoor and outdoor living with surrounded glass doors and full length windows all around. Open floorplan, 4 bedrooms & 4.5 baths plus a separate Home Office and Bonus Room. Chef's style kitchen features updated cabinets, granite counters, SS appliances, brand new double oven, and walk-in pantry. Entertain and admire PANORAMIC VIEWS from your Outdoor Oasis! Enjoy Kiva Fireplace, putting green fire pit, built-in BBQ, newly redone pebbletec pool, 3 Separate Sitting view areas and the natural beauty of desert open space and privacy. No imposing houses! Many updates in 2024 (click more!) including interior and exterior paint, pool, roof, floors, water heaters bathrooms and RO system. Check out the feature list in the documents tab and schedule a showing today!

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4509 S Banning Drive Gilbert, AZ 85297

$1,950,000

5 Beds

4.5 Baths

5,283 SqFt

Status Active

MLS # 6774609

Property Type Single Family Residence

Price Type --

Step into your dream home in the prestigious gated community of Weston Ranch—featuring a home of the perfect blend of luxury and modern upgrades with a seamless indoor-outdoor lifestyle. This home features a Mediterranean-inspired courtyard, setting a resort-like tone from the moment you enter. Perfect for entertaining, the expansive living spaces flow effortlessly, highlighted by an upgraded gourmet kitchen with high-end appliances and a large island, ice machine, and coffee and beverage bar ideal for hosting gatherings. A teen or flex space creates an inviting atmosphere and opens to the courtyard. A separate guest house provides privacy and flexibility for visitors or extended family. The den is naturally lit for perfect inspiration of working at home or starting your next business venture. Enjoy Arizona outdoor living with a travertine-surrounded pool, cabana with an outdoor kitchen, gas fireplace, and easy-care desert landscaping and new artificial turf. Take a stroll on the peaceful walking path or if pickle ball is your game, there is plenty of space to add a court on the property. If you are looking for a home with style, sophistication and a peaceful retreat with ample storage and a 4 car garage, you've found your home and it's located in one of Gilbert's most exclusive communities.

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2759 E Portola Valley Drive Gilbert, AZ 85297

$1,950,000

5 Beds

5.5 Baths

4,190 SqFt

Status Active

MLS # 6774053

Property Type Single Family Residence

Price Type --

Dreaming of moving but bummed about missing out on those historically low interest rates? Good news—this incredible luxury home offers an assumable low interest rate! This stunning home blends comfort & convenience backing to a private park! Minutes from SanTan Mall, enjoy easy access to premier dining, shopping, & more. Through the iron front door is a spacious interior featuring five en-suite bedrooms with extra half bath. The 16' sliding glass door connects the indoors to your resort-style backyard. Luxuriate in the jacuzzi & pool or bounce on the inground trampoline. Oversized pergola w/ firepit & BBQ w/ sink makes outdoor entertaining easy. Upgrades abound throughout this home! The over-sized primary boasts custom closets and separate shower & tub. The indoor/outdoor audio system ensures you never miss a beat while the lighting system provides accents for security, favorite team colors or holiday fun! Perfect for entertainers or to simply relax in style, this property blends luxury w/ functionality. Gated community, stocked pond, ramada's & pickleball/tennis court.

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11547 E Cavedale Drive Scottsdale, AZ 85262

$1,950,000

5 Beds

4.5 Baths

3,869 SqFt

Status Active Under Contract

MLS # 6754980

Property Type Single Family Residence

Price Type --

200,000. price adjustment. Owner invested over 500,000. in this flawless 2023 remodel including a full roof replacement. Find privacy and tranquility at the elite gated enclave of Desert Summit. Perfectly nestled on a generous .713-acre lot presenting unparalleled mountain vistas. A sanctuary of comfort and elegance, this home is luxuriously designed with impeccable attention to detail. Enter through the large private courtyard, the grand welcoming foyer is flanked by a substantially sized living room and a splendidly designed formal dining room. This bespoke home features 3869 sq. ft., 4 generously sized bedrooms, office/den, 4.5 bathrooms and a private Casita. The graceful primary suite is designated as your posh sanctuary, indulge and pamper yourself in this lavish spa like setting. Perfectly appointed Chef's kitchen, equipped to satisfy the needs of a professional Chef, an outstanding oversized dramatic black Quartz island, extensive black Quartz countertops, full height tile backsplash, magnificent cabinetry. Ultra deluxe Jenn Air appliances, custom crafted range hood, Italian porcelain flooring and more. An entertainer's dream is the idyllically positioned chic wine tasting area with controlled storage for 300 bottles of wine. The exquisite great room perfectly accommodates large gatherings or intimate family events, boasting a custom fireplace, abundant windows exhibiting sensational panoramic views. Revel in your private Arizona Style backyard Oasis highlighting a large covered patio, extensive travertine pavers. Al-fresco dining and seating, an impressive pool and waterfall, alluring spa, putting green, ultimate outdoor grill-island and an amazing tiered view deck to enjoy magnificent sunrise to sunset views of coveted Troon Mountain and Pinnacle Peak.

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10743 E Monument Drive Scottsdale, AZ 85262

$1,950,000

5 Beds

3.5 Baths

4,434 SqFt

Status Active Under Contract

MLS # 6768122

Property Type Single Family Residence

Price Type --

Welcome to this exquisite single level 5-bedroom, 3.5-bath residence in the beautiful community of Candlewood Estates at Troon North.This is a perfect retreat for those seeking luxury & comfort in a vibrant community. As you step inside, you are greeted by a spacious open-concept living area, illuminated by large windows that allow for abundant natural light. The design features high ceilings & updated stylish finishes, making it an ideal space for both relaxation & entertaining.The living room, with its cozy fireplace, flows effortlessly into the dining area and the spacious kitchen boasts state-of-the-art stainless steel appliances, granite countertops, & a large center island for gathering!The expansive primary suite offers large windows with beautiful plantation shutters that allow a beautiful view of the pool and spa, and private patio. The primary bath offers a large walk in shower, soaking tub , his and hers vanities and generous walk in closet. There is a designated main home office/den space with beautiful mountain views that could be another bedroom and finished room off the garage for a mother in law bedroom or its current off use as an office with beautiful view of the desert. The movie theatre has been remodeled and offers a great space for family movie nights. The back patio includes a private pool and spa, outdoor cook station and leads to the stairs of an upper level deck that you can enjoy 360 mountain views, gorgeous Arizona sunsets and star gazing. This home is also located in a quiet cul de sac & offers a 3 car garage with EV charger.

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11324 E Mariposa Grande Drive Scottsdale, AZ 85255

$1,950,000

4 Beds

3.5 Baths

3,676 SqFt

Status Active

MLS # 6774753

Property Type Single Family Residence

Price Type --

This stunning property in a gated Troon community is situated on a north-south lot w/surrounding views of Troon Mtn & the McDowells. The perfect blend of natural beauty and southwestern charm, the home features a large living room w/soaring ceilings & 2-way fireplace as well as a cozy family room w/walkup bar & fireplace. The updated kitchen includes a large center island, gourmet stainless steel appliances, fireplace & breakfast nook. A formal dining room located off the kitchen is perfect for entertaining! The primary suite offers a 2-way fireplace and separate sitting area. The upstairs office opens onto a private balcony, offering lofty mountain views. Outdoor amenities capture the essence of Arizona living with pool, patios and mountain views.

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6711 E Camelback Road Unit 48 Scottsdale, AZ 85251

$1,949,000

4 Beds

3.5 Baths

2,846 SqFt

Status Active

MLS # 6781916

Property Type Townhouse

Price Type --

Luxury living at it's finest in Scottsdale- Paradise Valley community 24/7 365 Private Guard Gated Security This home is one of the very few largest in square feet and lot size all of the Spectacular Village of Pavoreal. This home boasts 2,846 square feet with a stunning lot size of 5,524. 4 Full Bedroom 3.5 Bathrooms full 2 car garage. Two Master Suites downstairs including luxurious spacious bathrooms and his and hers walk-in closets. Bonus room downstairs with adjacent side powder room , Upstairs Guest private room with amazing large beautiful full bathroom with large full size closet. Beautiful open eat in kitchen, separate formal dinning room . Private covered large backyard, Walking distance to renowned Fashion Square Mall . Price Negotiable, submit all offers.

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34651 N 49th Street Cave Creek, AZ 85331

$1,949,000

4 Beds

5 Baths

4,608 SqFt

Status Active

MLS # 6627038

Property Type Single Family Residence

Price Type --

TWO SEPARATE HOMES: PRIVATE stunning 2.5 Acre Estate with TWO fully Remodeled Homes and a Luxurious Pool & Outdoor Kitchen Oasis. PERFECT for extended family or short/ longer term investment opportunity. Welcome to your private paradise! This exceptional 2.5-acre estate boasts not one but two beautifully remodeled homes and a sparkling pool, making it the perfect retreat for multi-generational living, an income-generating property, or a serene haven for those who desire space and luxury. Main Features: - 2.5 acres of ample space for recreation, horses, or business ventures. - Two exquisitely remodeled homes offer a combined living space that's perfect for a large family or multiple households. - Outdoor pool oasis with kitchen and court yard, offering endless entertainment. First Home: 2 Bedrooms/ 2 Baths & an Office (2263 sq feet) Step inside the main residence, where elegance meets modern comfort: -Expansive living spaces with high ceilings and an abundance of natural light create a welcoming atmosphere. - Brand new electrical wiring. -Gourmet kitchen with top-of-the-line appliances and a center island for culinary adventures. -The master suite is a true retreat, featuring a spa-like ensuite shower and a walk-in closet. -The guest bedrooms and bathroom provides ample space for family and guests. -The office/ multi-purpose room upstairs is the perfect place to soak up expansive mountain views. Second Home: 2 Bedrooms/ 2 Baths (2345 sq feet) The second home is equally impressive, making it perfect for extended family, guests, or rental income: - Spacious living and dining areas, along with a fully equipped kitchen, make this a self-sufficient living space. -Two bedrooms and two bathrooms provide comfort and privacy for residents. -Access to a private patio and outdoor spaces allows for outdoor relaxation and enjoyment. Outdoor Space: -The beautifully landscaped grounds feature a variety of mature trees, and areas for outdoor dining and recreation. Winter grass has currently been seeded and expecting an appearance any day! -A covered outdoor kitchen with a built-in BBQ area is perfect for dining and entertaining. -The potential for gardening, horse facilities, or additional development awaits in the vast acreage. Location: This estate is situated in a peaceful and upscale neighborhood, offering the perfect blend of tranquility and convenience. It's just minutes from local schools, shopping, dining, and recreational amenities. Don't miss the opportunity to own this magnificent 2.5-acre estate with two remodeled homes. Whether you're looking for a multi-generational haven, a rental property, or a personal sanctuary, this property offers the best of Western living. Your dream home is waiting!

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1705 E Desert Mimosa Drive Payson, AZ 85541

$1,949,000

4 Beds

4 Baths

4,477 SqFt

Status Active

MLS # 6738346

Property Type Single Family Residence

Price Type --

Stately and magnificent, this mountain home features a charming guest casita adjacent to a welcoming courtyard. The main home boasts post and beam construction, vaulted wood ceilings, and Venetian plaster walls. The elegant master bedroom is complemented by an office with custom built-in cabinetry and shelving. The spacious lower level includes a guest bedroom and a wine cellar, perfect for hosting visitors. Designer touches abound in this unique home, with custom cabinets, hardwood flooring, slate flooring, and a sound system that spans the entire house. The private courtyard, enclosed by stone walls, features a fountain and an outdoor gas fireplace with its own sitting area, creating a perfect space for relaxation. Further enhancements include an additional patio area with a built-in BBQ and fire pit, ideal for entertaining guests and family while enjoying the crisp mountain air and panoramic views of the majestic Mogollon Rim. This home seamlessly blends luxury with the natural beauty of its surroundings. A NEW CONCRETE TILE ROOF WAS JUST INSTALLED IN SEPT!

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26995 N 68th Street Scottsdale, AZ 85266

$1,945,000

5 Beds

3.5 Baths

4,364 SqFt

Status Active

MLS # 6731621

Property Type Single Family Residence

Price Type --

HORSE PROPERTY, nestled on a sprawling 1-acre lot with breathtaking mountain views from the observation deck and coveted horse privileges! This exquisite property features a spacious 4-car garage and a charming courtyard entry that sets the tone for luxury living. Step inside to discover a meticulously designed interior, including a formal dining room and a sophisticated living room, perfect for hosting gatherings. Remodel just completed-the home exudes modern elegance. The expansive family room, complete with fireplace, provides a cozy retreat for relaxing evenings. The state-of-the-art kitchen boasts a built-in refrigerator and an in-cabinet chilled water dispenser, making it a culinary haven. Horse corral with tack room and NO HOA round out this rare opportunity!

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9301 E Desert Arroyos -- Scottsdale, AZ 85255

$1,940,000

5 Beds

3.5 Baths

4,061 SqFt

Status Active

MLS # 6740667

Property Type Single Family Residence

Price Type --

This beautifully upgraded 5-bedroom, 3.5-bath home with den, playroom, and loft sits on a premium over-quarter-acre lot in the highly desirable Estates of DC Ranch. Surrounded by desert open space on two sides, this home offers unparalleled privacy and views. The chef's kitchen is a standout, featuring a large island, granite countertops, stainless steel appliances, a 5-burner gas cooktop, built-in refrigerator, warming drawer, upgraded cabinetry, a spacious walk-in pantry, and an eat-in dining area that opens to the family room. Enjoy upgraded tile flooring and hardwood floors in the downstairs office. Step outside to the resort-style backyard, complete with a fenced pool, built-in BBQ, and a lush grassy area. The 3-car tandem garage includes custom cabinets. This home is meticulously maintained and ready for its next chapter!

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