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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40601 N 26th Street Cave Creek, AZ 85331

$1,550,000

3 Beds

2 Baths

2,310 SqFt

Status Active

MLS # 6756232

Property Type Single Family Residence

Price Type --

Discover a truly extraordinary property that stands out in every way. This distinctive home offers nearly 2,400 square feet of luxurious living space on over 2 acres of prime horse property, enveloped by the serenity of national forest land. With breathtaking mountain views gracing every angle of the property and convenient horse trails leading from your doorstep to the mountains, this is an equestrian paradise. Step inside to find the timeless beauty of gorgeous hardwood floors that flow through the majority of the home. The bathrooms are adorned with stunning stone flooring, and the master bath is a spa-like sanctuary with dual sinks, a separate tub, and a rejuvenating shower. Transformed into a billiards room, the living area provides a fantastic space for entertainment and relaxation. Soaring ceilings with fans create an inviting atmosphere, while stone countertops and a grand wood-burning fireplace add both style and comfort. This property offers an exceptional bonus with a detached 40 x 40 building, perfect for all your storage needs. A tack room and corral are essential features for any horse enthusiast. With ample RV parking, you'll have room for all your outdoor adventure vehicles. And the tranquility and peace that this property offers are second to none. Don't miss the opportunity to make this remarkable property your own.

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18129 W Rancho Drive Unit 32 Litchfield Park, AZ 85340

$1,550,000

4 Beds

4.5 Baths

3,715 SqFt

Status Active

MLS # 6763417

Property Type Single Family Residence

Price Type --

Stunning Custom Home Coming Soon!! Estimated completion in early 2025, with options still available to personalize the interior finishes. As well as options to choose your fully landscaped front and back yard! This home will feature luxurious craftsmanship and custom details throughout. Your family & friends will enjoy the stunning pool. Reach out for a detailed PDF of the premium features included!

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1484 Eagle Crest Drive Prescott, AZ 86301

$1,550,000

4 Beds

4 Baths

4,800 SqFt

Status Active

MLS # 6764731

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury & breathtaking views in this stunning home. Floor-to-ceiling windows & beamed ceilings create an open, airy atmosphere, enhanced by a seamless floor plan & elevator. The spacious living room with a cozy fireplace flows into a chef's kitchen w/ granite counters, SS appliances, a bar, double oven, & formal dining. The primary bedroom offers outdoor access & a lavish bathroom w/ a walk-in shower and dual heads. Entertain w/ a game room & bar, plus an office & in-law suite with kitchenette. A car lover's dream 5-car garage awaits. This space is designed to captivate &cater to the needs of any automotive or RV enthusiast. Step outside to a landscaped backyard w/ a fireplace & pergola, backing serene reservation land.

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7630 N 4th Avenue Phoenix, AZ 85021

$1,550,000

3 Beds

2 Baths

2,082 SqFt

Status Active

MLS # 6767554

Property Type Single Family Residence

Price Type --

This home is an entertainer's delight! Beautifully remodeled 3 bedroom, 2 bath home located in a cul-de-sac between the 7s in North Central Phoenix. Plumbing & electrical updated too. Gorgeous kitchen with lots of natural light, quartz counters & ton of upgrades. Spacious living room with floor to ceiling windows. The lush green backyard is an oasis, filled with shade and tons of fruit trees-orange, lime, lemon, plum & more. The extended covered patio is perfect for sipping coffee/cocktails, watching the game, hosting birthday parties, large gathering of friends or family dinners in the Fall. The 15,000+ flood irrigated yard offers a ton of space for the kids & animals to run around. Plenty of room to add a pool. Air conditioned garage has a Tesla charging station. Separate backyard work- shop has AC, electric & Cable. Can easily be turned into a ManCave, She-shed, kids playhouse, casita or a home office too. Sit out front, wave to the neighbors and listen to the tranquil water feature that flows into the self cleaning Koi & goldfish pond. This home has a smart refrigerator, Nest thermostat, smart bathroom mirrors & vents - lights, blue tooth speaker and a fan all in one. The bedroom outlets have USB charging too. 2nd Bedroom has private patio. There are too many extras to name them all here. Come and see for yourself!

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21242 N 80th Way Scottsdale, AZ 85255

$1,550,000

3 Beds

3.5 Baths

2,532 SqFt

Status Active

MLS # 6773622

Property Type Single Family Residence

Price Type --

This breathtaking home in the highly desirable community of Grayhawk Raptor is nestled nicely at the end of a cul de sac and central in the neighborhood. Within close proximity to all your recreational and highly rated restaurants, this home boasts of extensive stone work all throughout. Take in the serenity of the calming desert gardens all throughout the home and enjoy the brand new hot tub surrounded by it all! Make it all yours!

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20612 W Colter Street Buckeye, AZ 85396

$1,550,000

3 Beds

3.5 Baths

3,383 SqFt

Status Active

MLS # 6775381

Property Type Single Family Residence

Price Type --

Welcome to a luxurious David Weekley masterpiece in the exclusive Victory at Verrado, a 55+ community that combines resort-style amenities with serene, golf course living. This 3,383 SF Spanish-style home sits on a prime lot with mountain, golf course, and city light views. With a highly sought-after Fruition floorplan, it offers 3 bedrooms, 3.5 baths, and is loaded with custom upgrades that make it as functional as it is beautiful. The home's curb appeal is undeniable, with a charming Spanish-inspired exterior and low-maintenance, meticulously landscaped front yard. As you approach, a grand walkway leads to the entry, setting the stage for what lies within. Step inside and you're immediately struck by the openness of the floorplan and the abundance of natural light streaming through expansive windows and a unique interior/exterior courtyard. This open-concept layout and the seamless flow from the grand entry into the main living space create a welcoming atmosphere for relaxation and entertainment. As you round the corner into the shared living areas, you're greeted by sweeping golf course views. The living room is anchored by an upgraded fireplace and opens to a chef's kitchen equipped with top-of-the-line Thermador appliances, including an oversized refrigerator with a wine door attachmenta thoughtful touch for those who love to entertain. The kitchen counters are elegant Quartz, and the island countertop features a stunning stone finish, adding to the space's modern yet inviting design. Thoughtfully placed under-cabinet and island lighting add to the kitchen's cozy ambiance, perfect for evening gatherings. A spacious walk-in pantry completes the kitchen, providing ample storage for those who thrive in the culinary arts. The dining area, positioned just off the kitchen, is perfect for hosting and offers more stunning views that make each meal a memorable occasion. The split floorplan ensures privacy, with a primary suite that feels like its own retreat. The master bedroom features plush carpet flooring and a luxurious ensuite bath, complete with Quartz counters and beautifully tiled finishes. The walk-in closet connects conveniently to the laundry room, an incredibly practical and elegant feature. Additionally, a versatile den/office boasts a built-in real wood library with dual desks and custom lighting, making it an ideal space for work or relaxation. An unexpected bonus awaits in the garage, which features a 2-car tandem setup, comfortably fitting up to 3 vehicles. Throughout the home, wood flooring extends through the main living areas, enhancing the warm and timeless appeal, while tile graces the bathrooms for both style and practicality. The backyard is an entertainer's paradise and a peaceful retreat, designed to make the most of Arizona's breathtaking landscape. Enjoy a private pool with water features, string lights for evening ambiance, and multiple outdoor seating areas, including a cozy firepit lounge. This outdoor space offers unobstructed views of the golf course, mountains, and the city lights of downtown Phoenixa backdrop that transforms each sunset into an event. Resort-style amenities in Victory at Verrado include access to state-of-the-art fitness facilities, pools, and the renowned Victory Golf Course. This home's combination of high-end finishes, stunning design, and an unbeatable location makes it truly one-of-a-kind. Don't miss the opportunity to experience this exceptional property!

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3010 E Sierra Vista Drive Phoenix, AZ 85016

$1,550,000

3 Beds

3.5 Baths

2,450 SqFt

Status Active

MLS # 6784813

Property Type Single Family Residence

Price Type --

Opening the front door reveals a huge airy living room & fireplace, a high open ceiling & picturesque views beyond the patio majestically framing PIESTEWA PEAK just beyond the formal living room opening to private patio & pool. Spacious primary bedroom suite enjoys the view & walk out to the covered patio & yard, Primary Spa styled twin vanities, large walk-in closet & natural lighting. Sky Light & a glass brick wall illuminate the kitchen w a gourmet GAS cooktop close to formal dining with desert views opposite a Breakfast room & counter along a lovely garden atrium. Two upstairs bedrooms each ensuite with walk-in closets. Total 3 bedrooms, 3 full baths plus a powder room. Approximately 2,450 square feet. Recent New Roof & HVAC System installation & more w pride of ownership CLICK MORE 2 new GAS FURNACES & 2 new A/C units installed in 2021 NEW ROOF installed 2020 - 10-year warranty to 2030. NEW Front Door, 2021 New Interior & Exterior Paint, 2020 New Ceiling Fans, New Hot Water Heater, New Refridgerator 2022 NEW PELLA Doors & Windows on level 1 in 2023 New Carpeting 2022

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20488 N 95th Place Scottsdale, AZ 85255

$1,550,000

4 Beds

2.5 Baths

2,501 SqFt

Status Active

MLS # 6784673

Property Type Single Family Residence

Price Type --

Upgraded luxury living in beautiful DC Ranch! This home has seen a total transformation with custom updates and high-level finishes throughout including a stunning open kitchen and oversized island with new cabinets, gas cooktop, countertops, appliances and great storage. New wood floors throughout, wet bar with beverage fridge and built-ins, washer/dryer, all plumbing fixtures, sinks, toilets and fresh paint on the interior and exterior. The landscaping was completely redesigned including new plants, pavers, lighting, pergola, artificial turf, built-in BBQ, gas fireplace with seating, and a Zen fountain with views of the McDowell Mountains. Both HVAC units and all windows have been replaced as well! This home truly is move-in ready, located in a gated community that is walking distance to the highly coveted Market Street for shopping, dining and entertainment, as well as around the corner from the new Desert Camp Community Center featuring an expanded fitness center, pool & spa, basketball, tennis & pickleball courts, walking paths & more!

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12113 E Sahuaro Drive Scottsdale, AZ 85259

$1,550,000

4 Beds

2.5 Baths

3,125 SqFt

Status Active

MLS # 6786461

Property Type Single Family Residence

Price Type --

This custom Scottsdale home is situated on an expansive cul-de-sac lot with unobstructed mountain views, exceptional privacy, and a 3-car garage. Inside, 12-ft vaulted ceilings, a custom star-and-cross tile inlay, engineered wood floors, and a two-sided fireplace create a warm ambiance. The chef's kitchen is a showpiece with white-oak cabinetry, Calacatta Prado Quartz countertops, Z-line appliances, a pot filler, a stylish walk-in pantry, and a drink fridge. The luxurious primary suite offers tray ceilings, a cozy built-in fireplace, and a serene private seating area. Additional highlights include a chic powder bath, an expanded laundry room with oak cabinetry, and a versatile drop station. The backyard is an entertainer's dream, featuring a sparkling pool, artificial turf, lush desert landscaping, a mature shade tree, and a built-in BBQ. Conveniently close to top-ranked schools and hiking trails!

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28640 N 76th Street Scottsdale, AZ 85266

$1,550,000

4 Beds

3 Baths

3,362 SqFt

Status Active Under Contract

MLS # 6775775

Property Type Single Family Residence

Price Type --

Nestled in the heart of North Scottsdale, this expansive 2.5-acre estate offers the perfect blend of luxury, space, and potential for customization. Set against a backdrop of the stunning desert landscape, the territorial-style home showcases the timeless beauty of Saltillo tile floors, bringing warmth and character to every room. With 4 spacious bedrooms and a charming courtyard entry, this home welcomes you with a serene ambiance and elegant design. Ample space surrounds the property, making it ideal for the discerning buyer looking to create a custom equestrian setup, build additional garages, or add sport courts to enhance the estate's recreational offerings. The centerpiece of the backyard is a large, sparkling pool, complete with a slide and diving board, perfect for family fun and entertaining. For those seeking panoramic views of Scottsdale's breathtaking sunsets, the rooftop deck offers an unbeatable vantage point.

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3354 E Jaeger Circle Mesa, AZ 85213

$1,550,000

6 Beds

4.5 Baths

5,420 SqFt

Status Active

MLS # 6778272

Property Type Single Family Residence

Price Type --

Nestled in the desirable, gated community of Arboleda, this beautifully updated semi-custom home is set along charming, citrus-lined streets. Thoughtfully designed with custom molding throughout, this spacious home showcases a gourmet kitchen featuring a GE Café double oven and newer appliances, perfect for hosting gatherings. The home offers a versatile layout ideal for families, with six generously sized bedrooms, including a grand master suite, and a game room for endless entertainment. Enjoy real wood flooring and tile throughout, with a bonus flex space off one bedroom and a split floor plan offering privacy for the master suite and office. The family room boasts a custom fireplace and built-in bookcase, adding warmth and character. Step outside to two covered patios overlooking .... a large pebble-tech pool and a backyard filled with mature citrus trees, including Arizona Sweets, navel oranges, and lemons. The 4-car garage, complete with storage cabinets and attic space, completes this home's unique appeal.

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22770 Fox Ranch Road Munds Park, AZ 86017

$1,550,000

3 Beds

2.5 Baths

2,416 SqFt

Status Active

MLS # 6662555

Property Type Single Family Residence

Price Type --

All reasonable offers considered! Act fast to secure with built in equity since its listed below 3 appraisals! Open to investor offers! Flexible Financing Available Seller willing to carry with sizeable down and Interest rates tailored to fit your needs. Peace & Quiet on 11+ Acres Perfect for Short Term Rental, running a business, hobby farm, or simply embracing tranquility. Price Lowered - Owner Extremely Motivated! Over 300k in Equity immediately! ACT NOW NO HOA, 11.98 Acres Bordering the majestic Coconino National Forest, this property offers a rare opportunity to live in harmony with nature while enjoying Munds Park amenities just a stone's throw away. -Custom Home Features Stainless appliances, wood stove, entertainers bar, spacious bedrooms, large mudroom, and more! Available fully furnished! -Peace of Mind Amenities Equipped with Briggs & Stratton generator, septic system, and shared well for continuous comfort. -Equestrian Paradise Full arena, round pen, cross-fenced areas, shelters, and out-buildings provide everything you need to care for your horses. A haven for both horse and rider! -Four-Season Comfort Mild climate ensures year-round enjoyment of your outdoor pursuits. Don't miss out on this once-in-a-lifetime opportunity to own your slice

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