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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201 N Fawn Drive Payson, AZ 85541

$1,150,000

3 Beds

2 Baths

2,310 SqFt

Status Active

MLS # 6756145

Property Type Single Family Residence

Price Type --

Here is your chance to own elegance with character. Pride of ownership exudes in this tutor style three bedroom two bath home on just over an acre. Nestled In the quiet neighborhood of Manzanita Hills, commune with nature and enjoy the views on the back deck, the adjacent acre next-door is also available to purchase for your added privacy. As soon as you walk in the front door, you are greeted by a magnificent great room and stone fireplace. With a rustic atmosphere and Tuscan like kitchen there is room for all. Porcelain flooring and new interior paint has been completely redone as of December 2021, newer roof installed three years ago, solar panels have not been reinstalled. Owners will credit toward reinstallation and remaining lease amount of solar panel.

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15025 N Forever View Lane Prescott, AZ 86305

$1,150,000

2 Beds

3 Baths

2,049 SqFt

Status Active

MLS # 6755658

Property Type Single Family Residence

Price Type --

SELLER WILL PAY BUYERS $40K MEMBERSHIP FEE WITH A FULL PRICE OFFER! Rare opportunity to own this stunning 2-bedroom plus den cottage with a large 3-car garage, located near the cart path in Talking Rock. Nestled on a quiet cul-de-sac, this beautifully appointed home offers a spacious outdoor patio with a fire pit, built-in BBQ, and a peek of Granite Mountain. Surrounded by mature, professional landscaping, the open floor plan features vaulted beamed ceilings, hardwood floors, a slider in the dining room and master, and plantation shutters. The charming kitchen boasts granite counters, stainless steel KitchenAid appliances, and a 6-burner gas stove. Move-in ready! Talking Rock is a gated private community for members only. Amenities include: award winning Jay Morrish designed Golf Course, fitness center, bocce, pickle ball courts, tennis court, pool and dog park

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7121 E Rancho Vista Drive Unit 3011 Scottsdale, AZ 85251

$1,150,000

2 Beds

2 Baths

1,628 SqFt

Status Active

MLS # 6775711

Property Type Apartment

Price Type --

Discover the pinnacle of luxury with this exquisitely remodeled condo, perfectly situated in the heart of Scottsdale. Thoughtfully redesigned with the discerning buyer in mind, this spacious sanctuary showcases brand-new premium Karndean Select Warm Ash flooring, refined lighting fixtures, and breathtaking quartz kitchen countertop and honed marble bathroom countertops that exude sophistication at every turn. Every detail reflects modern elegance, seamlessly paired with timeless charm for an atmosphere of pure opulence. Located within an exclusive, resort-inspired community, residents enjoy access to world-class amenities that elevate daily living to an art form. This rare gem presents an unparalleled opportunity to experience elevated comfort, style, and exclusivity. Don't let this masterpiece pass you by.

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947 Morins Ranch Road Show Low, AZ 85901

$1,150,000

5 Beds

4 Baths

3,964 SqFt

Status Active

MLS # 6762236

Property Type Single Family Residence

Price Type --

Lush green grass and the beautiful park like landscaping welcome you to the perfect family home. No HOA on 3.08 acres in Show Low is quite the find. This spacious home is the perfect spot for family gatherings and holidays. The chef's kitchen has an indoor vented grill, large island, double ovens and an oversized pantry. A pellet stove keeps this wing of the house cozy in the winter and conserves energy as well. Large double pane windows throughout the house let in plenty of light. The family/great room boasts tongue and groove aspen ceiling and accent wall as well as a wood burning fireplace. French doors open to the fully fenced yard where the natural vegetation and landscape has been preserved. The oversized bedrooms all have plenty of closet space and shelving Newly constructed 2400sf Mueller shop, 16 foot ceilings, 2 - 60x15 covered car ports on either side of the shop. Shop is equipped with water, electric and air lines for air compressors.

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7617 E Presidio Street Mesa, AZ 85207

$1,150,000

5 Beds

3 Baths

2,983 SqFt

Status Active

MLS # 6763833

Property Type Single Family Residence

Price Type --

Experience peaceful AZ living in this updated custom home situated on an acre+ lot in the gated community of Sossaman Heights. The stunning open plan offers a beautiful kitchen & dining area that flow into the great room ideally designed for daily living & entertaining. The primary suite boasts refined finishes & a spa-inspired bath with a zero-grade entry shower & large closet. The beautifully designed backyard offers a private park with walking paths, entertaining ramada, expansive patios, built-in BBQ, firepit & hot tub. Additional features include an extended length 3-car garage, RV gate, stunning view deck & tons of storage throughout. With ample space to add an RV garage, casita, and/or pool the possibilities are endless!

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3205 W Silver Sage Lane Phoenix, AZ 85083

$1,150,000

7 Beds

4.5 Baths

4,126 SqFt

Status Active

MLS # 6766510

Property Type Single Family Residence

Price Type --

Welcome to your dream property, perfectly blending function and elegance! Situated on a spacious double lot, this extraordinary home offers added privacy with no rear neighbors, making it an ideal retreat for families and entertainers alike. As you step inside, you'll be greeted by a light and bright, thoughtfully designed layout. To your right, you'll find a cleverly concealed laundry room and an office, both featuring doors that seamlessly blend into the white wall for a clean, modern aesthetic. The heart of the home boasts a fully remodeled kitchen, perfect for culinary enthusiasts which is open to your dining and living areas letting you stay engaged with family and guests. The main level includes a large primary suite, with its own ensuite and walk-in closet, offering easy access and comfort. The upstairs has a separate living/playroom, laundry room, six additional bedrooms, with two large enough to serve as secondary suites, and two bathrooms, providing flexibility for guests or family. The home is equipped with two newer Trane 5-ton, 17 SEER air conditioning units and a modern water heater, ensuring year-round comfort and energy efficiency. Outdoor Entertaining: Step outside to discover your own outdoor oasis! The property features two expansive patios, perfect for entertaining or simply relaxing in the sun. Custom metal structures at both ends of the patios are adorned with blooming jasmine, creating a serene atmosphere. An RV gate, Ramada, and a fully equipped outdoor BBQ/kitchen make this space perfect for hosting gatherings. The Aero Professional misting systems on the patios provide comfort during those warm summer days. Hate putting up and taking down Christmas lights each year? No problem, they have been permanently installed on this home! Expansive Shop: For those with hobbies or business needs, a standout feature of this property is the impressive 40x40 shop. Complete with two oversized 2-car garage doors, this space is deep enough to accommodate a boat or large truck. Inside, you'll find a full bath and a separate room that could easily be converted into a casita, providing additional living space or a private home office. The shop is temperature controlled with two newer mini-split units, and a tankless hot water heater adds convenience. Fully permitted, this space has extra power to meet all your needs, and the roof is only about six years old, ensuring durability. This unique property truly has it all, spacious living, functional workspaces, and an incredible outdoor environment. Don't miss the opportunity to make this exceptional home your own!

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3810 E Herrera Drive Phoenix, AZ 85050

$1,150,000

5 Beds

3.5 Baths

3,677 SqFt

Status Active

MLS # 6773142

Property Type Single Family Residence

Price Type --

Welcome to the stunning Toll Brother's home of 3810 E Herrera Drive located in Aviano at Desert Ridge. Spanning 3,677 square feet and boasting 5-beds, 3.5-baths, the home exerts luxury and comfort living. Inside, the tall ceilings, freshly painted interior, are enhanced by stylish new light fixtures that create a sophisticated ambiance. The home's dual 2021 HVAC systems ensure year-round comfort, making relaxation effortless. The sought-after floor plan invites you to move through the dining room and living room and opens to a courtyard, which allows natural light to flood the home. The home's newly painted exterior allows you to enjoy a resort-like backyard equipped with a gas fireplace, natural grass, and mature landscaping, plumbed and wired for a pool, all perfect for relaxation. Conveniently located just minutes from The Club, you'll have access to a heated pool, spa, gym, media center, and both tennis and basketball courts. The community boasts 19 parks and scenic walking paths for outdoor exploration. With prime access to shopping, fine dining, and the vibrant Scottsdale Quarter and Kierland, this residence offers an unparalleled lifestyle of comfort, style, and exceptional amenities.

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7117 E Rancho Vista Drive Unit 2005 Scottsdale, AZ 85251

$1,150,000

2 Beds

2 Baths

1,635 SqFt

Status Active

MLS # 6773268

Property Type Apartment

Price Type --

This stunningly, fully remodeled 2-bed, 2-bath condo epitomizes modern urban luxury and is among the larger two-bedroom units in the entire complex. The open-concept design combines sleek, contemporary finishes with functional style - showcasing new flooring, elegant quartz countertops, and a striking electric fireplace. Every detail has been carefully considered to breathe fresh life into this space. The gourmet kitchen is a true showstopper, featuring a new stainless steel gas cooktop, waterfall quartz countertops, and a matching backsplash. To create a sophisticated focal point in the kitchen, the island features bold white marble quartz outfitted with a large single basin sink. The living areas are bright and spacious, illuminated by floor-to-ceiling windows that fill the condo with natural light. These expansive windows are equipped with roller shades for added privacy when needed. For cozy winter nights, the new electric fireplace in the living room adds a warm and inviting ambiance. In addition, this unit offers a large bonus room perfect for a formal dining room, office or pool table. Step outside to the remodeled patio featuring new Italian porcelain tile, new landscape and a glimpse of the iconic Camelback Mountain. The master bedroom serves as a serene retreat, perfect for unwinding after a long day. Its en-suite bathroom evokes a spa-like experience with new flooring, updated shower tiles, and sleek modern lights & faucets. A generous walk-in closet provides ample space for clothing and accessories. To top it all off, Optima Camelview Village offers a luxurious array of amenities to complement your high-rise living experience, making this condo the perfect urban sanctuary. This fully renovated condo is priced competitively at one of the lowest prices per square feet being offered!

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3518 E Desert Cove Avenue Phoenix, AZ 85028

$1,150,000

3 Beds

2 Baths

2,568 SqFt

Status Active

MLS # 6773595

Property Type Single Family Residence

Price Type --

Seize this rare opportunity to own a meticulously maintained single level gem sitting on over 1 acre in the highly sought-after Desert Paradise community! This 2,568 sq. ft. home includes an inviting front living room addition, updated flooring, sparkling blue pool, oversized 3 car garage, massive front & backyard, RV Gate & renovated master bath. Possible lot split opportunity!!! Did we mention this home was sitting on 1 acre! Updated Landscaping, New Soft Water System, Newer Carpet, New Electrical Panel, New Heat Pump, New Pool Pump, New Fridge & Dishwasher, New Tankless Water Heater & More!!! Centrally located just minutes from Paradise Valley, top-rated schools, shopping, dining, entertainment & freeway access. This home is a must see!!!

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16217 W Skinner Road Surprise, AZ 85387

$1,150,000

4 Beds

3.5 Baths

3,300 SqFt

Status Active

MLS # 6778102

Property Type Single Family Residence

Price Type --

Stunning custom home on over 2 acres of usable land, including a sparkling pool and private guest house with income potential! The homes interior features high-end finishes throughout! The kitchen features a custom copper sink and hand crafted custom cabinets. All bathroom's feature custom floor to ceiling tile. The grounds have been expertly landscaped including several large fruit bearing trees. There is room to build horse stalls and pen, a workshop, rv garage or another home! The possibilities on this property are truly limitless! You'll also find a casita with separate access, ideal for visiting loved ones or as a rental opportunity. Enjoy outdoor moments in the resort-style backyard, offering a covered patio, a lovely gazebo, pristine artificial turf, and a refreshing pool for cooling down on hot days. This gem will sell fast! Act now!

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3215 Clearwater Drive Prescott, AZ 86305

$1,150,000

3 Beds

3 Baths

3,291 SqFt

Status Active

MLS # 6785922

Property Type Single Family Residence

Price Type --

Experience luxury living in this stunning single-level home in the desirable Crossings at Willow Creek. Set on nearly an acre, the beautifully landscaped property features mature trees, rock walls, raised garden beds, and a fenced backyard with multiple entertaining areas. The open great room showcases a dramatic floor-to-ceiling stone fireplace, while the chef's kitchen impresses with granite counters, a massive island, custom knotty alder cabinetry, and a striking copper range hood. The owner's suite offers porch access, a spa-like bathroom, and a spacious closet. A detached casita with a full kitchen, living space, and bath provides versatility. Additional highlights include a 2-car garage with epoxy floors, an attached heated bonus room with a half bath, and smart home features.

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46333 W Abbott Road Wickenburg, AZ 85390

$1,150,000

3 Beds

2 Baths

1,799 SqFt

Status Active

MLS # 6784258

Property Type Single Family Residence

Price Type --

Rare 10 acre turnkey horse property. This gorgeous 3 bed, 2 bath Santa Fe style home is just for you! Discover a spacious semi-open floor plan bathed in natural light & featuring elegant wood-look flooring, soft carpet in all the right places, and neutral palette throughout. The fabulous eat-in kitchen is comprised of espresso cabinetry w/crown moulding, a walk-in pantry, quartz counters, stainless steel appliances, recessed lighting, and a prep island. The primary bedroom showcases a walk-in closet and a full ensuite w/dual vanities & a garden tub. Also sports an expansive backyard w/a covered patio so enjoy a beverage while looking out at your arena, and the covered stalls for the horses! All stalls have lights and auto waters. Plenty of pens, entire property fenced with pipe rail fence The conex box and round pen stay with the ranch. Plenty of room to add more corrals and barns, or even subdivide and add another home. NO floodplain on this property. The great producing well is private and not shared with other properties. You can ride your horses out to state land just minutes from the property. Enjoy the views of the mountains on all sides, and your great neighbors in cowboy country!

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