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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35425 N 37th Street Cave Creek, AZ 85331

$3,150,000

4 Beds

5 Baths

5,724 SqFt

Status Active

MLS # 6761079

Property Type Single Family Residence

Price Type --

This exquisite custom-built luxury home in Cave Creek, nestled on a 4.55-acre lot backing onto serene BLM land. This 4-bedroom, 5-bathroom masterpiece, built in 2014, boasts meticulous attention to detail and upgrades throughout. Custom iron doors, rich wood and travertine flooring, and Cantera stone accents. The gourmet kitchen features a Wolf appliance package, granite countertops, a built-in sub-zero fridge/freezer, & an expansive island. The bar/theatre room is a true entertainer's dream with a keg, ice machine, beverage fridge, & double bifold doors opening to the patio. Rooftop deck w/hot tub, outdoor grill, fireplace, and RV pad with dump station. Oversized 4-car air-conditioned garage, 4 Trane AC units, water softener, and foam under roof insulation. The lot is thoughtfully landscaped with an irrigated garden, a chicken coop, and fully established citrus trees. Ready for a pool with plumbing and electrical in place. Despite its secluded setting on 4.55 acres, offering unparalleled privacy and natural beauty, this luxury home is less than a mile from Carefree Highway and just minutes from Cave Creek's vibrant shopping and dining options.

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10639 E Mark Lane Scottsdale, AZ 85262

Open House

$3,150,000

3 Beds

4.5 Baths

4,299 SqFt

Status Active

MLS # 6778978

Property Type Single Family Residence

Price Type --

Exceptionally maintained and gracious Modern Pueblo home located on the 12th Green of the Monument Course. Pinnacle Canyon is a gated enclave of custom homes adjacent to the well-known Troon North Golf Club. Warm and inviting, this south-facing home has golf course views from almost every window. The backyard is designed for entertaining surrounded by mountain views during the day, brilliant sunrises in the morning and spectacular night skies. Offering 4,299 SF, this residence has 3 bedrooms - a spacious primary bedroom with two private baths and walk-in closets, a guest bedroom with 1 bath, and a guest casita with 1 bedroom and 1 bath. Additional living areas include formal living and dining rooms, a separate office, and a cozy family room with a gas fireplace. (continued) The custom kitchen has burl wood cabinets, 2 Sub Zero wine refrigerators, full-size Sub Zero refrigerator, Wolf gas cooktop and 2 Dacor ovens with a charming breakfast nook and a shared private patio with the guest bedroom. The centerpiece of this home is the large, fully-covered 32x22 foot travertine patio perfect for family gatherings or neighborhood parties. Professional landscaping surrounds the entire property, but the native desert garden is the showcase of the backyard and wraps around a heated pool and spa. Follow travertine paths through this desert botanical paradise to unique seating areas including a private dining patio and wood-burning fireplace. An over-height and extended 3-car garage with custom storage cabinets completes this exceptional property. Experience this special home filled with quiet elegance, high-quality finishes and architectural details. If you crave the color green on a manicured golf course, colorful sunrises and lush blooming desert flowers....all set against the rocky outline of Troon Mountain then....welcome home!

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3711 N Hawes Road Mesa, AZ 85207

$3,145,000

5 Beds

5.5 Baths

7,371 SqFt

Status Active Under Contract

MLS # 6745053

Property Type Single Family Residence

Price Type --

Nestled in the prestigious Las Sendas Mountain Estates community, this stunning estate epitomizes luxury and tranquility. Offering seamless access to the Las Sendas Clubhouse & Golf Club and set against the dramatic backdrop of Tonto National Forest, this property is a showcase of exceptional design and refinement. Upon arrival, the grand entry gate and desert-accented motor court lead to a Cantera Stone courtyard, where a custom tile fireplace and elegant fountain set a sophisticated tone. The expansive covered patio and backyard invite you to revel in breathtaking west-facing views of the Arizona skyline and majestic mountain ranges beyond. Step inside to discover a blend of opulence and functionality: soaring 20-foot ceilings, honed stone flooring with herringbone accents, and a gourmet kitchen outfitted with a Wolf & Subzero appliances, multiple ovens, and two Miele dishwashers. The primary suite is a serene retreat with a hydro system jetted tub, complemented by an exercise room with a steam sauna. Unlock true entertaining for few or many with this estate's cinema screening room, dedicated wine room, and guest casita suite. This residence masterfully integrates indoor and outdoor living with retractable glass walls and a negative-edge pool and spa that enhance the outdoor experience. Car enthusiasts will appreciate the 4-bay garage, while the meticulously landscaped grounds provide a serene setting. Architectural details include domed and barrel ceilings, brick accents, and Venetian plaster interiors, all highlighted by Cantera stone pillars and metal bonnets. Spanning over 7,300 square feet, the estate is equipped with an advanced Control 4 home system, automatic Hunter Douglas blinds, and an intercom system for effortless living. The guest wing features en-suite bedrooms, walk-in closets, and a versatile common flex space. An optional Golf Club or Social Membership at Las Sendas adds to the allure. Experience unparalleled East Valley living with panoramic sunrises over Tonto Preserve and dazzling city sunsets.

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6802 E Paradise Parkway Scottsdale, AZ 85251

$3,145,000

3 Beds

2.5 Baths

3,420 SqFt

Status Active

MLS # 6772740

Property Type Single Family Residence

Price Type --

Walking distance to Fashion Square Old Town. This 3 bed, 2.5 bath luxury estate offers breathtaking views of Camelback Mountain. With elegant, high-end finishes throughout, the home boasts premium features like a GE Monogram 6-burner cooktop with griddle, a Miele refrigerator, and luxurious leather-finished countertops. Beautiful porcelain tile is featured throughout the interior for a sophisticated touch. Energy-efficient upgrades have been thoughtfully selected to keep utility costs low. The backyard is truly an entertainer's dream, perfect for hosting gatherings or simply relaxing in style.

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6311 E Phoenician Boulevard Unit 21 Scottsdale, AZ 85251

$3,135,000

2 Beds

2.5 Baths

2,245 SqFt

Status Active

MLS # 6766726

Property Type Townhouse

Price Type --

This BRAND NEW, never occupied, single level townhome sits at the base of the iconic Camelback Mountain. Professionally decorated with a TURN- KEY furniture package, this home is move in ready! Ascent at the Phoenician Golf Villas is a private 24/7 guard gated community situated next to the Phoenician Resort. This meticulously custom designed and upgraded 2-bed, 2.5 bath villa is truly a one of a kind. The living room boosts a Basalt stone wrapped fireplace with beautiful lighted shelves and a 288-bottle temperature-controlled wine wall. The kitchen features a Bulthaup kitchen with quartz counters and Sub Zero Wolf appliances. Provenza wood floors and Rift oak doors throughout. Upgraded polished nickel kitchen and bath fixtures. Enjoy seamless indoor-outdoor living with custom sliding glass doors leading to a large, tiled patio with BBQ and grass yard with desert landscape. Take in the magnificent golf course views in every direction! The spacious upper-level covered terrace provides panoramic views of Camelback and Papago Mountains, along with the 1st and 9th holes on the Phoenician golf course. This Villa features 10-foot ceilings and with its modern elegance and breathtaking surroundings make it one most sought after luxury destinations in Arizona!

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290 Thompson Road Sedona, AZ 86336

$3,125,000

8 Beds

7 Baths

3,645 SqFt

Status Active

MLS # 6742008

Property Type Single Family Residence

Price Type --

The Sedona Beach House.. Nestled where Oak Creek and Munds Creek gracefully converge, The Sedona Beach House offers a unique escape into nature's serene embrace. Imagine waking up to the soothing sounds of cascading mini waterfalls right outside your window. Below these gentle falls, the creeks merge into a clear, refreshing swimming hole, creating your own natural ''beach.'' - Approximately 105 feet of PRIVATE creek-front property right in your own backyard, mere steps from your back patio. The uniqueness of this arrangement, with 3 separate parcels and 3 separate homes, opens up a plethora of opportunities and uses for the new owner. These homes are all behind a power gate for even more privacy and seclusion. This is a stunning chance to own an escape in coveted Oak Creek Canyon! Surrounded by a lush canopy of trees, this haven is perfect for those seeking tranquility and a touch of adventure. Whether you're swimming in the crystal-clear waters, lounging by the creekside, or simply soaking in the serene ambiance, The Sedona Beach House promises a retreat like no other. Experience the beauty and peace of this hidden gem, where nature's soundtrack sets the tone for unforgettable memories. This sale includes 3 total parcels of land, each with it's own dwelling, for a combined total of 3645 sqft, 8 beds and 6 baths. The two main homes are connected via a breezeway, both with stunning matching decks that overlook the water. Each of these 2-story homes are equipped with full kitchens, living rooms, primary suites, additional downstairs living quarters with private entrances, separate laundry rooms, and utilities. No HOA. These homes were all designed with nature in mind, featuring open floorplans, pitched ceilings in the living rooms, and walls of glass to fill your home with light and color. Open the doors or windows and listen to the creeks meander down Oak Creek Canyon. Enjoy an evening sitting by the creekside fireplace, gathering with friends and family, or relax in privacy while having a soak in your hot tub. These homes are just walking distance from the Indian Gardens Cafe and Market, serving fresh sandwiches, salads, coffee, groceries and more! Anglers! Grab your fishing poles and drop a line in the creek in your backyard and fish for trout, stocked regularly in the summer months, just north of the property upstream. The possibilities are endless with a property of this caliber and certainly poised to create lasting memories. A small private family wedding was also held on property at one point.. Imagine the awe on your guest's faces! There is also a cozy guest cottage on property complete with it's own living space, amenities, and parking. It's not uncommon to wait YEARS for a property like this to pop up for sale, don't miss your chance at this one-of-a-kind oasis. The current owners and their family have loved this retreat for many years, and they are excited to share this opportunity with a new buyer. Call for more detailed information or to request a private visit.

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Paradise Valley AZ 85253

$3,100,000

8 Beds

8 Baths

4,251 SqFt

Status Active

MLS # 6783381

Property Type Single Family Residence

Price Type --

Investor Alert! Great Revenue property or future development. Triple nnn lease until Dec 31, 2028 to a licensed 10 bed assisted living facility. Very high monthly revenue with all maintenance and expenses paid by tenant. Pictures do not include recent upgrades and additions. Picturesque setting on a quiet street in desirable PV with mature, beautiful landscaping and circular driveway invite you onto this 1 acre property. Home boasts multiple large venues and soaring vaulted ceilings. This property is not to be missed! No HOA. Business may also be purchased and full financial details are available. Owner/Agent

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4849 N Camelback Ridge Road Scottsdale, AZ 85251

$3,100,000

2 Beds

3 Baths

2,609 SqFt

Status Active

MLS # 6675753

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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12943 E Corrine Drive Scottsdale, AZ 85259

$3,100,000

5 Beds

5.5 Baths

6,912 SqFt

Status Active

MLS # 6765337

Property Type Single Family Residence

Price Type --

Discover the perfect blend of seclusion, luxury, and breathtaking mountain vistas in this spectacular custom-built home, nestled within the prestigious gated community of The Canyons at Scottsdale Mountain. This contemporary masterpiece radiates elegance and sophistication, securely positioned behind two gates, including a manned entry for ultimate peace of mind. Enjoy an enviable location just moments from top-ranked Basis and Desert Mountain Schools, the renowned Mayo Clinic, and only 15 minutes from the vibrant shopping and dining scene at Kierland. The city light views from this exceptional home create an enchanting backdrop, epitomizing convenience without sacrificing luxury. The expansive layout is designed for both relaxation and entertainment, featuring two sumptuous primary suites, a state-of-the-art theater room, and a versatile bonus/exercise room. Outdoor living is enhanced by a stunning negative edge diving pool, a luxurious spa and firepit, providing the perfect setting to soak in the tranquil surroundings. Recent upgrades, such as sleek epoxy flooring in the garage and elegant engineered wood flooring on the upper level, further elevate this residence. With a laundry room conveniently located both upstairs and downstairs, functionality and ease are paramount in this exceptional home. Experience the unparalleled lifestyle that awaits in this extraordinary property.

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13502 E Jomax Road Scottsdale, AZ 85262

$3,100,000

4 Beds

2.5 Baths

2,729 SqFt

Status Active

MLS # 6782257

Property Type Single Family Residence

Price Type --

Experience unparalleled panoramic views and endless potential on this stunning 15.59 acre estate, which includes 4 separate parcels that convey with the sale. The future owner has endless opportunities to develop these parcels, whether for investment or for creating the ideal setup for mountain bike trails, horses and more. Immaculately landscaped grounds and expansive covered patios provide the perfect vantage point to enjoy Arizona's stunning sunsets and breathtaking mountain views. The property also features a spacious, air-conditioned 3,080 sq. ft. garage, ideal for car enthusiasts, a workshop, or additional storage. Inside the home, you'll find charming details, including Mexican tile flooring, high ceilings, neutral paint, plantation shutters, & modern light fixtures The living room's fireplace is perfect for cozy evenings, and the kitchen boasts a breakfast room, wood cabinetry, ample counter space, an island with breakfast bar, tile backsplash, and built-in appliances. Enjoy mountain and desert views from every window! Host fun gatherings in the backyard comprised of a covered patio, built-in BBQ, and two firepits. Located in the highly sought-after North Scottsdale area, this property offers the perfect blend of seclusion and convenience. You're just 15 minutes from premier shopping & dining. Outdoor enthusiasts will love the proximity to Bartlett Lake, mountain biking at WildCat Pass, and numerous golf courses, hiking and biking trails. Experience the best of Scottsdale living, with its beautiful natural surroundings, endless outdoor activities, and upscale lifestyle. Need more? The property can EASILY be converted into FIVE separate lots, come see for yourself!

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8787 E Whispering Wind Drive Scottsdale, AZ 85255

$3,100,000

4 Beds

3.5 Baths

4,327 SqFt

Status Active

MLS # 6778059

Property Type Single Family Residence

Price Type --

As is. This custom home is a desert sanctuary with all the conveniences of the city. Extensively renovated in 2020, the home's 21-foot windows show breathtaking landscapes in all directions. The great room flaunts the unique architecture, where the steel-accented fireplace is backed by walls of glass overlooking the Sonoran-style yard. An oversized pool, cabana, outdoor kitchen, and gas fireplace all beg to be enjoyed with a glass of wine and good friends. The interior maintains a light, minimal aesthetic throughout. Escape life's realities in the game room with a custom cloud ceiling, or relax in the entertainment room with a built-in bar. This is an entertainer's dream home that blends modern design with natural elements to match the stunning beauty of North Scottsdale.

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3368 S Clubhouse Circle Flagstaff, AZ 86005

$3,100,000

4 Beds

3.5 Baths

4,465 SqFt

Status Active

MLS # 6715531

Property Type Single Family Residence

Price Type --

Timeless estate built of quality finish and heart of homeownership. Stunning home with breathtaking views surrounded by serene pine trees and wildlife. This exquisite home blends craftsmanship and meticulous attention to detail throughout. Enjoy fabulous views of a nearby lake, the picturesque 11th hole, majestic mountains, and lush trees from nearly every window. The residence features an abundance of natural light, dual primary suites, two additional bedrooms, a study adjacent to the spacious loft, providing ample space and versatility. The beautiful hickory floors complement the rustic elegance of stone fireplaces and art niches, creating a warm and inviting atmosphere.The gourmet kitchen is a chef's dream, complete with top-of-the-line Wolf and Sub-Zero appliances, a stone countertop, and a large island. This home is a true mountain oasis, offering luxury living with unparalleled views and premium amenities.

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