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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953 W Sheppards Trail Globe, AZ 85501

$1,600,000

4 Beds

2 Baths

1,956 SqFt

Status Active

MLS # 6671909

Property Type Single Family Residence

Price Type --

Let the Views begin!! 360 Degree views from the home. Beautiful well maintained 4 bedroom home that is completely off the grid. Home sits on 158+ acres with fresh springs running throughout the property. Home is Custom built with 18'' insulation walls and 12'' insulated walls. Granite kitchen counter tops. Italian tile in primary bath. Beautiful commercial grade tile throughout the home. Acreage has 2 streams running thru the property to provide fresh water. Plenty of area to built future home. Fruit trees located on property. Gated private entry road.

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492xx N 15th Avenue New River, AZ 85087

$1,600,000

4 Beds

4.5 Baths

3,983 SqFt

Status Active

MLS # 6736365

Property Type Single Family Residence

Price Type --

This is your opportunity to build an exquisite custom home boasting a captivating great room floor plan situated on an expansive 1.6 acre lot with 180-degree mountain views, providing the perfect canvas for your vision of luxury living. With the unique opportunity for the buyer to choose all finishes, this remarkable residence promises an unparalleled level of customization and sophistication. Step into the heart of this home, and be greeted by a kitchen that is as functional as it is beautiful. The buyer has the freedom to select their desired stone for the island, countertops, and backsplash, creating a kitchen that reflects their personal style and taste. Every cabinet in this culinary haven is equipped with slow-close drawers and doors, embodying the seamless blend of convenience and refine craftsmanship. With 42 upper cabinets and 30 lower cabinets, ample storage space is provided, ensuring a clutter-free environment. The 3cm countertop edge profile adds a luxurious finishing touch to this stunning kitchen. The elegance continues throughout the home with a choice of 12x24 or 24x36 tiles in all wet areas, creating a cohesive and visually pleasing aesthetic. The 8 baseboards and solid core doors add an extra layer of sophistication and durability. Floor-to-ceiling glass doors open up to a covered patio, seamlessly blending indoor and outdoor living spaces. Step outside and discover an oasis of relaxation and entertainment. The outdoor space boasts a fully equipped kitchen with a grill, and dual burner gas cooktop, offering the perfect setting for al fresco dining and culinary adventures. The centerpiece of the outdoor area is the stunning 20x50 swim-up beach pool with a separate spill-over hot tub, providing a luxurious retreat for relaxation and recreation. Every bathroom in this custom home features custom stone and tile showers, exuding opulence and sophistication. The master shower is equipped with dual body systems, ensuring a spa-like experience in the comfort of your own home. Satin nickel Moen fixtures add a sleek and modern touch throughout. Indulge in the opportunity to create your dream home with this exceptional custom residence. From the meticulously designed kitchen to the luxurious outdoor oasis, every detail has been carefully considered to provide the ultimate in comfort, style, and functionality. Embrace the chance to curate a space that reflects your unique vision, and experience the epitome of elegance and refinement in this remarkable custom home. Opportunity to create your own custom floor plan or add more space, or build a completely Off the Grid home if desired. Custom home builder is ready to start building for you! Solar upgrade, ICF insulation upgrades available.

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2505 W Black Ridge Trail Prescott, AZ 86305

$1,600,000

3 Beds

3 Baths

3,200 SqFt

Status Active

MLS # 6743215

Property Type Single Family Residence

Price Type --

New Private Property new build, unconstructed roads are unsafe for public driving at this time! Lot 16's unique slope & layout make it perfect for a home design that captures stunning views & blends seamlessly w/ the natural terrain. With the garages positioned towards the road, the design maximizes rear facing views, which are enhanced by expansive windows and ample DECK space. The home features a lower level perfect for a SHOP/RECREATION AREA, but can be easily changed to a THEATER ROOM/GYM/PRIVATE GUEST SUITE. Crystal Creek Builders will prioriize your vision. Customize every aspect, from design to materials, and you can trust the experienced team to bring your dream to life on this exceptional lot. New private property new build, unconstructed roads are unsafe for private driving at this time! Prescott National Forest, but it's an easy 10 minute drive to the best of what Prescott has to offer. From the lively PRESCOTT COURTHOUSE SQUARE & WHISKEY ROW to ample retail and a thriving arts community, Prescott has all the charm of a small town but with big-city amenities. Additionally, HIKING & BIKING TRAILHEADS, along with many outdoor activities are at Stringfields front door. DISCLAIMER: Property is offered as a Design Build of Crystal Creek Builders on Stringfield Lot 16. Lot price is $275.000 and home is budgeted at $1.200.000. Subject to change depending on final design and Buyer/Owner finish selections.

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12405 Forest Service 772 Road Flagstaff, AZ 86005

$1,600,000

2 Beds

1.5 Baths

1,705 SqFt

Status Active

MLS # 6310059

Property Type Single Family Residence

Price Type --

Incredible Opportunity! This gorgeous,10.9 acre property has I-17 highway frontage with an interchange just off the Newman Park Exit and borders the Coconino National Forest. Zoned General, 10 acre minimum. Current home was previously used as a bar/restaurant. There are two additional, small, rustic cabins, RV hookups, an equestrian arena & ponds / water holes. Zoning & proximity to I-17 interchange may allow for use as an auto service station, campground, convenience market, hotel-motel, info center, museum, RV park, rest area, restaurant or truck stops. Also listed commercial ML# 6312512. Please call with questions today before this amazing Northern Arizona property is gone!

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35925 S Caballero Drive Wickenburg, AZ 85390

$1,600,000

6 Beds

3.5 Baths

5,057 SqFt

Status Active

MLS # 6717607

Property Type Single Family Residence

Price Type --

Stunning horse property that is elegant inside and out. Home has a fenced pool and has been cared for by single owner since purchase date. Property is upscale inside with extravagant tastes throughout each and every room in the home. The is a prominent subdivision where the roads are paved, and views are absolutely breathtaking. The panoramic views from the living room, dining room and kitchen are amazing.

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841 E Juanita Avenue Gilbert, AZ 85234

$1,600,000

4 Beds

3 Baths

4,023 SqFt

Status Active

MLS # 6757331

Property Type Single Family Residence

Price Type --

Welcome to 841 E Juanita Ave, a truly extraordinary estate nestled in the prestigious Circle G Ranches in North Gilbert, offering the perfect blend of country charm and modern luxury. Located just minutes from the vibrant Downtown Gilbert and with easy access to the 60 freeway, this property provides the ideal setting for those seeking tranquility, space, and convenience all in one. This expansive 36,573 square foot lot features not one, but two beautifully crafted homes, making it perfect for multi-generational living, guest accommodations, or even a private home office setup. The main home spans an impressive 4,023 square feet and offers 4 bedrooms and 3 bathrooms, thoughtfully arranged in a split floor plan for maximum privacy. The master suite is a private sanctuary with abundant natural light, an attached office area ideal for working from home or creating a quiet reading nook, and a spacious en-suite bathroom. The heart of the main home is a beautifully designed living space that seamlessly connects the formal living room, family room, and dining areas. The open floor plan is perfect for both intimate family gatherings and larger social events. The gourmet kitchen is a chef's dream, complete with ample counter space, custom cabinetry, and modern appliances, making meal preparation both fun and functional. Outside, the sparkling pool invites you to cool off during the warm Arizona summers, while the expansive yard offers ample space for outdoor entertaining, gardening, or enjoying a quiet moment of solitude. As an added bonus, this estate includes a separate 984 square foot guest house, which is essentially a fully self-contained second home. It offers a cozy family room, a full-size kitchen with all modern amenities, a generously sized bedroom, a large bathroom, a dedicated laundry room, an office area, and a private patio where guests or family members can enjoy their own outdoor space. The guest house is perfect for visiting guests, in-laws, or even as a rental unit to generate additional income. Despite having two homes, a pool, and a three-car garage, this estate still provides ample space for customization and additional amenities. Whether you envision creating a garden, a horse corral, or adding more recreational features, this property offers endless possibilities. The estate even comes with horse privileges, making it ideal for equestrian enthusiasts looking for a luxurious property with room to ride. This rare find in the heart of Circle G Ranches offers a unique opportunity to enjoy a luxurious lifestyle with the space and amenities of a rural setting, while still being close to all the amenities that make Gilbert one of Arizona's most desirable places to live. Don't miss your chance to make this dream property your own!

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10190 N Prescott Ridge Road Prescott Valley, AZ 86315

$1,600,000

4 Beds

5 Baths

3,220 SqFt

Status Active

MLS # 6739226

Property Type Single Family Residence

Price Type --

PREMIER EQUESTRIAN LOCATION embodies rare natural beauty w/ panoramic views! Gorgeous, private & serene horse property in prestigious gated Prescott Ridge Community on over 14 acres set back off of Prescott Ridge Rd bordering state land to the south. Direct Gate access to State Land off SW Corner of property. Numerous upgrades in past 3 years including appliances, roofs, some windows & brand new exterior paint. 4 or 5 bedrooms in the main house along with 3 full bathrooms. 2 bed/1 bath guest suite above the barn and a separate detached studio with a kitchenette for an in-law suite. Perfect for multi-generational living. 8 Stall Barn, Foaling Stall, 3 fenced Pastures, Tack Room, Grain Room, Round Pen, Hot Walker & Bath Rack, Fruit Trees, RV Dump & Hook ups & Oversized garage.

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8220 E Minnezona Avenue Scottsdale, AZ 85251

$1,600,000

4 Beds

4 Baths

2,509 SqFt

Status Active

MLS # 6767381

Property Type Single Family Residence

Price Type --

AN AQUATIC OASIS CREATED BY SCOTTSDALE'S 'BIGGEST FISH!'...'SCOTTSDALE'S MOST PROLIFIC, DEVELOPER, INVESTOR, DESIGNER'S' LATEST & GREATEST SHOWCASE FEATURE'S THE FIRST-EVER, NEVER-BEEN-SEEN-BEFORE, BUILT-IN FISH TANK RIGHT BENEATH YOUR FEET BY CREATING & DESIGNING AN 'AQUARIUM FLOOR'....NOT ONLY WILL THIS BE A CONVERSATION-STARTING CENTERPIECE BUT ALSO CREATES A TRANQUIL, UNDERSEA AMBIANCE RIGHT THROUGH THE LIVING SPACE! ONLY A GENIUS MIND WOULD KNOW HOW TO MESH CONTEMPORARY DESIGN WITH AN AQUATIC EXPERIENCE! Dare to 'Step-into' and then 'Over' the 'one-of-a-kind' oasis where KOI FISH will guide you through the 4 BED, 4 BATH, (DUAL PRIMARY) zen retreat! This property is truly unlike any other, allow me to point out some unique stand-out features...An in-ground 1200 GALLON FISH TANK, built with tempered glass to withstand over a thousand pounds of pressure, Open concept living spaces with an exposed Silver wooden beam hi-lights the vaulted ceilings, a 6 foot in length WINE GALLERY with custom glass doors to show off your wine collection, Black porcelain Floor to ceiling focal point Fireplace backdrops the Family Room, a '2-tone' Signature Designer Kitchen fully Integrated with 'top-of-the-line' KitchenAid' appliances & 10 Ft Island centered with Gas Cooktop & Italian Black Hood Vent, a BonusRoom/ Flex Room/ Football watching manCave/ Teenage Pad with STRIKING GARAGE DOOR ACCESS opens onto the backyard patio & pool & has own bathroom en-suite for convenience, a ROOF-TOP DECK accessible by black wrought iron spiral stairwell to take in Sunny Scottsdale's Sunsets and DUAL PRIMARY BEDROOMS both with double-vanity en-suite bathrooms just to name a few. Now step outside to the backyard which is an entertainers playground with covered terrace with hanging chair to relax in and gaze out over the HEATED POOL/ SPA backdropped by a vast array of greenery, a wood burning fireplace for the cooler nights, a built-in BBQ & beverage bar for 'al-fresco' dining and a grassy area for our 'furry friends' to enjoy! ACCOMMODATION IS SOMETHING EXTRAORDINARY with the 1st Primary Bedroom, a stand-out 'owner's suite' and set apart from the rest of the house, has its own lounging area with wall-to-wall sliders opening onto the blissful backyard, also features a massive walk-in closet and contemporary & striking en-suite bathroom. Venture down the hallway inlaid with 'first-ever walk-over' aquarium floor which leads you to 3 bedrooms, & 2 bathrooms (en-suite) ...a hallway that needs to be seen to be believed, kids & adults alike... AND THE GRAND FINAL is the inside Laundry, red & white in color, stunning with standout fire-engine red refrigerator, with tiled floors that look like authentic wood floors, a must feel! A 2 car garage oversized with built-in cabinets and E-V car charging station, 2 tone black & blue non-slip flooring and designer lighting. Add in a paved front courtyard, magnificent landscaping, lighting & trees....this is truly an escape from reality.. I'D LIKE TO BE, UNDER THE SEA, IN AN OCTOPUS'S GARDEN WITH YOU!' - Beatles.

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43508 N Jackrabbit Road San Tan Valley, AZ 85140

$1,600,000

4 Beds

3 Baths

3,553 SqFt

Status Active

MLS # 6762939

Property Type Single Family Residence

Price Type --

Fantastic 5 acre ranch with everything a horse person could want. 26 Stalls, some extended to 12x24. Round Pen. 4 Irrigated Pastures. 100x300 Sand Roping arena. Property completely fenced with no-climb and gated with new bridges over ditch. Adobe/Block home with 4 bedrooms, fire place and In-law suite with mini kitchen and own entrance. Hurry on over as this will not last!

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56 S Prairie Road Gilbert, AZ 85296

$1,600,000

4 Beds

3 Baths

4,006 SqFt

Status Active

MLS # 6764759

Property Type Single Family Residence

Price Type --

Beautiful Custom Home Located in the Sought-After Morrison Ranch Community in Gilbert. This Open, Light and Bright Floor Plan Boasts a Gourmet Kitchen with Extra Large Marble Slab Island, Custom Cabinetry, Sub Zero Refrigerator and Wolf Appliances. The Walk In Pantry has Custom Built-Ins with Antique Barn Door. Master Retreat with Spa Like Bath and Walk In Closet. Secondary Bedrooms are Separated By Jack and Jill Bath and its own Private Vanity. The 4th Bedroom has an Adjacent 3/4's Bath and Private Exit to Pool Area. Resort Style Backyard with Fenced in Pool, Raised Spa, Water Feature, Built In BBQ, Large Umbrella to Cover Pool and there is also a Pickleball Court, for Outdoor Living at its Finest! With Private Sauna in the Garage, Cabinets and Split Air for Workout Room. This Home Blends Modern Luxury with Practical Living!

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20866 W Werner Place Buckeye, AZ 85396

$1,600,000

4 Beds

3.5 Baths

4,085 SqFt

Status Active

MLS # 6769339

Property Type Single Family Residence

Price Type --

Exquisite Luxury Retreat in Verrado's Main Street District. Discover an extraordinary, fully remodeled residence situated on a coveted corner park lot in the heart of the vibrant Main Street District of Verrado. This meticulously updated gem boasts a wealth of enhancements, including a new HVAC system, new roof, and a stunning pool and spa, complemented by beautifully landscaped front and backyards. Spanning over 4,000 square feet, this home showcases an array of luxurious features. The gourmet kitchen is a culinary dream, featuring high-end KitchenAid appliances, gorgeous granite countertops, custom cabinetry, and an accordion window wall that seamlessly connects indoor and outdoor living. Step into your private backyard oasis, where lush landscaping sets the stage for relaxation and entertainment. A sunken Ramada offers a cozy fireplace, lounge area, and a built-in BBQ, all overlooking a spectacular swimming pool with multiple water and fire features. An expansive putting green and an in-ground trampoline elevate this outdoor haven, making it truly one-of-a-kind. Designed for the most discerning buyers, this home is destined to be the envy of family, friends, and guests. Experience the pinnacle of luxury livingschedule your private tour of this incredible Verrado paradise today.

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24050 S 124th Street Chandler, AZ 85249

$1,600,000

6 Beds

4 Baths

3,900 SqFt

Status Active

MLS # 6782487

Property Type Single Family Residence

Price Type --

Incredible 1.5 acre, 3900 square foot farmhouse with solar on a County Island in Chandler, AZ. The main house features 5 bedrooms (2 primary suites), 3 bathrooms, nursery, and open-concept kitchen, mudroom, a huge laundry room and a 4 car garage. The casita is attached but has a separate entrance as well and it features another primary bedroom/bathroom, plus its own living room and kitchen. The 2400 sqft barn is setup as an indoor basketball court and there is another detached outbuilding for storage. The main house kitchen has a large island, granite counters, double ovens, storage and a huge dining area. This home is truly an entertainers delight inside and out. The backyard oasis features an amazing pool, multiple covered patios, built-in grill and fire pit. The front yard also features a large covered patio space, mature trees with swings, grass and white picket fencing. You have to experience this home in person to truly take in all that it has to offer!

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