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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6708 E Juniper Avenue Scottsdale, AZ 85254

$599,900

2 Beds

2 Baths

1,428 SqFt

Status Active

MLS # 6780389

Property Type Single Family Residence

Price Type --

Experience the charm and elegance of North Scottsdale in this beautifully remodeled home, nestled in a highly sought-after neighborhood. This property boasts a prime location, providing convenient access to major freeways, an array of shopping options, and exquisite dining experiences. The thoughtful renovations enhance both style and comfort, making it the perfect retreat for relaxation or entertaining guests. Enjoy the vibrant lifestyle that North Scottsdale has to offer, where outdoor adventures and cultural experiences are just moments away. Don't miss the opportunity to make this stunning home your own!

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721 E State Avenue Phoenix, AZ 85020

$599,900

3 Beds

2 Baths

1,490 SqFt

Status Active Under Contract

MLS # 6734998

Property Type Single Family Residence

Price Type --

Adorable updated North Central Charmer in the highly desirable Northwood neighborhood. Cute as a button, lovingly restored and refreshed. HUGE green irrigated lot with abundant room for pool, hardscape or addition for more square footage. Updates include new windows, new electrical panel and outlets, full kitchen and baths, interior and exterior paint, new laminate wood flooring. Please see supplement in document tap for full list. Highly desired Madison School district, within walking distance to Madison Simis. Conveniently located in the North Central corridor~ a quick walk or bike ride to Lucy's at the Orchard, Murphy Bridal Path, Uptown Farmers Market and many new restaurants. Minutes from downtown and easy access to freeways. A true move in ready gem ready for you to call hom New interior and exterior paint New flooring throughout New windows (except front grid window) New baseboards Fully remodeled kitchen cabinets, countertops, plumbing, appliances Fully remodeled bathrooms including plumbing Updated cabinet hardware throughout Added laundry room storage cabinets New exterior primary bedroom door New closet racks and shelving New ceiling fans + light fixtures Updated electrical panel New electrical at outlets Front exterior planter Updated irrigation leveling New exterior patio paint New patio fan, electrical outlets New exterior lighting

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25031 S Desert Flower Court Sun Lakes, AZ 85248

$599,900

2 Beds

2 Baths

1,883 SqFt

Status Active Under Contract

MLS # 6750998

Property Type Single Family Residence

Price Type --

LOVELY residence in the private, GATED COMMUNITY of Oakwood. FIRST IMPRESSEIONS wrought iron front door greets you as you step into this REMODELED beauty! Gorgeous high-end STONECREEK, soft close, DOVETAIL kitchen cabinets w/GLASS doors, STUNNING QUARTZ countertops, sleek SUBWAY TILE backsplash & PORCELAIN APRON FARM sink. Tons of NATURAL light & PLANTATION SHUTTERS, neutral paint, spacious primary bdrm, lovely walk-in shower w/PEBBLE STONE accents & CUSTOM vanity cabinets. Hall bath also tastefully UPDATED! Huge laundry rm w/tons of storage & countertops. Private backyard w/LUSH landscape & real grass! PAVERED walkway & driveway. NEWER HVAC 2018, newer EXTERIOR paint 2022, newer water heater & patio ROOF 2023. This 40 & over ACTIVE ADULT community has tons of AMENITIES,clubs, events!

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2234 E Donald Drive Phoenix, AZ 85024

$599,900

3 Beds

2 Baths

1,675 SqFt

Status Active Under Contract

MLS # 6771942

Property Type Single Family Residence

Price Type --

Beautifully upgraded 3-bedroom, 2-bath home in the desirable Redhawk community. This home offers an expansive open floor plan perfect for family and guests. Enjoy luxurious features like upgraded tile flooring, granite countertops, and new AC units (installed in 2022). Relax in the cozy family room by the fireplace, which opens to the kitchen featuring stainless steel appliances. The open backyard features a sparkling pool with upgraded landscape lighting, making it an entertainer's dream. The home also boasts low-maintenance artificial turf in all the right places. With a double-car garage and an expanded paved driveway, there's plenty of parking. Don't miss this opportunity to call this stunning home your own!

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3622 E Columbine Drive Phoenix, AZ 85032

$599,900

4 Beds

2 Baths

2,098 SqFt

Status Active Under Contract

MLS # 6772794

Property Type Single Family Residence

Price Type --

Beautiful Slump Block Ranch home in Roadrunner Estates. Corner Lot and elevated! This lovely home is just waiting for it's new owners to create endless memories. The home has been freshly painted inside and out, and also boasts a new roof and newer A/C and newer dual pane windows and a 2 car garage. Open layout that offers endless possibilities and offers great living spaces. Can you say location? The location is steps away from Roadrunner park and just minutes away from the new reimagined PV Mall Development that will offer so many options for dining and shopping. Whole Foods, Lifetime and Flower Child just to name a few. Imagine walking to the famers market on Saturday or just biking around the park or feeding the ducks at the pond. Relaxing backyard and desert front & home is Turn-Key!

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28107 N 123rd Lane Peoria, AZ 85383

$599,900

2 Beds

2 Baths

1,682 SqFt

Status Active

MLS # 6754195

Property Type Single Family Residence

Price Type --

JUST REDUCED! SENSATIONAL UPDATED HOME with POOL & SPA. You'll LOVE this BEAUTIFUL MONTIS MODEL in TRILOGY. LIGHT & BRIGHT KITCHEN Features SOFT GRAY CABINETS, QUARTZ COUNTERS, All NEW SS APPLIANCES in 2020. ENERGY EFFICIENT CARRIER 4 TON AC/HEATPUMP 2023. WINDOWS in MBR and DEN REPLACED 2023, CUSTOM LAUNDRY SPACE DESIGNED for GE WASHER/DRYER COMBO 2023, ABUNDANT STORAGE in KITCHEN & LNDRY AREA. NEUTRAL PAINT and TILE FLOORING THROUGHOUT, UPGRADED NEWER CARPET in BEDROOMS, NEW WINDOW COVERINGS TOO! PRIVATE BACKYARD FEATURES HEATED/COOLED PEBBLE TEC POOL, COVERED PATIO W/ MISTING FAN, MOUNTAIN VIEW, and NO NEIGHBORS BEHIND. NEW FRONT LANDSCAPING 2023. Garage BOASTS HEAVY DUTY SHELVING and NEW OPENER 2024. THIS METICULOUSLY MAINTAINED HOME is READY for NEW OWNERS. WELCOME HOME!

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912 W 11th Street Mesa, AZ 85201

$599,900

4 Beds

3 Baths

2,382 SqFt

Status Active Under Contract

MLS # 6742745

Property Type Single Family Residence

Price Type --

Explore the possibility to convert Detached Garage (361sf) to ADU, Pool House or Casita! NO HOA. Updated 4 Bedroom(2 primary suites), 3 full bathroom with many high dollar updates located in highly sought after Established Mesa Neighborhood. Updates: roof (2016), HVAC 2020/2022, Flooring 2017, Drain line through out home 2023, New Primary Suite/Bathroom, Laundry & Huge Pantry addition in 2022, Windows 2017. Kitchen with double ovens, granite counters, island, induction cooktop, bay window dining nook, custom built-ins open to family room with library area and stepdown into extended family room. All bathrooms updated. Split floorplan. Fenced diving pool w/slide. near Mesa Country Club, Mesa Riverview shopping/dining, Riverview park & nestled directly between the Cubs/A's Spring Training.

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4055 N Smithsonian Drive Florence, AZ 85132

$599,900

2 Beds

2.5 Baths

2,385 SqFt

Status Active

MLS # 6765379

Property Type Single Family Residence

Price Type --

AMAZING LOT, AMAZING HOME! Enjoy the affordable luxury and RESORT STYLE LIVING with this remarkable ''Journey'' model. Located on a spectacular PREMIUM WASH LOT with an abundance of outdoor entertaining space that offers an extended paver patio, gas fire-pit, built-in BBQ, hot tub, pergola and BEAUTIFUL DESERT VIEWS. Every detail has been masterfully added for your consideration starting with the chefs kitchen cabinet layout w/granite counter tops, roll-out trays, soft close drawers, stainless appliances w/ newer Bosch dishwasher and fridge, RO system and water softener. Enjoy the butlers pantry w/beverage cooler, entertainment/media center, surround sound, custom closet in primary, gorgeous wood flooring, golf cart garage, A/C in garage w/additional outlets and a 4ft garage extension. You can't build this home on this LOT, with all these UPGRADES and OPTIONS at this PRICE. STUNNING HOME THAT NEEDS TO BE SEEN TO APPRECIATE! Merrill Ranch also offers the Anthem Grille, The Poston Butte Golf Club, a learning center and all the festivities, activities and amenities a Sun City community has to offer. Remember you are buying a lifestyle that goes beyond the homes property lines.

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2061 E Gary Circle Mesa, AZ 85213

$599,900

5 Beds

3 Baths

3,492 SqFt

Status Active

MLS # 6700499

Property Type Single Family Residence

Price Type --

BEAUTIFUL HOUSE WITH BASEMENT FOR EXTRA BEDROOM SPACE, 5+ BEDROOMS, 3 BATHS NESTLED IN A CULDESAC WITH LARGE BACK YARD, BEAUTIFUL SWIMMING POOL, FIRE PIT, AND PIZZA OVEN. ONE BEDROOM DOWN STAIRS, 4 UP STAIRS. LARGE FORMAL LIVING ROOM, FORMAL DINING ROOM, AND VERY FUNCTIONAL KITCHEN. LARGE STORAGE ROOM WITH NEW EXTERIOR PAINT AND PATIO PAVERS, POOL RECENTLY RESURFACED. PROPERTY ON 1/4 ACRE. OWNER EAGER TO SELL, WILL LOOK AT ALL OFFERS!

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2783 E Tulsa Street Chandler, AZ 85225

$599,900

3 Beds

2 Baths

1,913 SqFt

Status Active Under Contract

MLS # 6737708

Property Type Single Family Residence

Price Type --

PRICE IS MORE THAN $20,000 UNDER RECENT APPRAISAL!! Tour this gorgeous, RECENTLY RENOVATED, SINGLE STORY Chandler home today! Nestled directly between Downtown Gilbert & Downtown Chandler (less than 10 minutes to each), you'll be surrounded by endless dining & shopping options, plus almost-daily local events & activities~ This home was remodeled with entertainment in mind, boasting a thoughtfully designed layout w/a TRUE SPLIT FLOOR PLAN, featuring 3 BEDROOMS, including a LARGE PRIMARY SUITE w/a direct access to the backyard, an UPDATED ENSUITE BATHROOM & SPACIOUS PRIMARY CLOSET~ 2 large guest bedrooms complete the home, w/one showcasing a CUSTOM SHIPLAP WALL & the other featuring added BOOKSHELF STORAGE~ The home offers 2 FULLY UPDATED BATHROOMS, including a RENOVATED MASTER BATHROOM with a CUSTOM GLASS SHOWER with RAINFALL SHOWER HEAD, and a FREESTANDING TUB~The UPDATED KITCHEN features a SOLID STONE ISLAND that opens to the living space, HIGH-END APPLIANCES like a 5-BURNER KITCHENAID OVEN and a MONOGRAM MINI DRINK FRIDGE, plus a BREAKFAST NOOK with shutters overlooking the beautifully landscaped backyard~ Open the SLIDING GLASS DOORS from your living room, and an entertainer's LUXURY BACKYARD awaits, with a partially covered patio equipped with an OUTDOOR HEATER for all-season enjoyment~ Invite your friends over for backyard movie nights with an OUTDOOR MOVIE SCREEN and PROJECTOR. Backyard also features over 800 SQ FT OF PAVER PATIO AND WALKWAYS with lighting, over 350 SQ FT OF ARTIFICIAL TURF, IRRIGATED GARDEN BEDS, MATURE TREES, and NATIVE PLANTS, with NO NEIGHBORS BEHIND for added PRIVACY~ Additional highlights of the home include CEILING FANS in all rooms, an open layout with unobstructed views from the kitchen to the living and dining areas (or flex space), DUAL-PANE WINDOWS with CUSTOM SHUTTERS opening to the backyard, front yard, and side yards~ The home boasts HIGH-END PORCELAIN WIDE-PLANK WOOD FLOORS, along with a NEMA 14-50 plug for EV CHARGING in the garage, a TANKLESS WATER HEATER, AUTOMATIC GARAGE DOOR OPENERS, a WATER SOFTENER, and a freshly REPAINTED EXTERIOR in 2024 (5-YEAR WARRANTY)~ Further improvements in 2024 include home being COMPLETELY REWIRED to be brought up to current safety standards, AIR DUCT CLEANING, and installation of an AIR PURIFIER and SCRUBBER for optimal indoor air quality~ The neighborhood is surrounded by FOUR LARGE PARKS and green spaces, with a playground right across the street~ Conveniently located less than a mile from Fry's Food & Drug, you're also just minutes from Trader Joe's, Target, Whole Foods, Sprouts, and other popular grocery options~ SAN TAN VILLAGE MALL is approximately a 7-minute drive~ Part of the CHANDLER SCHOOL DISTRICT, this home is only two blocks from CHANDLER TRADITIONAL ACADEMY - LIBERTY CAMPUS, with easy access to Gilbert, AZ, across the intersection~ This exceptional property offers an unbeatable location, thoughtful upgrades, and a welcoming atmosphere!

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16022 S 11th Place Phoenix, AZ 85048

$599,900

3 Beds

2.5 Baths

1,558 SqFt

Status Active

MLS # 6753651

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Ahwatukee, where luxury meets tranquility! This beautifully updated residence boasts a complete renovation with modern finishes and meticulous attention to detail. Step inside to discover a fresh, contemporary vibe enhanced by brand new tile flooring and plush carpet throughout. The heart of the home, the kitchen, has been transformed with sleek modern shaker cabinets, elegant quartz countertops, and state-of-the-art stainless steel appliances, including a coveted wine fridge. Every detail, from the new electrical fixtures to the stylish new doors and paint, reflects quality craftsmanship and a commitment to comfort. The best part...the backyard opens directly onto a serene lake, offering breathtaking water views and a peaceful retreat at your doorstep. Additional updates include a brand-new roof, ensuring peace of mind and durability for years to come. Don't miss this rare opportunity to own a stunning, move-in-ready home with an unbeatable lakeside location.

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5422 S Luiseno Boulevard Gilbert, AZ 85298

$599,900

4 Beds

2 Baths

2,108 SqFt

Status Active

MLS # 6758778

Property Type Single Family Residence

Price Type --

Check out this Beautiful Single Level Home Located in the Prestigious Community: The Bridges at Gilbert! This Great Room Floorplan Home Features 3 Bedrooms, 2 Baths, Den and 3 Car Garage. The Kitchen Includes an Island, Granite Countertops, Stainless Steel Appliances, 2 Built in Ovens, Gas Cook Top and Beautiful Raised Panel Cabinets with Crown Molding! Master Suite Includes a Spacious Bathroom with a Dual Vanity, Separate Shower/Tub and Large Walkin Closet! Step into the Backyard with New Artificial Grass and Large Covered Patio, Perfect for Entertaining or Enjoying as a Family! Do Not Miss Out!!

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