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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3720 E Boot Track Trail Gilbert, AZ 85296

$1,755,000

4 Beds

3.5 Baths

3,557 SqFt

Status Active

MLS # 6686515

Property Type Single Family Residence

Price Type --

Freshly painted and ready for a new owner! Stroll down the tree lined streets to discover unparalleled luxury in this magnificent Toll Brother's estate nestled in Lakeview Trails at Morrison Ranch. This freshly painted, single story, highly updated home showcases soaring ceilings and exquisite finishes throughout. Paid off solar and soft water system are an added bonus for the energy conscious buyer! The chef's kitchen is a culinary masterpiece, featuring top-of-the-line Wolf appliances, Sub-Zero custom cabinetry refrigerator, wine display and a spacious layout that is perfect for entertaining. Retract your oversized sliders to step outside to your own private oasis, complete with a swim-up sunken bar, hot tub, Infrared dry sauna, outdoor shower and a meticulously landscaped backyard that is an entertainer's delight on a premium lot that backs to a walking trail, with no neighbors behind. The RV gate adds convenience and functionality to this already stunning property. Live the resort lifestyle in this remarkable home, where every detail has been carefully curated for the discerning buyer. Now is the ultimate chance to experience the epitome of luxury living TODAY!

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36001 N 17th Avenue Phoenix, AZ 85086

$1,753,744

5 Beds

5.5 Baths

4,549 SqFt

Status Active

MLS # 6676761

Property Type Single Family Residence

Price Type --

TO BE BUILT: Amazing modern contemporary house nestled at the base of a majestic mountain and the Sonoran Preserve. This home features 5 bedrooms, 5.5 bathrooms, with soaring 12 foot ceilings throughout the open floor-plan. Gourmet kitchen features top of the line appliances, huge center island, and walk-in butler;'s pantry. Split floor plan with. an incredible primary suite with. large soaking tub, walk in steam shower, and expansive his/her closets. This side also has an additional ensuite bedroom and home office. The other side has 1 additional ensuite bedroom with hidden door. Expansive patio leads to fully loaded pool house adjacent to detached casita. Home has 3 car, extra deep garage, mudroom entry from garage, and large laundry room. Situated on just over 1 acre.

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Range 1 W Six Claims Road Prescott, AZ 86305

$1,750,000

3 Beds

3 Baths

2,881 SqFt

Status Active

MLS # 6774984

Property Type Single Family Residence

Price Type --

MOUNTAIN MODERN RANCH - LOCATED WITHIN THE NATIONAL FOREST ..... yet ON PRIVATE LAND, w/GATED COMMUNITY. NO HOA. This exquisite modern ranch-style masterpiece is soon to be built on top a premium 5 or 10+ acre lot; nestled amidst the serene Boulders - natural trees, ensuring privacy and tranquility for its owner. The Buyer will have the opportunity to handpick every finish, thanks to the generous Allowance package added, ensuring a truly personalized living experience that perfectly matches your unique style. This beautifully maintained - yet unique property will appeal to the discriminating buyer who values maximum privacy with upscale and uncomplicated taste! Just 12 minutes to Prescott's Town Center.

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9594 E Tee Box Court Gold Canyon, AZ 85118

$1,750,000

4 Beds

3.5 Baths

2,781 SqFt

Status Active

MLS # 6730390

Property Type Single Family Residence

Price Type --

Beautiful new custom home located in Gold Canyon East at Barkley Ranch backing Golf Course on the 10th Green of the Dinosaur Course. Incredible elevated unobstructed expansive views of the golf course. Can clearly see 4 Golf fairways on one of the most beautiful Golf courses in Arizona. Exceptional Superstition Mountain views. Fantastic finishes and details in the cabinetry, wood flooring, wood boxed beams on ceiling, marble tiled master bath, firepit and built in barbecue. The home surrounds a resort style pool with tiled Baja shelf and spa, stone finished columns with copper scuppers pouring waterfalls into the pool. Travertine pavered patios and pool deck with synthetic grass and firepit inside the fenced yard overlooking the 10th green of the golf course across the pool.

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17411 E Fort Verde Road Rio Verde, AZ 85263

$1,750,000

3 Beds

3.5 Baths

3,290 SqFt

Status Active

MLS # 6781858

Property Type Single Family Residence

Price Type --

Welcome to the Carina floorplan in Trilogy at Verde River, nestled on a premium lot set back behind the golf course along the natural desert, providing ultimate privacy and an unbeatable Four Peaks mountain view! This stunning home spans over 3,290sq ft and exudes luxury from every corner, offering 3 bedrooms, a den, 3.5 bathrooms, and a spacious 3-car garage. You will be captivated by the impeccable design—neutral wall tones, elegant plank-wood style tile floors, electric shades, and soaring ceilings set the stage. The great room features a floor-to-ceiling fireplace, custom beamed ceilings, and a 20' multi-panel slider that seamlessly merges indoor and outdoor living. Enjoy a dream kitchen with glass-stacked lighted cabinets, a stylish tile backsplash, GE Monogram appliances, double ovens, a wine refrigerator, walk-in pantry, and beautiful pendant lighting. The primary suite is a true retreat, complete with a lavish ensuite that includes a soaking tub, walk-in shower, and custom walk-in closet. Each additional bedroom also has a private ensuite. A unique feature of this home is the fully gated courtyard, accessible from multiple rooms, including the den, office, primary suite, and main living area, creating a private outdoor area within. Outside, the backyard is an entertainer's paradise with a sparkling heated pool, elevated spa with a stunning mountain view, built-in BBQ, and a cozy wrap around patio featuring a custom-built fireplaceperfect for relaxing. Additional upgrades include surround sound in the great room and patio, central vacuum, an extended 2-foot garage, and built-in cabinets in both garages. This home is truly a rare find, do not miss your chance to view! The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. This home is truly a rare find, do not miss your chance to view!

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5250 E Deer Valley Drive Unit 206 Phoenix, AZ 85054

$1,750,000

2 Beds

2.5 Baths

1,781 SqFt

Status Active

MLS # 6762671

Property Type Apartment

Price Type --

The embodiment of sophisticated design, modern comfort and luxury living, this luxury condominium at The Luxe emphasizes spaciousness and an effortless connection to resort style living. The 2-bedroom former-model residence has been designed with careful attention to detail and craftsmanship evident in every corner including wide plank baseboards, wide plank wood flooring, quartz counters, custom chandeliers and lighting, floor-to-ceiling marble tile surround gas fireplace, custom wall finishes and electronic horizontal window blinds. Whether you're an avid cook or simply enjoy entertaining, the gourmet kitchen will inspire. As functional as it is beautiful, the high-end kitchen centers around a large quartz waterfall island with undermount lighting, wine cooler and seating. Abundant cabinets are framed by custom glass tile backsplash, quartz counters and premium stainless steel appliances including Wolf double ovens, drawer microwave, gas range with hood, and SubZero refrigerator. A formal dining area adjacent to the kitchen creates the perfect ambiance for hosting dinner parties or intimate family gatherings. Soaring ceilings and large 4-panel patio door floods the open concept interior with abundant natural light, opening to an expansive 1200 square foot outdoor living space including covered patio, multiple lounging areas, built-in Coyote barbeque with vent hood, custom lighting and quartz counter. The only patio of this size in the community, the versatile space is a seamless expansion of the interior, allowing for a truly dynamic lifestyle. Located in the main building of the community, world-class amenities designed to enhance your lifestyle are just steps away. Whether you prefer relaxing by the Olympic-sized pool surrounded by lush landscaping, exercising in a state-of-the-art 4000 square foot fitness center with infrared sauna, enjoying movie night in the multi-seat movie room, or partaking in community events, everything you need to rejuvenate body and mind is at your fingertips. Upscale shopping, dining and Mayo are just minutes from the community, with easy access to freeways and championship golf courses. Not to be overlooked, this guard gated residence is made complete with 2 personal underground parking bays and private storage room. For buyers looking for an exceptional property in one of North Phoenix's most desirable locations, this beautiful residence offers the ultimate in sophistication and convenience for full-time or seasonal escapes. Come enjoy some of the very best Arizona has to offer.

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6711 E Camelback Road Unit 61 Scottsdale, AZ 85251

$1,750,000

3 Beds

2 Baths

2,236 SqFt

Status Active

MLS # 6752393

Property Type Townhouse

Price Type --

Discover the epitome of luxury living in this beautifully appointed home located in the exclusive Pavoreal gated community in Scottsdale. Featuring modern finishes and soaring high ceilings, this residence offers a perfect blend of elegance and comfort. The backyard boasts brand-new landscaping, providing an ideal space for outdoor entertaining or simply relaxing in privacy. Situated within walking distance to Scottsdale's premier shopping and dining destinations, this home offers the convenience of urban living while maintaining a tranquil, private atmosphere. Don't miss this opportunity to experience this exceptional property in one of Scottsdale's most sought-after communities.

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10275 E Winter Sun Drive Scottsdale, AZ 85262

$1,750,000

4 Beds

4 Baths

3,952 SqFt

Status Active

MLS # 6766921

Property Type Single Family Residence

Price Type --

Beautiful corner lot with a very peaceful magical garden. where you can enjoy the AZ sunsets. Highly upgraded home built around a huge courtyard. Very private setting with several outdoor living areas. Courtyard has a large ramada, and firepit. The 4,000 sq ft home features 4 bedrooms, 3 1/2 bathrooms, including a mastersuite with fireplace and his and hers closets. Wonderful kitchen with beautiful granite SS appliances, gas cooktop, warming drawer. Open to the oversized greatroom. The livingroom features a fireplace and wetbar off the diningroom. There is also a bonus/gameroom with sliders out to the courtyard. The backyard was created for entertaining and relaxing. In addition to the pool with a water feature, BBQ, fireplace, and pergola.

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9445 E Quail Trail Carefree, AZ 85377

$1,750,000

3 Beds

2.5 Baths

3,977 SqFt

Status Active

MLS # 6772648

Property Type Single Family Residence

Price Type --

Welcome to Quail Trail Haven: Where nature meets serenity! Escape to your private desert oasis. This stunning single-level home offers the perfect blend of luxury & tranquility. With 3 bedrooms, 2.5 baths, & an open-concept floor plan, Quail Trail Haven is ideal for entertaining or star gazing. Enjoy the newly remodeled kitchen, sparkling saltwater pool, hot tub & multiple fireplaces while soaking in the serene desert views. The expansive primary suite is a true retreat, complete with a sitting room, fireplace, & spa-like bath. Additional features include NEW Anderson windows, a flex room(perfect for a workshop/3rd car garage),& breathtaking desert landscaping. Whether you want to relax in your backyard or explore nearby hiking trails and trendy restaurants. Quail Trail Haven is living!

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30 Sycamore Canyon Road Sedona, AZ 86336

$1,750,000

3 Beds

3 Baths

2,323 SqFt

Status Active

MLS # 6770114

Property Type Single Family Residence

Price Type --

Live in Luxury w/ NO HOA & enjoy 180 Degree UNBLOCKABLE PANORAMIC VIEWS of Sedona'a Majestic Red Rocks. Use as a secondary or primary residence & STR when not in use. 2024 Upgraded Chef's Dream Kitchen offering massive island/ Wolf Oven & Steam Oven/ Induction Cooktop/ 2 wine fridges and Butlers' Pantry to Die For, Great Room Living, 572 sq ft Terrace Featuring Hot Tub & Electronic Sun Shade, ELEVATOR to access both floors, Primary Suite featuring Spa Bath/ Steam Shower & 3 Way Fireplace. Spacious 2nd & 3rd Bdrms w/ full bath for guests to visit. Step out to the south 966 sq ft sun deck for privacy or meander out to the terraced landscaping and listen to the water feature. The Oversized 2 car garage has plenty of storage. Once You Enter You Won't Want to Leave! 2023 HVAC's, Other upgrades in 2023: remote window shades in the kitchen, Instant hot water, Reverse Osmosis w/Whole House Water Treatment System, Dual Zone A/C, soft water spigot for car washing, Western Decorative Security Door & Emergency Access Fire Dept Key Box at Front Entrance. STUNNING Chef's Kitchen boasts polished granite island with built-in GE Monogram Induction Cooktop, built in Sharp Microwave and storage beneath. Gorgeous Taj Mahal Quartzite Counters with full textured tile backsplash make this kitchen a gathering magnet with upgraded appliances including Wolf Oven and Wolf Steam Oven, Oversized dual faucet Farmhouse Sink, Bosch Dishwasher, Samsung side by side fridge, and dual mini wine/beverage fridges. Enjoy casual island dining with guests while admiring the custom metalwork chandelier above and views of nature to the South & Red Rock Show to the North. Multiple options to dine both inside at the island or formal dining area OR take the entertaining outside on th 572 sq ft terrace with huge retractable awning when shade is desired. In the evenings enjoy stargazing from the hot tub or on the south deck around a firepit table. Plenty of Alder soft-close upper and lower cabinetry, PLUS spacious walk-in Butler's Pantry with granite counters, beverage and coffee stations and Iron metal door to access your south deck. Huge and Lavish Primary Bedroom Suite invites you to pamper yourself in luxury. Plenty of space with dual vanities and large walk-in closet. Relax in the jetted tub while reading a book next to the three-sided fireplace. The walk-in STEAM SHOWER is stunning featuring four complimentary tile designs, dual shower heads and wand and spacious bench. Even the shower has views!! Enjoy coffee in bed with the best views in Sedona or stroll out onto the terrace through the glass slider. Guests can enjoy privacy and comfort on the lower level in the two spacious bedrooms with walk-in closets and shared full bath. The larger bedroom can also be an office with enough space for gym equipment or full on media room. The exterior of this home is as amazing as the interior. Paver walkways and shimmering tiled stairs adorn the front entrance. Transport yourself through the red rock portal and hike up to the picnic table in the back yard or meditate on the stone bench while listening to the sound of the trickling water feature. All surrounded by mature native tree provided shade and privacy. When it's time to dine outside, BBQ in Style on South Trex Deck w/ Shade provided by the towering native evergreens.

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8 Biltmore Estate Unit 301 Phoenix, AZ 85016

$1,750,000

3 Beds

2.5 Baths

3,080 SqFt

Status Active

MLS # 6777233

Property Type Apartment

Price Type --

Luxury third-floor penthouse at Fairway Lodge on the Adobe Golf Course at the historic Arizona Biltmore Resort! The open great room flows into a gourmet kitchen with SubZero and Wolf appliances, wine fridge, and custom cabinetry. The spacious master retreat offers floor-to-ceiling windows and a luxurious bathroom with dual vanities, his-and-hers closets, a stone-finish soaking tub, and a large walk-in shower. Bedroom #2 has a walk-in closet and ensuite bath, plus a den off the kitchen. The unit features one of Fairway Lodge's largest patios with views of the Biltmore Hotel and Piestewa Peak, and includes access to luxury amenities like the clubhouse, pool, spa, and gym.

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7137 E Rancho Vista Drive Unit 5011 Scottsdale, AZ 85251

$1,750,000

3 Beds

2 Baths

1,716 SqFt

Status Active

MLS # 6776733

Property Type Apartment

Price Type --

Welcome to this absolutely breathtaking Optima Camelview 3 Bedroom, 2 Bath, 1716 SF luxury remodel. Located on the 5th floor, this corner unit property boasts an amazing floor-plan, two gorgeous private patio's and one of the most private locations in the community filled with natural light and fantastic views. This magnificent property underwent a complete head to toe remodel featuring gorgeous ''polar express'' quartzite countertops, custom cabinetry, Sub-Zero / Wolf appliances, premium plumbing fixtures/lighting and so much more (see documents tab for full list). The master suite is very spacious with lovely views of your own garden oasis private patio. This unit also features 3 HVAC units with wi-fi connected thermostats, two side by side parking spaces and a storage unit. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

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