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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5593 E Edward Lane Paradise Valley, AZ 85253

$3,200,000

3 Beds

3.5 Baths

3,620 SqFt

Status Active Under Contract

MLS # 6755781

Property Type Apartment

Price Type --

Camelback View. Enjoy resort living w/ full amenities at adjacent Mountain Shadows resort combined with distinct architectural designs. Enjoy views from 800+ sq. ft. outdoor deck. This Villa has 20 ft. high entry foyer with private elevator/stairs to living level. Luxurious designer features include, Wolf combo dual fuel range oven and microwave, Sub Zero refrigerator, Asko dishwasher, Zephyr hood,10 ft. high ceilings, 9 ft. bi-fold doors to deck, 9 ft. bi-fold from primary suite to deck, indoor/outdoor fireplaces, Crestron smart home, Lutron lighting, motorized shades, surround sound, 24 hr guarded entry, & more! Includes membership in Citizen's Club at Mountain Shadows - fitness center, classes, signing privileges, golf, discounts on all retail services, including food, rooms, golf.

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10010 E Blue Sky Drive Scottsdale, AZ 85262

$3,200,000

4 Beds

4.5 Baths

5,476 SqFt

Status Active

MLS # 6651789

Property Type Single Family Residence

Price Type --

La Scala Siena Model designed by Bob Bacon and built by Bob Byrd * Updated Chef's kitchen with adjoining TV room * Open floor plan with dual Master Suites, den/office/game room and separate guest casita with 2 bedroom suites plus a breakfast area with kitchenette * Soaring ceilings, Wood and Travertine flooring, slab granite & stone countertops, alder wood doors & cabinets, and designer appliances * Outdoor living area includes a covered sitting area with gas fireplace, built-in heaters and resort-style landscaping * Private corner lot with elevated mountain views and sunsets * Walking distance to the clubhouse and amenities *

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6615 E Shea Boulevard Scottsdale, AZ 85254

$3,200,000

5 Beds

6 Baths

5,908 SqFt

Status Active

MLS # 6731750

Property Type Single Family Residence

Price Type --

This custom-built home epitomizes expansive luxury and is designed to accommodate the grandest lifestyles. Upon entry, you are greeted by a spacious great room and kitchen, featuring large sound-deadening windows that ensure a peaceful ambiance. The home boasts a fireplace, built-in bookcases, and extensive travertine finishes. Rich knotty maple woodwork complements the white island with Rainforest Brown marble, a farmhouse sink, and dark chocolate brown solid travertine countertops. Professional-grade appliances, designer lighting, and eight-blade fans enhance the overall aesthetic. Each bedroom is an en-suite, offering the utmost in privacy and convenience. The home includes a versatile kosher kitchen or mother-in-law suite. A 50-foot RV garage is ideal for a custom coach or car collection. The property features a comprehensive solar system with full battery backup, including a Tesla charging station. This system powers the entire house, eliminating electric bills and providing annual refunds from APS. The detached office/casita includes a full bath, and the extensive outdoor kitchen on the expansive covered patio is perfect for entertaining. The fully landscaped grounds feature pavers and turf throughout, with ample parking available. Additionally, an 804 square foot guest house, included in the total square footage, ensures your guests are comfortably accommodated. This home is designed to fulfill every desire and entertain lavishly.

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6801 E Caballo Drive Paradise Valley, AZ 85253

$3,200,000

4 Beds

4.5 Baths

4,441 SqFt

Status Active

MLS # 6755146

Property Type Single Family Residence

Price Type --

Camelback Country Club Estates - Golf Course Lot - 41,818 SF - South Rear Yard - On the 14th Hole - First time on market.

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3845 E Whitton Avenue Phoenix, AZ 85018

Open House

$3,200,000

5 Beds

5 Baths

4,171 SqFt

Status Active

MLS # 6775510

Property Type Single Family Residence

Price Type --

Discover this breathtaking brand-new modern farmhouse in Arcadia. This exquisite residence seamlessly blends warmth and comfort with modern elements, creating a perfect backdrop for luxurious living. As you step inside, you'll find five spacious bedrooms, three with beautifully appointed en-suite bathrooms, ensuring comfort and privacy for family and guests alike. The dedicated office space offers a quiet retreat for remote work or creative pursuits, while the inviting teen room serves as a versatile haven for relaxation and study. Outside, discover your own private oasis with a sparkling pool, ideal for entertaining or enjoying tranquil afternoons in the sun. Guests will appreciate the charm and comfort of the flex-use guest house, providing a welcoming escape from the main residence. For fitness enthusiasts, the dedicated Peloton room off the primary suite makes it easy to stay active at any time. Completing this remarkable property is a three-car garage, offering ample space for vehicles and storage while perfectly balancing practicality and luxury. Located in the sought after Arcadia neighborhood, you'll enjoy mountain views, the latest dining concepts, and a vibrant community atmosphere. Don't miss the chance to make this extraordinary home your own. Schedule a tour today and immerse yourself in the perfect blend of style, comfort, and modern living!

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8130 E Vista Bonita Drive Scottsdale, AZ 85255

Open House

$3,200,000

4 Beds

3.5 Baths

3,800 SqFt

Status Active

MLS # 6516110

Property Type Single Family Residence

Price Type --

RENOVATION COMPLETED 11.8.24 This stunning contemporary modern luxurious home RENOVATION IS COMPLETED. Walking in your greeted with a sprawling open floor plan featuring exquisite luxury finishes throughout. This home showcases a spacious lot (almost an acre) with breathtaking mountains views overlooking the golf course. Brand new Pickel Ball court is perfect for entertaining. This home is located in the gated PINNACLE PEAK ESTATES. *Seller agent has ownership in property

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2494 E Cloud Drive Chandler, AZ 85249

$3,199,000

4 Beds

4.5 Baths

6,000 SqFt

Status Active

MLS # 6781429

Property Type Single Family Residence

Price Type --

Gorgeous Custom Home on Almost an Acre Lot in Circle G at Riggs that is LOADED with High End Finishes & Architectural Detail. Plus a Backyard you'll Never want to Leave! It's Truly Paradise w/76,000 Gallon Pool, Baja Shelf, Waterfall, Slide, Grotto, Diving Area, Swim Up Table, Foggers, Misters, Covered Outdoor Grilling/Bar Area, Pizza Oven, Covered Seating w/Fireplace, Batting Cage & Grass Area. Inside Features Tray & Coffered Ceilings, Lots of Arched Detail throughout, Beautiful Polished Travertine Flooring, New SubZero/Wolf Appliances, 10' Double Iron Entry Door, Gorgeous Stone Range Hood, Fireplace & Bar, Dedicated Wine Storage Room Clad in Travertine w/Arched Detailed Iron Door, Travertine Clad Arched Mirror Detail in Bathrooms. Control 4 App for Home Automation... Operate A/C, Music, Pool & More from your Phone. The Gourmet Kitchen features NEW 48 Cooktop, Double Ovens, COVE Dishwasher as well as a Large Pantry. Four Bedrooms with En-suites and Walk in Closets, Bonus Room, Office with Wood & Travertine Inlay Flooring, Custom Cabinets & Bookcases. 4 Car Garage with Tons of Built in Storage & New Epoxy Flooring. This Home is One You Can't Miss. New Paint Inside and Out, New Carpet, 4 Wood Shutters, Lots of Stone Detail Throughout, Batting Cage, Extensive Paver Detail Outside & SO Much More! Close to Schools, Shopping, Dining, Golf, etc.

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4849 N Camelback Ridge Road Scottsdale, AZ 85251

$3,195,000

2 Beds

3 Baths

2,294 SqFt

Status Active

MLS # 6563509

Property Type Apartment

Price Type --

Tucked at the base of revered Camelback Mountain, Ascent is a new, private residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resort destination. This community incorporates the Sonoran Desert landscape directly into its design, at the most enviable location in Scottsdale. Ascent offer views overlooking the Valley & Camelback Mountain. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, and large outdoor patios. Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, Provenza wood floors, Sub Zero Wolf appliances & 10' ceilings.

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7117 E Rancho Vista Drive Unit 5003 Scottsdale, AZ 85251

$3,195,000

3 Beds

2 Baths

2,228 SqFt

Status Active

MLS # 6741140

Property Type Apartment

Price Type --

This incredible luxury renovation is expected to be completed by 12/20/2024. ***THE RAREST OF FEATURES IN ALL OF ARIZONA - ELEVATED & UNOBSTRUCTED CAMELBACK MOUNTAIN VIEWS*** Welcome to this legendary property at Optima Camelview Village, the award-winning luxury oasis. Featuring 3 Bedrooms + Study, 2 Baths and 2,228sqft. As an optimal residence, all beds, den and living areas showcase spectacular Camelback Mountain picture perfect views. Totaling 1,146 SF, both terraces are outlined in mature privacy hedges & boast panoramic westerly mountain and city views with the most incredible sunsets you can imagine. The 3 bedrooms all feature rare builder-installed sliding glass doors onto the 2nd terrace. Property comes with the two best parking spaces in the building & a storage unit All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

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6097 N Paradise View Drive Paradise Valley, AZ 85253

$3,195,000

4 Beds

3.5 Baths

4,605 SqFt

Status Active Under Contract

MLS # 6742365

Property Type Single Family Residence

Price Type --

Welcome to Paradise! Nestled in the heart of Paradise Valley, this hillside home seamlessly blends serene luxury living and sweeping Camelback Mountain views with functionality. Built by the award-winning Cullum Homes, this residence sets the standard for quality construction, offering the latest in design and prime location. Features of note include stunning views of Camelback Mountain from every room, walls of glass, a spacious, open floor plan, an open and bright kitchen, and en-suite bedrooms. The large primary suite features an expansive closet and a versatile flex space, ideal for a workout room, study, or nursery. The outdoor entertainment spaces are perfect for hosting gatherings or simply to enjoy the tranquility of nature. With multiple covered patio areas, a stunning pool with a custom waterfall, spa, and a tranquil grassy space, this home truly has something for everyone. Offering the perfect size in the ideal location at an exceptional price. It is sure to impress even the most discerning buyers.

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9197 E Bajada Road Scottsdale, AZ 85262

$3,175,000

4 Beds

5 Baths

4,244 SqFt

Status Active

MLS # 6749901

Property Type Single Family Residence

Price Type --

Membership available- Updated by Dick Lloyd Custom Homes, this single level jewel box desert retreat is located on a private cul de sac in Desert Mountains Village of Gambel Quail- featuring incredible sunset and surrounding mountain views, and some golf and night light views. Traditional Sante Fe-style exterior architecture melds with a contemporary interior including pristine travertine flooring, marble bathrooms, art spotlights, custom cabinets in kitchen and much more. The heart of the home is the large and open great room floor plan blending together lounging, dining, and gourmet kitchen with Miele appliances for all your entertaining spaces. The indoors spills out through large sliding glass doors to the outdoor living and dining room with 85 outdoor TV with heaters and kiva fireplace for cooler desert nights. Backyard also features large plunge pool, spa, pool bath, turf area, three-hole putting green and lush mature desert vegetation for a tranquil outdoor experience for all. The bedrooms offer privacy and space for all with master suite on one end of the home and three additional guest suites and office located on other wing. Entire home is wired for AV capabilities in all bedrooms and full home automation AV, lighting, cameras, garage doors. Home is equipped with solar and Tesla battery storage as well as large three car climate-controlled garage with plenty of storage. Home has been meticulously cared for with updates and warranties in place for roof, fridge, and HVAC. Truly a lock and leave home that can be accessed from any smartphone or iPad to open up or shut down. Please inquire for full list of updates. The location within Desert Mountain is ideal with close proximity to the front gate for easy access into town, as well as access to all other world-class amenities, including 7 golf courses, 7 clubhouses, and 20 miles of private hiking trails, promising an unparalleled lifestyle of luxury, leisure, and serenity. Embrace the Desert Mountain experience and make this extraordinary property your own.

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1401 E Coral Cove Drive Gilbert, AZ 85234

$3,150,000

4 Beds

5 Baths

5,500 SqFt

Status Active

MLS # 6777180

Property Type Single Family Residence

Price Type --

Stunning Waterfront Executive beauty on 2 lots built originally by Gary Geitz w/$800k recent remodel! 380' of waterfront views, negative edge pool & spa + extensive travertine decking. Iincredible entertainer's kitchen, open shelving & huge quartz island that is flanked by 2 spacious living areas & onyx wet bar surrounded by windows overlooking the lake! Pet Room & 3 car garage + 2 car garage/shop w/2 double doors, 1 is open to lake. Elevator to 2nd floor bedroom, main floor primary suite w/fipl, Main floor guest suite! W/D in every bedroom! 2nd lot has 2 pickleball courts + cabana w/bath & storeroom- could build another home on 2nd lot! New roof 2024, New a/c's 2019. Incredible Val Vista Lakes clubhouse & amenities plus award-winning Gilbert schools & upscale dining & shopping close by

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