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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6001 N 44th Street Paradise Valley, AZ 85253

$5,250,000

6 Beds

8 Baths

7,966 SqFt

Status Active

MLS # 6775549

Property Type Single Family Residence

Price Type --

VIEWS AND VALUE.$659.09/SF FOR A PALATIAL ESTATE W CATERING KITCHEN IN THE HEART OF PV WITH INCREDIBLE VIEWS! Walls of retractable glass allow the jaw dropping views of Camelback Mountain to take center stage day and night in all public spaces in this 1 acre, 7,966 SF, 6 bd 8 ba custom, grand estate with attached guesthouse and 4 car garage. Built with a catering kitchen, this home is an entertainer's paradise and has accommodated a 250 person plated dinner for distinguished guests, including Presidents of the United States. Features which elevate everyday living include: multiple wings with additional family/recreation rooms, theater room, expansive outdoor covered patio with fireplace,spa, outdoor kitchen, grass play/picnic area and view deck. The owner's wing, which is split from the other areas, includes: a double office, sitting room with two sided fireplace, exercise room/secondary office, private backyard access, a stately master bath with double sinks, jacuzzi tub, make-up area, his and her closets and his and her toilet rooms. The attached 580 SF guesthouse with an extra large bath, closet and kitchenette makes this an ideal home for multigenerational living, a nanny or live-in aide. There is room built into the price for your own touches. The one of a kind Camelback Mountain views must be seen to fully appreciate! Other key features include: - High ceilings for a bright, spacious and airy feel. - Motorized sliding doors for seamless indoor-outdoor living. -Custom lighting throughout.

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13330 E Jomax Road Scottsdale, AZ 85262

$5,250,000

3 Beds

3.5 Baths

4,764 SqFt

Status Active

MLS # 6754006

Property Type Single Family Residence

Price Type --

Welcome to this prime, 20 acre desert location near Scottsdale's iconic landmarks. Located directly adjacent to the McDowell Mountain Preserve and at the end of a paved, dead end road, you will find this stunning, pristine lot covered with the boulders that make the McDowell mountain park region unique. These formations are part of the broader landscape of the Sonoran Desert, which is known for its dramatic geological features. The combination of the desert environment with these ancient, weathered granite boulders creates a unique ecosystem and visual experience. The proximity to McDowell Mountain Park means that outdoor enthusiasts have direct access to miles of non motorized trails for hiking, biking, and trail riding right from their doorstep. At the heart of this exquisite parcel is a 4,700 square-foot custom home designed to complement the surrounding environment. The home features expansive windows and doors in every room to the outdoor living spaces that takes full advantage of the breathtaking 360' views of the Four Peaks, Granite Mountian, McDowell Mountain Range and the surrounding desert landscape. The architecture includes elements like stone and wood, harmonizing with the natural terrain. The master bedroom, complete with its own fireplace, has its own exit to the pool and spa which overlooks Tom's Thumb while the guest room and attached casita open to the north patio to take in the views of granite mountain. Views are amazing from EVERY room. The great room, chefs kitchen and custom wet bar ensure plenty of space for entertaining or just enjoying the cozy fireplace. Additionally the large and fully equipped attached casita is perfect for family or out of town guests with their own access to enjoy your time with them but allows everyone their own space. Head outside to find the 12 stall mare motel with 60' runs, lights and automatic waterers located right next to the 8 horse Priefert walker. Also noteworthy is the BRAND NEW, high producing well!! The arena is huge at 150 x 300 with new footing and plenty of parking for trailers if your friends come over to rope, trail ride or just hang out. This area is surrounded by upscale communities, with nearby luxury homes and ranch estates that take full advantage of the natural beauty and privacy the desert offers. While the setting provides a peaceful retreat, the property remains conveniently located just minutes away from world-class golf courses like Troon North, Desert Mountain, and Estancia and is just a short drive from Scottsdale's fine dining, boutique shopping, and cultural attractions, ensuring that convenience meets tranquility in this desert oasis.

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8300 E Dixileta Drive Unit 263 Scottsdale, AZ 85266

$5,250,000

4 Beds

4.5 Baths

6,700 SqFt

Status Active

MLS # 6772092

Property Type Single Family Residence

Price Type --

VIEWS, VIEWS, VIEWS! This remarkable property features the largest lots in Sincudados, with an adjacent acre available for building another home, RV garage, or pickleball court. Perched 600 feet up Lone Mountain on 3.4 acres, this organic Pueblo-style home was designed by architect and Master of the Southwest, Lee Hutchison. The custom home radiates warmth and Southwest charm with its polished concrete floors, viga accent beams, and adobe brick walls. The expansive great room flows seamlessly into a gourmet kitchen, featuring top-of-the-line appliances, including a Viking Professional 6-burner range, a stunning 24K gold farm sink, and hand-painted tile accents. The luxurious primary suite is a true retreat, complete with separate his and hers areas, a gas fireplace, and electric blinds for added privacy. The spa-like bath boasts a jacuzzi soaking tub with mountain views and a custom tile steam shower...With eight gas fireplaces throughout, the home ensures warmth and comfort in every space. A detached casita offers ultimate privacy for guests while providing expansive city light views. Step outside to discover an outdoor oasis featuring a heated infinity edge pool with a dark pebble finish, a heated jetted spa, and multiple covered flagstone patios. An outdoor kitchen equipped with a Viking BBQ completes this entertaining paradise. The oversized four-car garage includes new epoxy flooring and built-in cabinets, providing ample storage and functionality. Nestled in the vibrant community of Sincuidados, residents enjoy a variety of amenities, including pickleball, tennis, and wine tastings. This exceptional property combines luxury, space, and stunning views, don't miss your chance to make it your own!

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10801 E Happy Valley Road Unit 132 Scottsdale, AZ 85255

$5,250,000

5 Beds

6.5 Baths

7,060 SqFt

Status Active

MLS # 6772486

Property Type Single Family Residence

Price Type --

This home is an architectural gem with a truly timeless feel, on the market for the first time since winning the Arizona Home of the Year / Honor Award in 2001. Designed by the renowned architect Gordon Rogers, this estate embodies the best of organic contemporary architecture. This is a rare opportunity to own a masterpiece in the exclusive, guard-gated community of Glenn Moor at Troon Village. Known for creating homes that merge seamlessly with their natural surroundings, Rogers' vision is evident throughout this property, which has been thoughtfully updated by its current owners while preserving its original design integrity. The estate's layout is divided by a natural arroyo, which created the perfect design opportunity to connect the guest house on one side with the main... residence on the other, for an organic flow. The dramatic approach takes guests up broad concrete steps and across a bridge, culminating in a striking 9-foot-wide pivoting entry doora bold first impression. The main house offers 6,030 square feet of meticulously crafted living space, with an additional 1,030 square feet in the detached guest house, bringing the total to 7,060 square feet. Inside, the great room stuns with a soaring ceiling with beautiful tongue and groove wood, supported by four concrete columns and two sculptural steel fins, and is framed by high clerestory glass walls that capture panoramic views of the surrounding mountains. The floating roof, with its cantilevered ends, mirrors the curves of the land and the infinity-edge pool, both of which reflect the natural topography. Hand selected from the quarry, the Utah sandstone found throughout the home blends harmoniously with the desert landscape. The same stone is used for both walls and floors, creating a seamless flow from the interior to the outdoor spaces. A real once-in-a-lifetime estate that truly encompasses architectural feats known only to select residences. Offering a perfect blend of cutting-edge architecture, natural beauty, and modern upgrades, this home is designed for the discerning buyer seeking a uniqueness rarely made available. Most furnishings and accessories available by separate bill of sale.

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10284 E Running Deer Trail Scottsdale, AZ 85262

$5,250,000

4 Beds

6 Baths

6,219 SqFt

Status Active

MLS # 6774364

Property Type Single Family Residence

Price Type --

Stunning newly built home situated on Troon North Golf course in Estancia. With views of Pinnacle Peak out the front and golf course and mountain views in the back this contemporary home is truly Arizona resort living. Completed in 2020, this single level has an inviting open floor plan. The great room opens up to the perfect indoor/outdoor space with disappearing wall of glass overlooking the pool/spa, outdoor kitchen , dual fire-pits and multiple patio seating areas. all overlooking the golf course ! Inside the chef's kitchen has top of line appliances including walk in butler's pantry with refrigerator , and huge oversized island with double-sided cabinetry. The primary suite has it's own patio and separate exercise room and a redesigned closet of your dreams.

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6921 N Joshua Tree Court Paradise Valley, AZ 85253

$5,250,000

4 Beds

5 Baths

4,927 SqFt

Status Active

MLS # 6785024

Property Type Single Family Residence

Price Type --

Experience luxury living in this brand-new contemporary home in Azure. Designed with expansive open spaces, stacking door systems, and rich hardwood flooring, this home seamlessly blends indoor and outdoor living. The gourmet kitchen features premium Gaggenau appliances, a large island, loads of storage and gas cooking, perfect for culinary enthusiasts. Primary suite is large, with stacking doors to the backyard, a large bath with quartz counters, separate tub and shower and a huge closet. Entertain in style with a media room and chic bar. The separate guest house is fantastic. Outside is a private oasis with a heated pool, spa, and fire feature. Complete with a 3-car garage, this home offers a lifestyle of sophistication and modern flair perfectly situated in Paradise Valley.

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5014 E Desert Park Lane Paradise Valley, AZ 85253

$5,250,000

4 Beds

3.5 Baths

4,780 SqFt

Status Active

MLS # 6777608

Property Type Single Family Residence

Price Type --

Situated behind a canopy of mature trees, a serene private mountain view home in the heart of Paradise Valley was artfully reimagined in 2022. This 4780sf Jewel Box Smart Home speaks to those who appreciate quiet luxury. Exquisite finishes include Italian finished cabinetry, Italian porcelain and French White Oak flooring, quartzite stone counters, Miele Appliances, and marble spa baths. The open floor plan offers high ceilings ushering light through glass walls and floor to ceiling Pella windows bringing the outdoors in. Entertain seamlessly from the private front courtyard, to a lounge with a stunning bar/wine cellar, onto the great room and opening onto a beautiful backyard entertaining space with grill, pizza oven, pool. No detail was left unattended in this like new property.

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9877 E Miramonte Drive Unit 280 Scottsdale, AZ 85262

$5,250,000

5 Beds

6.5 Baths

5,750 SqFt

Status Active

MLS # 6753464

Property Type Single Family Residence

Price Type --

Stunning Desert Mountain contemporary home on a terrific lot. Built by leading luxury home builder - Black Stone Custom Homes, this gem is located in the 2nd closest village to the front gate of the Desert Mountain community and an easy walk to the brand new Renegade Clubhouse and practice park. Less than one-year new, this home offers a great room floor plan, 5 suites, one of which is a detached casita, outstanding outdoor living space with two fireplaces, fire feature, 7 outdoor Infrateck ceiling heaters and 3.5 car air conditioned garage. Built with outdoor living in mind and to capture the Continental Mountains and sunset views, the retractable walls of glass allow the outdoors in. Some of the updated features include: 1) Crestron automation system throughout the entire home controlling music and lighting, 2) upgraded Awake windows featuring larger glass size, thinner profiles, heavy duty rollers for easy retractable open and close, enhanced R values, 3) entire home water purifying system, 4) additional full size refrigerator in pantry, 4) DCS 48 Evolution Built in Grill, and 5) automated shades throughout the home. This home was designed by one of the leading home designers in Desert Mountain - Graffin Design. See Document tab for Update list

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10261 E De La O Road Scottsdale, AZ 85255

Open House

$5,200,000

5 Beds

6 Baths

5,570 SqFt

Status Active

MLS # 6761171

Property Type Single Family Residence

Price Type --

Extraordinary opportunity to skip the wait to build. Just completed Farmhouse Contemporary in the extraordinary private-gated community of Camelot's Skye View w only 21 award winning homes. World class views of Pinnacle Peak & the McDowells in the heart of North Scottsdale's most iconic golf communities. The stunning interior offers wall to wall French Oak floors, Great room with fireplace, Gated courtyard, Separate casita + seamless indoor-outdoor living. The award winning design has a south facing backyard nestled under the majestic McDowell Mountains and tucked into the back of the community offering peace and tranquility. Perfect outdoor living w 2 large sliding doors that open seamlessly onto the courtyard and backyard with generous patios and living spaces. Entertaining perfection is complete with pool, spa and fresh landscaping. Just minutes from Scottsdale's best dining, shopping, hiking, recreation.

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4450 E Green Reservoir Road Eloy, AZ 85131

$5,200,000

4 Beds

2 Baths

2,200 SqFt

Status Active

MLS # 6729530

Property Type Manufactured Home

Price Type --

BEAUTIFUL TREE LINED ±360 ACRE FARM with AMAZING MOUNTAIN VIEWS, EQUESTRIAN FACILITIES & MULTIPLE HOMES! Currently growing alfalfa & offering farm hand housing, cotton gin building, hay barns, over 50 RV hook ups, over 30 pens, ±30 covered horse stalls, corals, an arena, fenced pastures & riding trails. All the infrastructure was thoughtfully designed to host rodeos & board horses. The main residence has a split great room floor plan with vaulted ceilings, large kitchen, 4 bedrooms, 2 bathrooms, family room with fireplace, office with separate entrance & full length covered porches. The second residence has been recently renovated with rustic charm & boasts 3 bedrooms with wrap around covered patios.. CAIDD provides water for ±316 farmable irrigated acreage. Owned well sustains 40 acres.

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22439 N 89th Street Scottsdale, AZ 85255

$5,195,000

4 Beds

4.5 Baths

5,147 SqFt

Status Active

MLS # 6756386

Property Type Single Family Residence

Price Type --

Modern Farmhouse in desirable White Horse community! This 5147 sf single level home is located one of Scottsdale's hottest neighborhoods due to its amazing architecture and convenient location. Set on nearly .7 acres, this site is regarded as the best lot in Whitehorse due to its orientation, deep backyard, open space behind and stunning McDowell Mountain views from the back. Desirable single level floorplan features 4 bedrooms and a media room/bonus room, along with a 4 car garage. The great room and kitchen have an open-concept design, featuring glass pocket doors that seamlessly connect to the front and back covered patios—perfect for enjoying Arizona's mild weather and entertaining guests. Private backyard oasis is anchored by a stunning pool surrounded by lush turf and captures sweeping mountain views. State of the art features include Wolf/Subzero kitchen appliances, double dishwashers, brick accent wall in kitchen, wide plank white oak flooring, beamed truss ceilings, built in media wall in bonus room, quartz and limestone counter tops, 3 tankless water heaters and a separate dog wash in laundry room. Whitehorse is conveniently located just north of DC Ranch in North Scottsdale, 1 mile from the shopping /dining of Market Street, and minutes away from the Loop 101. Please preview to see why this address is in such high demand!

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37200 N Cave Creek Road Unit 1082 Scottsdale, AZ 85262

$5,195,000

4 Beds

4.5 Baths

4,376 SqFt

Status Active

MLS # 6777672

Property Type Single Family Residence

Price Type --

Welcome to the pinnacle of luxury living at the Villas at Seven Desert Mountain, where bespoke design and modern lifestyle converge. This stunning contemporary masterpiece, boasting energy efficiency and elegant, open-concept design, offers the perfect turn-key experience for discerning buyers. Sold fully furnished, this home is ready for you to move in and start enjoying immediately. Spanning approximately 4,400 sq ft over two levels and complete with a private elevator, this residence is as functional as it is beautiful. It features an expansive great room with breathtaking golf course views, 4 spacious bedrooms, a versatile bonus room, and 4.5 opulent baths. The 4-car garage offers ample space and convenience, while the meticulously chosen furnishings and finishes add an extra layer of sophistication. Overlooking the exclusive Seven golf course, this property epitomizes resort-style living, combining luxury with ease. If you're seeking a fully furnished, turn-key home that effortlessly blends comfort and class, this is it.

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