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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13331 E Parkview Lane Scottsdale, AZ 85255

$1,875,000

3 Beds

3.5 Baths

3,208 SqFt

Status Active

MLS # 6769549

Property Type Single Family Residence

Price Type --

ABOLUTLEY SPECTACULAR HOME w/STUNNING VIEWS & AN ABUNDANCE of UPGRADES! Near Tom's Thumb w/ hiking/biking/riding trails for miles. This 2 year new HOME is a symphony of LUXURY & COMFORT! Step inside the modern iron door to view the MAGNIFICENT floorplan & expansive corner opening wall of glass that blurs the lines between in & outdoor living w/INCREDIBLE VIEWS from this MAJESTIC lot! CHEF's kitchen boasts 6 burner gas stove, pot filler, double ovens, add'l built-in icemaker, huge quartz island, cabinets to ceiling w/LOVELY glass uppers & lighting, 2 pantries. NEW CUSTOM cabinets throughout! Master is a spacious SANCTUARY! All bedrooms are ENSUITES w/walk-in closets. COVETED 4 car garage.SPLENDID backyard w/extended patios, GORGEOUS pool, putting green, built-in gas BBQ,opt spa.Owner/Agent

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17821 N 93rd Street Scottsdale, AZ 85255

$1,875,000

4 Beds

3.5 Baths

3,592 SqFt

Status Active Under Contract

MLS # 6780998

Property Type Single Family Residence

Price Type --

Welcome home!! This stunning, custom-upgraded home in the heart of DC Ranch has all you could ever need! Elegantly designed & meticulously maintained, this residence boasts a spacious, versatile layout w/ 4 bedrooms + large bonus room (easily converted to 3 bedrooms + den & bonus room) w/ 3.5 beautiful bathrooms. Step inside & discover an open-concept living & dining area, complete with gourmet kitchen, sophisticated wet bar & custom wine cellar, perfect for entertaining. The breathtaking gourmet kitchen is the heart of the home w/ all newer cabinets, hood, Mont Blanc Satin Quartzite Countertops, butler's pantry & so much more. The primary suite offers luxurious finishes w/ large bedroom & bathroom featuring steam shower, soaking tub & expansive his/hers closets. Outside, unwind in your newly resurfaced pool & spa (pebble tec), outdoor BBQ, surrounded by lush landscaping backing to a wash, all in a tranquil backyard setting that feels like your own private oasis. Escape to one of two private patios directly adjacent to dining space or off the formal living (wine room) to enjoy indoor/outdoor living in this beautiful Arizona weather. This home truly combines elegance and functionality, blending indoor and outdoor living for a true Arizona lifestyle. DC Ranch's amenities are endless. Enjoy their multiple community centers including brand new Desert Camp and The Homestead community center with fitness room, pool, basketball/pickleball/tennis courts, outdoor heated recreational and tot pools, playgrounds, ramadas for events & everyday use, built in BBQ's, indoor and outdoor event facilities, community theatre, splash pad. DC Ranch also consists of 47 parks interconnected by over 50 miles of landscaped paths and trails backing the McDowell Sonoran Preserve. Market Street Park is a half-acre public open space with a firepit, grills, play area, natural stage that hosts the Starlight Concert Series, & more all next to the well-known Market Street with delightful option for restaurants & shopping. DC Ranch also offers a multitude of events & celebrations including concerts, food truck nights, learning activities, speaker series, comedy nights, dive-in movies, game nights, social hours, holiday celebrations, & more. Fitness & wellness includes yoga, strength & balance, aqua fitness & pickleball clinics. Arts & Education includes creative art classes, performing arts series, kids classes & more. Youth programs are available with the summer series, back to school celebrations, field trips, kids cuisine & more. Lastly, resident-led clubs are present including social clubs, hiking clubs, pickleball clubs, wine clubs & more. Don't miss your chance to own this exceptional property in one of North Scottsdale's most desirable neighborhoods!!

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7180 E Kierland Boulevard Unit 1015 Scottsdale, AZ 85254

$1,875,000

2 Beds

2 Baths

1,698 SqFt

Status Active

MLS # 6697955

Property Type Apartment

Price Type --

Experience elevated living in this sophisticated 2-bed 2-bath condo at Optima Kierland! Boasting 10-ft ceilings & floor-to-ceiling windows, this meticulously maintained residence offers breathtaking views of the McDowell Mountains. The kitchen features sleek natural stone countertops, Bosch appliances, wine fridge, & counter-height breakfast bar perfect for entertaining. As part of Optima Kierland, you'll enjoy world-class amenities: heated lap pool, cold plunge, hot tubs, outdoor kitchens with BBQ areas, state-of-the-art fitness center, rooftop running track & sports courts.This is your chance to own a lock-&-leave oasis located just steps from Kierland Commons & Scottsdale Quarter. This home offers unparalleled convenience & the best of Scottsdale's vibrant lifestyle.

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4051 W Falling Leaf Road Show Low, AZ 85901

$1,875,000

3 Beds

4.5 Baths

3,910 SqFt

Status Active

MLS # 6719135

Property Type Single Family Residence

Price Type --

Retreat to the luxury of the cool White Mountains in Show Low's Torreon! One of the premier custom Cambric built homes on the Cabin golf course hole twelve. Nestled against a dreamy pond setting with fairways and water in both directions. This thoughtfully designed home has two large primary bedrooms on the main level with walk-in closets and spa retreat bathroom suites graces with gorgeous tile, stone and custom lighting. Both suites have decks with private access, see through fireplaces and ambient LED lighting. Entertain guests in this chef's kitchen with La Cornue gas range, Sub Zero refrigerator, wine steward and built-in microwave & dishwasher. Enormous kitchen pantry and additional storage under staircase. Gorgeous granite countertops with bar seating for 10 and breakfast room that boasts room enough for large dining table for dinner with family & friends! Extend your parties out to the deck overlooking the golf course. Bar-b-que on the patio or nestle up to the fireplace and roast a s'more. Upstairs is a large loft with fireplace and wet bar. Large bunkroom with four full-sized bunks. Two full bathrooms with showers for kiddos or guests and large balcony for star-gazing in the evenings. Torreon offers many country club amenities including fitness room, heated pool & spa, walking paths and two course. Invite guests to join you at one of the two restaurants or spend time at the kids club, tennis or pickle ball courts. Several memberships offered.

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7137 E Rancho Vista Drive Unit 7008 Scottsdale, AZ 85251

$1,875,000

2 Beds

2.5 Baths

1,955 SqFt

Status Active

MLS # 6711208

Property Type Apartment

Price Type --

***PENTHOUSE WITH SPECTACULAR VIEWS** Welcome to your dream condo, a completely remodeled contemporary gem featuring floor-to-ceiling windows that showcase stunning views of Camelback Mountain and the vibrant interior of Optima's pool area. This spacious retreat offers 2 large split primary suites and 2.5 baths, all complemented by superior finishes and an expansive open floor plan. Beautifully remodeled kitchen equipped with quartz countertops, Thermador appliances and ample storage space. Experience the beauty of nature from three private balconies adorned with gorgeous plant life, including a stunning 25-foot tree, perfect for soaking in breathtaking sunsets. Enjoy the condo's many convivences like a spacious laundry room, two premium parking spots with a 110V charging station, eco-friendly Wi-Fi-enabled HVAC controls, and automatic irrigation system. Recent upgrades include dimmers on every light, specialized art lighting, and large rain showerheads with massage wands. Indulge in a wealth of Optima's amenities which included two outdoor pools and spas, a newly remodeled state-of-the-art fitness center (2023) with an indoor heated pool, basketball and racquetball courts, and luxurious locker rooms with steam rooms. Enjoy yoga sessions with free mirror technology and host events in a spacious community party room. Additional perks include Metropolis restaurant and bar, a putting green for golf enthusiasts, and concierge service. Prime location. Just minutes away from Scottsdale Fashion Square Mall, Old Town Scottsdale, premier dining options, theaters, and the new Caesar's Republic Hotel, this condo is at the heart of Scottsdale's vibrant lifestyle. Don't miss your chance to own this exceptional property that combines luxury, convenience, and unparalleled views.

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4206 E Earll Drive Phoenix, AZ 85018

$1,875,000

4 Beds

4.5 Baths

3,188 SqFt

Status Active

MLS # 6694743

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in Arcadia Lite! This stunning 4-bed, 4.5-bath boasts an open living space, perfect for entertaining. Elegant hardwood flooring flows throughout, enhancing the ambiance. Each bedroom features an ensuite for privacy and a walk-in closet for ample storage. An expansive laundry room adds convenience. Outside, enjoy a beautiful pool with travertine and mature palm trees. Don't miss this gem! Experience luxury living in an amazing location Owner is a licensed real estate agent in Arizona.

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35435 N Windmill Road Scottsdale, AZ 85266

$1,875,000

4 Beds

3 Baths

3,910 SqFt

Status Active

MLS # 6715184

Property Type Single Family Residence

Price Type --

If you're looking for Privacy and Views then this is it!! For the first time ever on the market, this spectacular 3910sqft, 4 bed, 3 bath residence sits on 2 acres and offers WOW mountain views and jaw dropping vistas! You'll feel like you're in your own Scottsdale Resort! This great room floor plan is perfect for entertaining and comfortable living. The amazing backyard and pool make for a perfect retreat. Don't miss the opportunity to come see beautiful home before it's gone! Horses are allowed here. NO HOA!

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7738 N 185th Avenue Waddell, AZ 85355

$1,875,000

4 Beds

3.5 Baths

2,300 SqFt

Status Active

MLS # 6735714

Property Type Single Family Residence

Price Type --

MUST SEE sprawling ranch style estate/compound on irrigated 2 acre lot. Newly constructed 2300 sf, 4 BR 3.5 BA main house and remodeled 1300 sf, 3BR, 1BA guest house. Perfect for visiting friends/family or private separate inlaw or older child suite. Newly build main house features upgraded Frigidaire appliances and granite counter tops throughout. Stained concrete floors. Custom cabinets and extra large walk-in pantry. Mud room/dog shower in the laundry room. 6 car garage 40x28 w/ additional attached RV garage 41x50. Tons of covered space for extra cars, RVs, boats and more. Huge pool with built-in outdoor kitchen and fireplace for entertaining friends and family. Backyard boasts a motel, tack shed and covered shaded areas for horses. Gated entry. RV hookup and dump capabilities.

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7342 S Brighton Lane Queen Creek, AZ 85142

$1,875,000

5 Beds

4.5 Baths

5,394 SqFt

Status Active

MLS # 6753518

Property Type Single Family Residence

Price Type --

Nestled in the sought-after gated enclave of Cordova, just minutes from the prestigious Seville Golf and Country Club, this luxury residence offers an unmatched blend of elegance & lifestyle. Across from a serene park, the home welcomes you with a private gated courtyard, setting the stage for gracious entertaining. Inside, expansive living spaces include generously sized bedrooms, newly remodeled bathrooms, a dedicated office, and a versatile theater/game room with elevated seating for eight. The heart of the home is a gourmet kitchen, featuring custom cabinetry, dual sinks, a wine refrigerator, an 8-burner gas cooktop, double ovens, a warming drawer, and a spacious pantry perfect for the culinary enthusiast. The primary retreat is a haven of tranquility, boasting aspa-inspired bathroom designed for ultimate relaxation. Designed with seamless indoor-outdoor living in mind, large doors open to a sprawling patio, leading to the resort-style backyard. Here, you'll find a Pebble Tec diving pool, cascading waterfall, spa, swim-up bar, built-in BBQ, and cozy gas fire pit, all surrounded by a peaceful garden area ideal for relaxation or entertaining. With energy-efficient upgrades, including enhanced AC units, this home is not only luxurious but sustainable. A rare 6-car garage with an extended RV or boat bay and a second garage door opening to the backyard adds a final touch of convenience. This home truly offers the perfect blend of sophistication, comfort, and modern convenience.

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9674 E Vantage Point Road Scottsdale, AZ 85262

$1,875,000

4 Beds

4.5 Baths

4,291 SqFt

Status Active

MLS # 6778823

Property Type Single Family Residence

Price Type --

Spectacular elevated lot with breathtaking mountain views and total privacy! Step into your own private oasis through a charming paver courtyard with a fountain and exquisite, custom iron doors. The well-appointed kitchen features granite countertops, a spacious center island, a 6-burner gas cooktop, double oven, microwave and built-in refrigerator. Enjoy the spa-like feel of the fabulous owner's suite with a jacuzzi tub, large walk-in shower and his/her closets. The open concept plan with soaring ceilings and expansive windows creates a seamless connection to the magnificent resort like backyard and surrounding desert landscape. This recently updated, luxury home is the perfect blend of contemporary elegance and a sophisticated southwest charm.

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5422 E Cholla Street Scottsdale, AZ 85254

$1,875,000

4 Beds

3 Baths

3,457 SqFt

Status Active

MLS # 6781653

Property Type Single Family Residence

Price Type --

Looking for the ideal location and dramatic architecture? Come see why Orangetree Estates is the epitome of what the Valley of the Sun has to offer. Located in one of the best school districts in AZ. Close to North and South Scottsdale, Paradise Valley, Downtown and the best Golf and Restaurants in the Valley, including the new PV. Stunning curb appeal as you pass the gated courtyard and enjoy the fountain and firepit. 25' Ceilings and Corinthian Limestone greet you upon entry. Natural light abounds! The x-large kitchen features beautiful stone counters, 2 islands (one is moveable) and new GE Cafe built-in fridge, Bosch dishwasher and LG induction range. Refrigerators (4) and beautiful cabinets abound. The Backyard is just as amazing. Large patio, Gazebo, Waterfall pool, and BBQ island with sink and another refrigerator! Full list of upgrades under the Documents tab. Oversize 3 car epoxied garage with lots of cabinets. A/C workshop (9x5.5) and storage (12x5.5) are in the garage and not included in square footage.

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37203 N Never Mind Trail Carefree, AZ 85377

Open House

$1,875,000

3 Beds

4 Baths

3,302 SqFt

Status Active

MLS # 6752835

Property Type Single Family Residence

Price Type --

Stunning remodeled Carefree home on nearly 2 acres. Panoramic views! Gated courtyard entry. Step inside and you see the great room layout and more views. The living area is spacious, has a gas fireplace, formal eating area and collapsing panel doors to bring the outside in. This perfect kitchen is gorgeous and has Quartz counters, double wall ovens, a gas stove, walk in pantry and a built in wine refrigerator. The main house has a primary suite, 2nd bedroom and bonus/den. The primary suite is split from the other rooms for privacy. The attached guesthouse has a full kitchen, fireplace, separate bedroom and a laundry area. The back patio has a large dining area, Mexican tiled swimming pool, lots of deck area and views. 3 car garage. Large circular driveway. This home is a must see.

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