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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18425 W Santa Irene Drive Goodyear, AZ 85338

$1,199,000

4 Beds

4.5 Baths

3,802 SqFt

Status Active

MLS # 6749352

Property Type Single Family Residence

Price Type --

BEAUTIFUL LUXURIOUS TUSCAN CUSTOM HOME, LOCATED IN THE BEAUTIFUL ESTRELLA MOUNTAIN RANCH.THIS HOME HAS CANTERA STONE PILLARS, TRAVERTINE TILE THROUGH OUT, WOOD FLOORS IN ALL THE RIGHT PLACES.SURROUND SOUND IN MASTER AND GREAT ROOM, SPEAKER SYSTEM THROUGHOUT THE HOME,3 FIREPLACES,CUSTOM KNOTY ALDER CABINETS,GRANITE COUNTERS, ELEVATOR GOING FROM THE GARAGE TO THE KITCHEN,THE KIDS QUARTERS INCLUDE 2 LARGE BEDROOMS WITH JACK AND JILL BATHS,EPOXY IN THE GARAGE, BASEMENT WITH WETBAR AND FULL BATH, JACUZZI TUB AND BIDET IN MASTER , HOT TUB OUTSIDE.,OUTDOOR BUILD IN SMOKER,GREAT PRIVATE BACK YARD OVER LOOKING A MOUNTAIN AND GREAT VIEWS 360 DEGREE,PRIVATE MINI GOLF,CUSTOM GAZEBO WITH BAR AND TV, WATER FOUNTAINS FOR YOUR RELAXATION. OUT DOOR KITCHEN WITH WINE FRIDGE AND GAS STOVE.GARAGE CABINETS THROUGH OUT THE GARAGE. THIS HOME IS WITHIN WALKING DISTANCE TO THE PARK AND LAKE.

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3669 E Morrison Ranch Parkway Gilbert, AZ 85296

$1,199,000

5 Beds

3.5 Baths

4,361 SqFt

Status Active

MLS # 6771689

Property Type Single Family Residence

Price Type --

* Beautiful 5 Bedroom 3.5 bath plus Den and Loft home in Highly Desirable community of Morrison Ranch * Wonderful Gourmet Kitchen with Thermador appliances including Refrigerator/Freezer combo, Dual ovens, Gas oven and cooktop, warming drawer, double center Islands, dual pantry's and new quartz countertops in 8/2024 * Main level also includes a formal living room, formal dining room with coffered ceiling, office/ exercise room & half bath. 2nd level features very spacious master suite with large bath and walk in closet, 4 additional bedrooms, one with private bath, game/ media room * Enjoy a resort style backyard w/ large pebble-tec pool, real rock waterfall, water slide and grotto, Travertine brick deck around the pool, extended covered patio, misting/fog system and built in gas grill. Exterior freshly painted in 7/2024 * new 75 Gallon Gas hot water heater in 5/2024 * New pool pump in 3/2024 * Surround sound throughout most of the home, including patio and pool area * And so much more...

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14808 E Miramonte Way Fountain Hills, AZ 85268

$1,199,000

3 Beds

3.5 Baths

2,450 SqFt

Status Active

MLS # 6773657

Property Type Single Family Residence

Price Type --

Spectacular 4-Bedroom (including Casita) Eagle Mountain Residence with Mountain Views! Located behind the Guarded Gate of this Highly Acclaimed Golf Community, this Spacious and Newly Updated Residence is everything you can ask for and more! Enjoy Sunset and Mountain Views in your Private Resort-Style Backyard w/ Pool & Hot Tub, Outdoor Seating Area, Outdoor BBQ! Enter the home through the Double-Iron Gates leading to the Cozy Courtyard with Detached Private Casita. This home boasts ALL of the Amenities you could ask for and More! 20 Foot Ceilings, Formal Dining, Spacious Living Room and a Stunning Wall of Glass that brings in a lot of Natural Light and Views of the Private Backyard.

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7297 N Scottsdale Road Unit 1004 Paradise Valley, AZ 85253

$1,199,000

4 Beds

3.5 Baths

3,047 SqFt

Status Active

MLS # 6779290

Property Type Townhouse

Price Type --

Unique residential unit with Camelback Mtn views & legal ability to operate commercial business. Ideal office location. Live-work unit available with elevator! Who wouldn't want an office directly off Scottsdale Road? Convenient to shopping, restaurants and entertainment, yet far enough removed from the busyness of Old Town. Gorgeous Mountain Views from each balcony create the perfect backdrop to enjoy Arizona's spectacular sunsets. This unit boasts Top of the Line Viking Appliances, Granite Countertops with Travertine as well as Wood Flooring. Don't miss out on this perfect opportunity to live and work in the heart of Scottsdale. Tesla charger in 2 car garage.

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15070 N Meander Mountain Way Prescott, AZ 86305

$1,199,000

3 Beds

3 Baths

3,318 SqFt

Status Active

MLS # 6780385

Property Type Single Family Residence

Price Type --

STUNNING, JUST COMPLETED custom home in the guard-gated community of Talking Rock Ranch in Prescott, AZ. This sophisticated, modern, contemporary home boasts an expansive 3,318 square feet of living space on 1 level, situated on a generous half-acre lot, offering ample room for relaxation and entertainment. The residence features four spacious bedrooms, including three luxurious main suites, each designed with an en-suite private bath. The fourth bedroom is designed as a dedicated home office, perfect for remote work or study. Additionally, a stylish half-bath powder room is conveniently located for guests. The owner's suite is a true retreat with a charming custom reading nook that overlooks a tranquil private yard. Throughout the home, you'll find exquisite high-quality, natural hardwood floors that enhance the elegance of the space, while two inviting fireplaces, one in the owner's suite and another in the expansive Great Room, add warmth and ambiance during cooler months. Living in Talking Rock Ranch comes with exceptional amenities, including membership opportunities to Talking Rock Golf Club, as well as fitness, fine dining, and so much more. With a mild, four-season climate, this home is a perfect choice for those seeking both luxury and a connection to nature.

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20945 W Hillcrest Boulevard Buckeye, AZ 85396

$1,199,000

3 Beds

2.5 Baths

2,563 SqFt

Status Active

MLS # 6783439

Property Type Single Family Residence

Price Type --

Welcome to this exquisite 3-bedroom, 2.5-bath home in a vibrant 55+ community Victory at Verrado! Located on an expansive 10,400 sq. ft. lot with views of the golf course, this 2,563 sq. ft. residence offers stunning mountain views and luxurious amenities throughout. As you enter, you're greeted by a wall of patio doors that showcase a breathtaking saltwater pool, elevated travertine deck, and mesmerizing views. Enjoy seamless indoor-outdoor living with fully retractable patio screens, providing a shaded oasis perfect for relaxing or entertaining. The outdoor space is complete with a gas fire pit, natural gas hookups for grilling and heating, and a serene atmosphere set against the open landscape. Inside, the gourmet kitchen boasts a massive granite island, stainless steel appliance task lighting, and stylish cabinetry adorned with crown molding. A front courtyard, accessible via double French doors from the kitchen, offers an inviting spot for morning coffee. Plantation shutters adorn most windows, and the spacious living area features 11' ceilings with elegant crown molding. Designed for comfort and efficiency, the home has a 3-zone HVAC system and is crafted with David Weekley's signature quality, including 2x6 construction and upgraded insulation. The master suite is a tranquil retreat, offering dual walk-in closets, a spa-like shower, a soaking tub, and serene views of the backyard and beyond. Located close to all of Verrado's amenities, this home embodies elegance, functionality, and Arizona's signature outdoor lifestyle. Don't miss your chance to experience luxury living in this premier community!

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27000 N Alma School Parkway Unit 2004 Scottsdale, AZ 85262

$1,199,000

3 Beds

3 Baths

2,627 SqFt

Status Active

MLS # 6785796

Property Type Townhouse

Price Type --

Upgraded to the nines; more so than the models! Over $140,000 in upgrades including an Elevator, 2 master Suites connection to balconies, Stunning hardwood flooring, upgraded appliance package, cabinetry, granite, electrical fixtures and wiring, tile work, multi-panel pocket slider, custom window treatments with remotes, and patio fire place. AMAZING SUNSETS with stunning views of Pinnacle Peak and Troon Mountain, a truly spectacular setting!!!!

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1036 E San Miguel Avenue Phoenix, AZ 85014

$1,199,000

3 Beds

3 Baths

2,336 SqFt

Status Active Under Contract

MLS # 6778671

Property Type Single Family Residence

Price Type --

Experience refined elegance and modern luxury in this exceptional Uptown Phoenix home, nestled in a sought-after neighborhood w/ top schools, and moments away from premier dining and shopping destinations. This beautifully designed residence offers a thoughtfully crafted, split floor plan featuring 3 bedrooms, 3 baths, and a dedicated office. The home's resort-style backyard is a private oasis, boasting a spacious, interior pie-shaped lot with covered patio, outdoor fireplace, built-in grill, hundreds of plantings, and gorgeous lighting- perfect for entertaining , playing, or unwinding. Inside, stylish designer touches create a sophisticated ambiance, including Pinky's Iron doors, quartz countertops, integrated quartz sink and backsplash, engineered wood floors, Zellige tiles, custom cabinetry, a cozy built-in banquet, dual pane windows, automated blinds, and custom drapes. The chef's kitchen, a true centerpiece of the home, features an oversized island and an appliance suite built for culinary enthusiasts and entertainers alike.ILUV range, Miele beverage center and steamer, GE Monogram refrigerator, and pebble ice maker. The impressive primary suite is a sanctuary unto itself, complete with a walk-in closet, elegantly designed bath, private access to the yard, and a charming sitting area with its own fireplace. This home is loaded with quality details and custom elements. Prepare to fall in love as this remarkable home fulfills every item on your wish list.

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8420 N 15th Street Phoenix, AZ 85020

$1,199,000

4 Beds

3.5 Baths

3,272 SqFt

Status Active

MLS # 6758735

Property Type Single Family Residence

Price Type --

Nestled at the base of the south side of the Phoenix Mountain preserve lies this timeless contemporary retreat. Imagine being in Laurel Canyon or Hollywood Hills. Have a glass of wine or a cup of coffee on the balcony & enjoy magnificent 360 degree city &mountain views. Relax on the tranquil desert landscaped patio with an outdoor kitchen. Gather and entertain in the light & airy living room, dining room, remodeled gourmet kitchen with pantry & island, that open to the great room and office. The 1st level includes an attached guest suite with mini kitchenette, oversized primary bedroom with sitting area & bath, large laundry room & 2 additional bedrooms with a Jack/Jill bath. The 2-Car Garage is the perfect man cave. Steps away from some of the best hiking trails in Arizona.

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23371 N 74th Place Scottsdale, AZ 85255

$1,199,000

3 Beds

3 Baths

2,113 SqFt

Status Active

MLS # 6786119

Property Type Single Family Residence

Price Type --

Discover luxury living in the gated Summit at Silverstone community with this stunning 2020-built single-story home. Meticulously designed w/3 bedrooms & 3 full bathrooms, this property offers ultimate convenience w/HOA covering exterior maintenance. Enjoy resort-style amenities including pool, spa, and fitness facilities, nestled near premium shopping and dining. The chef's kitchen features a 46'' GE Monogram gas range, dual wall ovens, built-in refrigerator, wine fridge, walk-in pantry, & stunning quartz countertops. Spacious master suite boasts a walk-in closet, dual sinks, upgraded cabinetry w/separate shower & bath. Great Room features a wall of glass opening out to a covered patio overlooking pool. Perfect low-maintenance, high-end lifestyle in a serene setting.

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7161 E Rancho Vista Drive Unit 5012 Scottsdale, AZ 85251

$1,199,000

2 Beds

2 Baths

1,433 SqFt

Status Active

MLS # 6666183

Property Type Apartment

Price Type --

Exquisite 5th-floor condominium boasting unparalleled views of Camelback Mountain. The terrace is a verdant oasis offering endless vistas of the majestic mountainscape/This unit has one of the largest private patios ever offered.(approx 3,000 s.f.!) Interior enhancements include travertine flooring, granite countertops, cherry cabinets complemented by stainless steel appliances, and a gas cooktop catering to culinary enthusiasts. The den, featuring framed glass sliding doors, doubles as a guest bedroom for added versatility. The master suite exudes luxury with a private master bath and ample walk-in closet space. Floor-to-ceiling windows in the spacious master bedroom amplify the stunning views of Camelback Mountain, while a second terrace off the master bedroom provides another delightful retreat. Located within Optima Camelview Village. Community Features include: Two serene outdoor pools, spas, and BBQ areas one on each side of the community, heated for year-round enjoyment. A 24,000 S.F. fitness center recently refurbished for optimal wellness experiences. Separate men's and women's locker rooms equipped with steam rooms, showers, and private lockers. Indulge in the indoor lap pool and two additional heated spas. Additional offerings comprise an on-site concierge, package room, a putting green, private dog park, a hybrid basketball/pickleball court, a racquetball court, and the convenience of an on-site restaurant, Metropolis. Also available are conference rooms, 24/7 security, a reservable rec room, and a versatile fitness/yoga area for community use. A must-see property offering unparalleled living experience.

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1912 E Gemini Place Chandler, AZ 85249

$1,199,000

6 Beds

3.5 Baths

4,607 SqFt

Status Active

MLS # 6776538

Property Type Single Family Residence

Price Type --

**Welcome to Riggs Country Estate** Discover unmatched luxury and modern convenience in this exceptional Chandler, AZ home. With 6 spacious bedrooms, 3.5 bathrooms, and a downstairs guest suite with a private bath, this residence offers ample space and privacy for everyone. 
**Primary Suite & Additional Spaces** The expansive primary suite upstairs offers a luxurious ensuite bathroom with dual sinks, a soaking tub, separate shower, and a generous walk-in closet. The upstairs also includes four additional bedrooms, a flexible bonus room, and a large loft space for versatile living. **Elegant Living & Entertainment Spaces** Host unforgettable gatherings in the formal dining room or relax in the inviting living room. The gourmet kitchen features modern appliances, double ovens, granite countertops, two walk-in pantries, and touch-less faucets - ideal for home chefs. A large loft offers endless possibilities, perfect for a game room, library, or pool table. **Outdoor Oasis** Step outside to a covered patio complete with an outdoor kitchen featuring a BBQ grill and fridge. A large tiled seating area overlooks the stunning 10-foot-deep diving pool, accentuated by 12 color-changing lights, and a sprawling grass area. The backyard exudes a park-like ambiance with a private sidewalk and pathway lights that create a warm, welcoming atmosphere. **Smart Home Features** Designed for modern living, this home boasts a range of smart features: - Garage Control: Both the two-car garage and single-car garage (equipped with a camera) are smartphone-controlled. - HVAC Control: Adjust the HVAC system remotely for comfort and energy efficiency. - Patio Lighting: Control patio lights from your mobile device. - Pool Features: Manage all pool functions with remote control. - Exterior Lighting: Accent lights, lamp posts, and pathway lights are programmable with timers, night/day sensors, or manual mobile control. **Prime Location** This home combines luxury with convenience, situated near top-rated CUSD and charter schools, shopping, and freeway access. Welcome to Riggs Country Estate - a blend of timeless elegance and modern luxury awaits.

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