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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3617 N Granite Ridge Road Buckeye, AZ 85396

$2,650,000

5 Beds

5.5 Baths

5,317 SqFt

Status Active

MLS # 6753527

Property Type Single Family Residence

Price Type --

Location, location, location! Stunning residence on the Signature 12th Hole of The Verrado Golf Club! The lot next to the home is available for purchase for added value or privacy. The 3-car garage with an extra long driveway lets you bring all your toys, trucks, and cars. Impressive interior showcases the finest quality materials and impeccable craftsmanship throughout. Roman pillars, wood and stone floors, Canterra Stone fireplaces in the right areas, multiple French doors, a high beamed ceiling in the family room, and surround sound speakers. Chef's kitchen has granite counters, wood cabinets with crown moulding, a walk-in pantry, a big island with a breakfast bar, a stylish backsplash, and high-end stainless steel appliances such as wall ovens. Lot next to property available. Wet bar, wine cellar, and butler's pantry for convenience. Large bedrooms, walk-in closets, office/library, and upscale bathrooms. Each room is a work of art! Grand main retreat has a fireplace, backyard access, and a spa-like ensuite boasting a jetted tub, double vanities, and a big tiled shower with dual shower heads. The entertainer's backyard allows you to enjoy the impressive mountain and golf course views from every angle! Covered patio, blue pool, relaxing spa, built-in BBQ, fireplace, dog run, exterior shower, above-ground hot tub, and putting green complete the backyard. Words don't make it justice!

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9879 E Broken Spur Drive Scottsdale, AZ 85262

$2,650,000

3 Beds

3 Baths

2,960 SqFt

Status Active

MLS # 6765693

Property Type Single Family Residence

Price Type --

Coveted front row Lookout Ridge home. Golf Membership available from seller. Offering breathtaking views of the first hole of the Renegade golf course, Pinnacle Peak, McDowell Mountains and glittering city lights views. Impeccably maintained, this south facing gem offers a large expanded patio to capture all of the terrific views. Extraordinary indoor living with large windows, 3 suites, 3 baths and an open floor plan. Spectacular remodeled kitchen, newer appliances, no carpet except for guest room. Easy walk to the new Renegade Clubhouse, golf practice park and the world-class Sonoran Fitness Center. The home is offered turn key minus some exclusions from the seller. Truly a must see.

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3611 E Kachina Drive Phoenix, AZ 85044

$2,650,000

7 Beds

6 Baths

5,924 SqFt

Status Active

MLS # 6779704

Property Type Single Family Residence

Price Type --

Captivating Furnished Home with Modern Luxuries in the Heart of Arizona Welcome to your new home, perfectly poised for those who cherish both luxury and lifestyle, located just moments away from the scenic trails of South Mountain Park/Preserve. This residence isn't just a property; it's a gateway to a life infused with comfort, modern amenities, and the expansive beauty of Arizona's landscape. Property Features and Amenities This home is a blend of style and function, featuring an exquisitely updated kitchen that promises to delight culinary enthusiasts. With a double walled oven, a professional 6 burner gas range top, and premium Monogrammed stainless steel appliances including a double dishwasher and microwave, this kitchen is as efficient as it is elegant. For those who love entertaining, the dual Calacatta Quartz waterfall islands and a sophisticated Silhouette wine/beverage fridge create the ideal setup for hosting. This expansive abode offers 7 bedrooms and 6 baths, fully furnished with sleek porcelain tile flooring throughout. The primary suite is a true retreat, equipped with smart living technology that includes advanced shower systems and toilets, LED mirrors, providing a spa-like experience right at home. Modern Conveniences and Technological Advancements A 98 inch Samsung mounted television paired with acoustic wood panel veneers sets the stage for entertainment, while the home gym caters to fitness needs. Energy efficiency and comfort are elevated with newly installed vinyl windows and sliding doors, spray foam attic insulation, and all-new AC units designed to save on utility bills. Outdoor and Recreational Appeal The exterior of the home is equally impressive, featuring a versatile heated/chilled pool, ideal for entertaining guests or enjoying a relaxing day under the sun. Prime Location What makes this property truly stand out is its prime location, situated just down the street from the trailhead at the renowned South Mountain Park/Preserve, offering endless opportunities for outdoor adventures and connection with nature. Are you ready to make this exceptional property home and enjoy all that the Arizona sun has to offer?

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4551 S Avenida Corazon De Oro -- Gold Canyon, AZ 85118

$2,650,000

7 Beds

6.5 Baths

8,432 SqFt

Status Active

MLS # 6782095

Property Type Single Family Residence

Price Type --

Majestic Custom Estate in the Gated Community of Vista Del Corazon. Jaw-dropping 180+ degree views of the magnificent Superstition Mountains. The private community sits on the renowned Dinosaur Mountain Golf Course with the Superstition Mountain Golf & Country Club just to the north. This *furnished* listing includes the neighboring lot for a total of over 1.3 acres- affording the buyer the luxury of unobstructed views and the opportunity for a future sale of the separate lot. 7 bedrooms (including 2 phenomenal primaries), 2 kitchens, 2 greatrooms, and many versatile spaces for game rooms, media rooms, etc.. This property offers the buyer the ability to accommodate everything on their own personal dream home wish list. Stargaze or take in the breathtaking sunrises and sunsets from sweeping walk-out terraces on both levels, from the tranquil heated pool and spa, the cozy private patios of the ensuite guest rooms, or in the romantic primary spa-jetted tub with two-sided fireplace. Soaring beamed ceilings, a tasting room, an outdoor bbq kitchen with pizza oven, an expansive 4-car garage, and even 3 laundry options throughout the home,... all come together for true luxury resort living with an unrivaled backdrop in every direction.

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7928 E Parkview Lane Scottsdale, AZ 85255

$2,650,000

5 Beds

5.5 Baths

4,278 SqFt

Status Active

MLS # 6781778

Property Type Single Family Residence

Price Type --

This stunning +1 acre residence in North Scottsdale offers a modernized, light-filled living experience in a secure, gated community. With 12-foot ceilings and wide plank wood floors throughout, every detail has been thoughtfully updated to create an elegant, contemporary oasis. The grand Primary Suite is spacious, and features separate His and Hers walk-in closets, along with a luxurious bathroom suite. The oversized gourmet kitchen serves as the perfect centerpiece for entertaining, with expansive countertops, high-end appliances, and a layout that seamlessly flows into other living areas. Step outside into the exceptional resort-style backyard, where you will find a gorgeous pool, beautifully mature landscaping, and sweeping desert views offering an ideal blend of sophistication, comfort, and natural beauty in one of Scottsdale's most coveted neighborhoods.

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3703 N Kachina Lane Scottsdale, AZ 85251

$2,650,000

4 Beds

4.5 Baths

3,359 SqFt

Status Active Under Contract

MLS # 6749727

Property Type Single Family Residence

Price Type --

2 WEEKS from COMPLETION. This stunning new build offers luxury living in one of Scottsdale's most sought-after neighborhoods. Spanning 3,359 square feet, this single-family home sits on a spacious 12,000-square-foot lot, providing plenty of room for both indoor and outdoor enjoyment. With 4 bedrooms and 5 bathrooms, the home is thoughtfully designed for comfort and privacy, making it perfect for families or entertaining guests. The modern finishes throughout the home include distinctive cabinetry, sleek and stylish, offering ample storage and a contemporary aesthetic. Top-of-the-line amenities feature Trane A/C units for efficient climate control, and a premium Pella door and window package, ensuring energy efficiency and elegant design. An expansive covered patio offers ideal outdoor living space, perfect for year-round shade and comfort. The brand new pool and spa add a touch of resort-style luxury to your everyday life, making this home a perfect blend of modern design and high-end finishes. Don't miss your chance to own this exceptional property in Scottsdale.

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160 Creek Mesa Drive Sedona, AZ 86336

$2,650,000

3 Beds

5 Baths

4,525 SqFt

Status Active

MLS # 6673024

Property Type Single Family Residence

Price Type --

This stunning property in Sedona, Arizona, is a unique opportunity to own a piece of paradise in the highly desired Creek Mesa subdivision. The home was designed for a single owner who is an art enthusiast, to showcase their art and to enjoy the breathtaking views with privacy. Now, this hidden gem can be yours. The magic starts as you drive up from the private gate to your spacious paved driveway. You will see how the home blends into the natural flow of the mountain. As you lift your sight, you will be amazed by the majestic mountain views. As you walk into the bridge of greenery, you will hear the serene sound of running water in the delicately crafted courtyard. You will be greeted by a majestic architectural accent cylinder that serves as a centerpiece for art and warmth The house offers a cathedral ceiling and floor-to-ceiling panoramic windows that not only provide natural light but also offer incredible views of Mountain Wilson. The split floor plan has an organic flow to enjoy the outdoors from every space in the home. The house offers many outdoor sitting areas, including a balcony and a fabulous spa just outside of the main bedroom. There is also a below-grade entertainment game room, a steam bathroom, and a wet bar, that opens to the outdoor kitchen and to the negative edge pool with a water feature. The pool is prepared to be used every day of the year, since it has a pool water heater heated by solar panels. It also has a convenient cover to use it at your convenience and keep it free from debris. Your next home is adjacent to the community park and Oak Creek, meaning that only steps away from your home you can have a picnic with the multiple bbq pits and tables, as well as a sitting area to relax while listening to the running water. If you are a trail enthusiast, Creek Mesa Subdivision has a well-maintained trail that leads to the swimming hole along with scenic views. This subdivision is a gated community with luxury homes that offer mountain and red rock views. This house is a perfect blend of comfort, luxury, and nature.

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4501 E Turney Avenue Phoenix, AZ 85018

$2,650,000

4 Beds

5 Baths

3,516 SqFt

Status Active

MLS # 6695499

Property Type Single Family Residence

Price Type --

Immerse yourself in luxury with this architecturally astounding, one-of-one Modern Coastal Inspired home. This custom-built residence showcases an exceptional use of glass and natural light, creating a stunning visual connection to the outdoors. Property Highlights: Elegant Design: Spanning over 3,500 sq ft, DUO features a spacious open-concept layout ideal for modern living and grand entertaining. Natural light and Views: Floor-to-ceiling glass walls throughout the home offer uninterrupted views of the iconic Camelback Mtn & The Phoenix Mtn Preserve. Modern Coastal Architecture: Project DUO stands out as a one-of-one with its unique Modern Coastal Architecture, imagined with the amazing team at DesignTank and Urban Revival. Integrating high-end materials and finishes, like aggregate concrete driveways and walkways, exposed brick, heat and steam treated exterior rated oak and metal, combined with innovative design to create a visually striking appearance Luxurious Interiors: Every detail has been carefully selected, from the state-of-the-art kitchen with premium appliances and custom cabinetry, to the tranquil bedrooms each with en-suite facilities and walk-in closets. The master suite is particularly impressive, offering a spa-like bathroom and breathtaking CB Mtn views from the moment you open your eyes in the morning. Prime Location: Situated within close proximity to top schools, fine dining, and exclusive shopping, this home offers both privacy and convenience in Phoenix's most coveted neighborhood. This property is more than just a home; it's a masterpiece of modern design and a rare jewel in the Arcadia real estate market. Outdoor Living: Exterior patios and expansive walk-out decks enhance your connection to nature, providing a perfect setting for relaxing and hosting with scenic mountain backdrops. Experience the paragon of modern luxury living with unrivaled views and exquisite design in this exclusive Arcadia residence. Your chance to own this spectacular home is just an inquiry away.

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28877 N 78th Street Scottsdale, AZ 85266

$2,649,000

4 Beds

4.5 Baths

4,046 SqFt

Status Active

MLS # 6733231

Property Type Single Family Residence

Price Type --

Spectacular Newer, Custom Home on 2.24 acres in the heart of North Scottsdale. Huge Opportunity! Large circular driveway, paved courtyard w/gas fire pit. Enter through the custom, wrought-iron front door. Large & open great room w/telescoping glass doors opening to beautifully landscaped back yard with pool, spa, synthetic turf lawn, built in BBQ. Entertainers' chef's kitchen w/custom cabinets, extra large island, granite counters, Sub Zero refrigerator & 8 burner Wolf gas range w/ double ovens. And a third, built-in oven and large breakfast area. Tile plank floors throughout & upgraded carpet & padding in the bedrooms. Large master bath with floor to ceiling glass shower & separate soaking tub. Huge closet w/ custom cabinets. Extra-large 6-car garage with epoxy floor. Priced to Sell!

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37200 N Cave Creek Road Unit 2110 Scottsdale, AZ 85262

$2,647,900

2 Beds

3.5 Baths

2,716 SqFt

Status Active

MLS # 6729130

Property Type Townhouse

Price Type --

All new construction! Spectacular upper-level corner residence 2,716 sq. ft., 2 beds, den/office, 3.5 baths, 2 car garage with golf cart/storage area. Designed to integrate the stunning outdoors with the comforts of the inside. Incredible views of the Seven Golf Course and mountain ranges. This unit has an expansive covered patio with retractable, pocketed doors creating a spectacular space for entertaining. Private elevator is included for your convenience. Just steps away from the Seven clubhouse and Pro Shop. Ready Now! DM approval and Membership required. Avoid the wait list!

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9297 E Sundance Circle Gold Canyon, AZ 85118

New

$2,625,000

4 Beds

4.5 Baths

5,000 SqFt

Status Active

MLS # 6777653

Property Type Single Family Residence

Price Type --

WOW! Check out this 5045sf custom home in Petroglyph Estates in Superstition Mountain Golf and Country Club. This custom home to be built by ALAIR HOMES GOLD CANYON. Permit ready and HOA approved! You may still choose your finish selections! Modern meets luxury in this functional floor plan with attached guest house. Amazing Superstition Mountain views. Wonderful 2/3 acre lot on a private culdesac. List price includes a move in ready product including the Premium hardscape/landscape package shown. Skip the headache and year long waiting game for design and permit delays. Opportunity to move in your dream home in less than one year! The key to building a beautiful home is trust. At ALAIR, our mission is to bring your vision to life by giving you full transparency to your project's timeline, budget, and selections. Our client control methodology empowers you with 24/7 visibility into your project, while your dedicated team of experts works to ensure you have peace of mind throughout the build. Build trust. Build great relationships. Build a beautiful home!

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22474 S 199th Circle Queen Creek, AZ 85142

$2,625,000

5 Beds

4.5 Baths

4,298 SqFt

Status Active

MLS # 6775642

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly sought-after Circle G neighborhood of Queen Creek! This beautiful 4,298 sqft 5 bedroom, 4.5 bath residence has 3,523 square feet of luxurious living space in the main house, offering 4 spacious bedrooms and 3.5 baths and an additional 775 square foot 1 bed, 1 bath detached casita- all on one story! Modern new large-format tile throughout, complementing the 12-foot ceilings and creating an airy, inviting atmosphere. The chef's kitchen is a showstopper with brand-new custom wood cabinets, gleaming quartz countertops, and top-of-the-line built-in fridge and freezer. Enjoy seamless indoor-outdoor living with a stunning multi-slide patio door that creates a breathtaking wall of glass, connecting the living area to the backyard. Step outside to your sparkling pool, surrounded by a brand-new travertine deckideal for summer gatherings and relaxation. Ready for the best part? This property includes a double RV garage and a separate 770-square-foot casita, providing ample space for all your toys, a boat, or even a guest suite or home office!

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