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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1417 E Cherrywood Place Chandler, AZ 85249

$1,230,745

4 Beds

3 Baths

2,828 SqFt

Status Active

MLS # 6782176

Property Type Single Family Residence

Price Type --

Furnished single-story model home in the gated community of Treeland. The home offers a Southwest exterior featuring 4 bedrooms, 3 bathrooms, a den, game room and attached 3-car garage. The kitchen features stainless steel built-in GE Monogram appliances including a 36'' gas cooktop and quartz countertops with a waterfall edge at the island. Other highlights include a 12' multi-slider at the great room, Sonoma painted black cabinets with stacked uppers, coffered ceiling in the foyer and primary suite, frameless walk-in shower at the primary bath, 6'' X 36'' wood look floor tile, extended dining room and covered patio, washer, dryer and 42'' GE Monogram refrigerator. Purchase now with delayed close of escrow targeted for the end of April, 2025, or earlier at Seller's discretion w/notice.

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16229 E Blue Sky Drive Scottsdale, AZ 85262

$1,230,000

4 Beds

3.5 Baths

3,042 SqFt

Status Active

MLS # 6759183

Property Type Single Family Residence

Price Type --

Amazing custom home with horse privileges nestled in the breath taking mountain setting of North Scottsdale. This wide open floor plan is complete with huge fireplace, custom cabinetry in the great room and custom roller shades on every window. The kitchen is every chefs dream with built in stainless steel appliances, huge walk in pantry w/ prep area, giant waterfall- style kitchen island w/ quartz counters, real wood cabinetry and custom stone backsplash. You will find luxury hardwood and tile throughout the home. Enter the master retreat to find the amazing super shower, pedestal soaking tub, his & hers sinks and huge walk in closet. Oversized garage with custom built in cabinets. This acre lot has plenty of room for your pool, horse facility, shop and so much more.

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8411 E Windrunner Drive Scottsdale, AZ 85255

Open House

$1,230,000

3 Beds

3 Baths

2,552 SqFt

Status Active

MLS # 6773652

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous Monterey home in Grayhawk's Talon Retreat, just steps away from the community heated Pool and Spa! This home has been extensively remodeled with almost $300,000 in upgrades and Improvements in the last 4 years, including resurfaced roof in 2023 and TWO completely replaced HVAC systems in 2024! The Retreat is a 24-hour guard gated neighborhood that is the epitome of luxury living in one of Scottsdale's premier Golf Communities. This home is absolutely turnkey, and it's perfect as a primary residence or as a winter retreat. The low maintenance backyard provides unparalleled privacy and peacefulness. When you enter this home, you are immediately greeted with lovely French oak wide plank flooring which runs through the main home and bedrooms. This large open room concept floor plan and 12 ft ceilings, maximizes the 2500 square feet, and the wall of glass and natural light, brings the outdoors inside! The kitchen has been completely remodeled with a large entertainer kitchen island, quartz countertops, Wolf and Sub-Zero appliances and a fabulous bay window breakfast nook. Did I mention how much natural light is in this home? You will be blown away by the outdoor / indoor living in this one of a kind property. The primary suite has been remodeled as well with a huge double vanity, top of the line fixtures, tile flooring, giant vanity mirror, and a floor to ceiling tile and glass shower. Open the barn door to find a large walk-in closet that has tons of organized space, and there are additional linen cabinets to meet all of your storage needs. The Primary bedroom has a slider door which has access to the backyard retreat. The front bedroom is another Primary bedroom with its own en-suite bathroom and walk- in closet. There is a large office or den space with fantastic built-in shelves and desk. This space could easily be enclosed to make a formal bedroom, because there is a third full bath right around the corner. The oversized laundry room has tons of cabinets, Quartz countertops, full size front load LG washer and dryer and a new mud sink and cabinet, and leads out to the two car garage with custom cabinets, a water filtration system, and a newer oversized water heater with recirculation pump. This property is truly one of a kind and has been lovingly cared for over the last 4 years.

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7408 N 173rd Avenue Waddell, AZ 85355

$1,229,000

4 Beds

3.5 Baths

2,893 SqFt

Status Active

MLS # 6741446

Property Type Single Family Residence

Price Type --

This beautiful, newer home is nestled on nearly 2 acres, offering stunning mountain views. An energy-efficient masterpiece, it features fresh paint and fully paid solar panels! And expansive four car garage seamless connection to the main house featuring a sleek floor coating, abundance of excessive cabinets, complementary by the dedicated work area that invites creativity and organization. Each bedroom includes its own walk-in closet. Enjoy the charm of plantation shutters, energy-efficient doors, and wood-look tile flooring throughout. The spacious great room is ideal for relaxing evenings or lively gatherings. The gorgeous kitchen is a chef's dream, with ample white cabinetry accented by crown molding, recessed and pendant lighting, high-end graphite appliances, a water softener, a walk-in pantry, a mosaic tile backsplash, a prep island with breakfast bar and under-cabinet storage, plus sleek quartz countertops. to the grand owner's suite, featuring plush carpet, direct outdoor access, a private bath with his-and-her vanities, a designer tile shower, and two walk-in closets. Don't miss the large in-law suite, complete with its own entrance. Step outside to the expansive backyard, where you'll find a covered patio, built-in BBQ, brick pizza oven, and a 2,000 sq ft shop with dual 12' roll-up doors. Enjoy fruit trees and a sparkling pool with a swim-up bar. Additionally, the property includes a chicken coop, three shaded stalls, an arena, and plenty of space for horses or livestock. A waterline was conveniently run to the chicken coop, horse stalls, and the back of the property. The front planter area features its own timed drip system. This irrigated lot allows for easy watering of the entire property. Don't miss your chance to make this exceptional home your forever haven! Seller is willing to help with concessions!

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15230 N San Diego Circle Fountain Hills, AZ 85268

$1,225,000

4 Beds

4 Baths

3,527 SqFt

Status Active

MLS # 6771982

Property Type Single Family Residence

Price Type --

Beautifully upgraded North Heights home featuring 4 bedrooms an office and 4 bathrooms. Enjoy a modern kitchen and stylish bathrooms, complemented by plantation shutters throughout. Backyard access is through three separate sets of French doors to a resort-style backyard oasis, showcasing natural rock formations and stunning views of McDowell Mountain and Red Rock. The expansive outdoor space features flagstone patios, faux grass, lush vegetation on a generous 1/3-acre lot, a gas fireplace, built-in BBQ with a refrigerator, and a Pebble-Tec pool and spa with a water feature. With exceptional curb appeal from a stone-faced fireplace and stylish wood-like garage doors, this residence is a must-see!

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2603 W Espartero Way Phoenix, AZ 85086

$1,225,000

3 Beds

3.5 Baths

3,518 SqFt

Status Active

MLS # 6765868

Property Type Single Family Residence

Price Type --

Just voted BEST ON TOUR! Nestled among multi-million dollar homes with breathtaking mountain & desert vistas. This expansive residence in the highly coveted gated community of Tramonto Estates awaits. Step through an elegant courtyard entry adorned with stunning desert flora. This airy, open home is incredibly welcoming and boasts ample room for entertaining. A formal dining area and a charming living room with a fireplace and a stunning view of the incredible resort yard greet you upon entry. The kitchen and family room are seamlessly connected, providing easy access to the vibrant resort yard featuring a covered patio, artificial turf, built-in BBQ, firepit, and a sparkling pool & spa. Guests will appreciate the two spacious guest rooms, each with its own private ensuite. The owner's suite is inviting with a fireplace, ensuite, and a study with a private entrance ideal for a home office. This home has been immaculately maintained with Owned Solar Panels included(ask for details), a Tesla/EV outlet and new pool heater. You also have access to all of Tramonto's wonderful amenities including 2 pools, spas, tennis courts, parks and sand volleyball.

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5849 E Le Marche Avenue Scottsdale, AZ 85254

$1,225,000

4 Beds

3 Baths

2,863 SqFt

Status Active

MLS # 6783189

Property Type Single Family Residence

Price Type --

Arizona Resort Style Living at It's Best! This home has it all! Remodeled Home with Open Floorplan. Front courtyard greets you! Wood like tile t/o the first Floor. Sunken living room was filled in/leveled for better flow & no step down.Huge family room / fireplace is open to the kitchen. Kitchen offering a large island w/breakfast bar, eat in area Pantry & windows to the backyard. Entertainer's Delight! One bedroom and full bath on 1st Floor.. Upstairs is the Elegant Primary Ensuite w/walk in closet, spa bathroom. Upstairs: 2 additional nice sized bedrooms a full bath. Great storage T/O! Escape to your own Resort yard w/Sparkling Pool. Paver patios, Turf, large covered patio . East side yard is RV/Toy storage w/cover canopy, & RV Gate.NO HOA!Near Everything Shopping/Restaurants/Mayo Near Desert Ridge, Mayo Hospital Campus, 101 Corridor, Kierland, Scottsdale Quarter and MORE! Well Respected Schools Nothing to do but move in! Sellers can close after 1/3/25.

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5770 E Roundup Street Apache Junction, AZ 85119

$1,225,000

4 Beds

4.5 Baths

3,616 SqFt

Status Active

MLS # 6696539

Property Type Single Family Residence

Price Type --

NEW ADJUSTED PRICE on this amazing fully renovated custom home in Apache Junction with acreage, no HOA, breathtaking views of the Superstition Mountains, sweeping views of the Valley below, a massive 2400sf masonry temperature controlled outbuilding with RV garage, workshop and an attached 1-bedroom casita with kitchenette, bath and laundry. With Flat Iron as its towering backdrop, the main home was taken down to its exterior studs and completely reimagined with new floor plan, all new electrical, plumbing, hvac units and ductwork, windows, doors, finishes and fixtures. The main level has an expansive great room with defined living, dining, kitchen with breakfast nook, laundry room, guest bath, primary suite with soaking tub, walk-in shower with glass enclosure, his and her closets, and private entrance to the rear yard and patio deck. There is also an additional bedroom off the great room with amazing Valley views. The Chef's kitchen features an oversized waterfall central island with tons of storage cabinets and drawers, quartz counters and backsplash, and stainless appliances including two ovens and walk-in pantry. The second level has another family room/kid zone, two large bedrooms with walk-in closets, a full bath and half bath for guests, as well as a large laundry room with sink and a large utility/storage room. Two-car, insulated garage with direct access to the home - and a separate room with built-in dog wash/grooming station. A block fence was added to the entire property with pedestrian and RV gates to the back yard with plenty of room to create an entertainer's paradise with a pool and whatever else your imagination dreams up. The lot has been leveled and graded for your toys or bring your horses and enjoy ranch living. So many options with this property - enjoy the fruits of this Seller's labors and move right in!

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9844 E June Street Mesa, AZ 85207

$1,225,000

5 Beds

5 Baths

4,172 SqFt

Status Active Under Contract

MLS # 6744067

Property Type Single Family Residence

Price Type --

GORGEOUS MOUNTAIN, SUNRISE & SUNSET VIEWS! Gated private Boutique community nestled in the prestigious Mesa Uplands of NE Mesa. Close to hiking, boating, shopping & dining. Gorgeous contemporary flair that is warm & welcoming. ALL SINGLE LEVEL LIVING. Entertainers dream home & backyard. Entry offers soaring 2 story ceilings with huge windows offering expansive mountain views. True chefs kitchen: 42'' Expresso cabinets, tile backsplash, Granite slab countertops, gas cooktop w/ SS range hood, oversized prep island, built in oven / micro w/ walk in pantry. Generous dining is open to a wonderful family room. Tile flooring. Huge windows allowing natural light & mechanical blinds. Beautiful open staircase w/ decorative banner. The owner's suite is private & offers majestic views. Spa like bathroom offers 2 vanities, free standing tub, walk in shower & everyone's dream closet. Secondary bedroom area offers their own flex space, 2 bedrooms w/ walk in closets and Jack & Jill bath. Front bedroom w/ walk in closet & full bathroom. All baths are nicely upgraded. Second floor offers a super loft which can be used as a den/ studio/ office along with a bedroom & full bath. Wall of windows to the deck will blow your mind with views that are a must to experience. AZ dream resort backyard. Extended covered patio, heated 5.5 ft deep pool, heated spa & water features. Lush landscaping and 5 hole putting green. Views of the Superstitions MTN and Usury MTN are unobstructed. Sunrises and sunsets are spectacular! Close to the 202, shopping, dining, lakes and hiking. This home will not disappoint! This community is outstanding!

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7791 E Foxmore Lane Scottsdale, AZ 85258

$1,225,000

3 Beds

2.5 Baths

2,294 SqFt

Status Active

MLS # 6708894

Property Type Single Family Residence

Price Type --

Rare opportunity in the private gated Meridian community of Scottsdale's McCormick Ranch. Prime interior corner lot with N/S exposure- 1 block away from the heated community pool & spa. Every room has been meticulously redesigned/remodeled with only premium quality materials- including all new windows, custom cabinets, counters & kitchen island, 5-burner Italian stove, large format porcelain tile, new stairway, premium lighting, ceiling fans & fixtures, custom window coverings, closet built-ins, tankless water heater, water softener, R/O drinking water system, new interior & exterior paint & moldings, new garage epoxy, & more... The floorplan is perfectly designed for ground level living with large great room, primary suite, office & eat-in kitchen, vaulted ceilings, skylights plus 2 sets of sliding doors that open to a private backyard with large covered travertine-paved patio & low-maintenance turf. Loft space was enclosed adding a sitting area to 1 of 2 addt'l bedrooms plus full bath on the upper level. Don't miss this absolutely pristine home- perfectly located in one of the most coveted neighborhoods of Scottsdale.

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16580 N 92nd Street Unit 2001 Scottsdale, AZ 85260

$1,225,000

2 Beds

2.5 Baths

2,004 SqFt

Status Active

MLS # 6782882

Property Type Apartment

Price Type --

RARELY AVAILABLE in Soho Scottsdale 2 BR+Den Condo. FULLY FURNISHED, IMMEDIATELY AVAILABLE, MOUNTAIN VIEWS and UNDERGROUND PARKING. Amazing LOCATION... near Westworld, Ice Den and the 101. This like-new property has TWO EN-SUITE BEDROOMS, plus spacious DEN and powder room with a magnificent kitchen optimized for entertaining and efficiency with quartz counter tops, contemporary sleek custom cabinetry and GE Monogram Statement appliance suite. With over 2000 interior square feet, the living spaces live large with the soaring ceilings, spacious hallways and modern details found in properties significantly higher priced. Additionally, the condo has TWO PATIOS, rare for a property this size. The home is wired and outfitted for SMART PHONE CONTROL of entry door, lighting, and heating/A Included are two underground, gated parking spaces with semi-private elevator direct to your door. Whether you vacation in or make Arizona your primary residence, SoHo Scottsdale, offers you the lifestyle you have imagined. West World, the home of Barrett Jackson, the Arabian Horse Show along with many other events that make Scottsdale, Scottsdale are within walking distance. The world renowned TPC Golf Course and Waste Management Tournament are just minutes to the west, as is the Scottsdale private airport and a wide variety of shops and restaurants. You are near the 101 that will quickly get you around anywhere in the Valley, or simply zig zag a few miles over to Kierland, The Quarter, golf courses, hiking trails and so much more. For VALUE, LOCATION and appointments... this property simply does not compare to any other luxury condominium on the market today, for those that are looking for exceptional value and one of a kind, SoHo Scottsdale #2001 is your perfect find!

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3877 S Veronica Lane Gold Canyon, AZ 85118

$1,225,000

4 Beds

3 Baths

2,989 SqFt

Status Active

MLS # 6787292

Property Type Single Family Residence

Price Type --

Welcome to Montana Dorada, the best kept secret in Gold Canyon Arizona. This single level home is part of an exclusive Modern Farm Desert Collection. Offering paved roads, quick access to the US 60, close to shopping and dining, complete with breathtaking views of the iconic Superstition Mountains at every turn. Offering 2989 livable SF, 4 bedrooms, 3 bathrooms, a large kitchen island, beverage bar, & butler's pantry. This split floorplan offers a large owners suite and guest ensuite both with private access to the large covered backyard patio. All tile throughout with light earthy tones to compliment every style. The developers are offering a 25,000 credit for rate buy down and custom owners closet build out. This new build comes with an oversized 2 car garage complete with epoxy floor.

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