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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6500 E Camelback Road Unit 1010 Scottsdale, AZ 85251

New

$2,590,000

3 Beds

3.5 Baths

2,971 SqFt

Status Active

MLS # 6787157

Property Type Townhouse

Price Type --

Welcome to The Luxian Villas on Camelback, an exclusive gated community of 14 luxury townhomes in the heart of Scottsdale, AZ. Built in 2020 by Todd Simmons, these residences blend modern design with the natural beauty of its surroundings. Positioned on the 3rd hole of The Phoenician Resort Golf Course, residents enjoy breathtaking views of Camelback Mountain and lush golf course fairways. Steps from Scottsdale Fashion Square, trendy restaurants, Old Town entertainment, and the Scottsdale Baseball Stadium, this home offers unmatched convenience and style. Step inside this exceptional property, where an open floor plan with corner sliding glass doors seamlessly connects indoor and outdoor living. The backyard oasis, overlooking the golf course and iconic Camelback Mountain, sets the stage for unforgettable moments. Entertain in style with a custom bar, while creating fine cuisine in your gourmet kitchen featuring top-of-the-line Wolf and Sub-Zero appliances. This thoughtfully designed 3-bedroom home includes a versatile flex space perfect for an office or exercise room, 3 luxurious ensuite bathrooms, and a convenient half bath. Additional highlights include wide-plank oak hardwood flooring, motorized window shades, upgraded air and water filtration systems, and a state-of-the-art mesh WiFi network. The EV-ready 2-car garage, equipped with 240V power, ensures your home is as functional as it is beautiful. Residents in this prestigious community enjoy on-site amenties with a pool, heated spa, BBQ and cozy fireplace while basking in the sun and taking in the Camelback Mountain view.

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2980 E Boot Track Trail Gilbert, AZ 85296

$2,590,000

6 Beds

5 Baths

5,728 SqFt

Status Active

MLS # 6761387

Property Type Single Family Residence

Price Type --

Morrison Ranch Gem in the heart of Gilbert AZ!!! This home showcases unrivaled options, with custom upgrades and meticulous trim finishes throughout. The light and bright interior flows seamlessly into a wide open floorplan, perfect for modern living and entertaining. The gourmet kitchen is a chef's dream, featuring an abundance of cabinetry, a massive waterfall-edge island, and high-end stainless steel and cabinet-faced appliances. Entertainment options abound with a dedicated theatre and gaming room, while the fully enclosed metal and glass workout room provides a sleek, private space for fitness. The oversized master bedroom is an elegant retreat, opening to a large overlook patio with stunning views of the resort-style backyard. The master bathroom offers expansive elbow room and luxury finishes, and the master closet boasts a plethora of storage, designed for maximum convenience and style. This home is a true masterpiece with over $1.2 million in upgrades and additions, making it a must-see for those seeking the pinnacle of luxury living in Gilbert. There are far too many features to list, lock in your private look today!

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1 Sky Ridge Court Sedona, AZ 86336

$2,589,000

4 Beds

5 Baths

2,995 SqFt

Status Active

MLS # 6595623

Property Type Single Family Residence

Price Type --

Spectacular to be built custom home in Sky Ridge Estates, Sedona's newest subdivision in the heart of Sedona. Beautiful panoramic view hilltop lot on the ridge with North/East/South facing panoramic views. Four en-suite masters. Short walk to the new town square, city park and museums, Tlaquepaque, high-end shopping and dining, Los Abrigados Spa resort, restaurants, gym, lit tennis courts, and Oak Creek front park available for membership. Presently in design(rendering and floor plans only) stage to break ground after completion of roads and utilities currently underway ). Guest houses may be able to be added. Very quiet and secluded, yet in the heart of Sedona, with a 10 walkability score. Below Market Pricing: Secure your slice of paradise with lots starting at just $329,000(half-off 8/23 appraisal of 495,000- 695,000 as improved (when road and utilities are completed) Build Your Dream: Opt for our innovative rustic contemporary, metal, and ceiling-to-floor glass eco-friendly landscape homes, designed for efficiency and elegance. Cantilevered on pillars vs old style expensive cut and fill pad or retaining wall, See renderings under the photo tab. Unparalleled Views, Privacy, very quiet & secluded: 19 Exclusive Lots: Each lot, ranging from half to three-quarters of an acre, offers breathtaking panoramic views along a serene ridge down and through a hidden canyon. Investment & Lifestyle Flexibility: Luxury Living Redefined: Sky Ridge Estates isn't just a place to live; it's a lifestyle. This 5-star resort community offers: *Private Club & Fine Dining (room service): Experience culinary delights without leaving the comfort of your community. *Wellness & Leisure: State-of-the-art anti-aging spa, fully-equipped gym, yoga studio, indoor climate-controlled pickleball court, and a golf simulator. *Concierge & Transport: Enjoy the convenience of concierge services, a Mercedes limo van for all your travel needs, and 24-hour security guard and cameras. *Resort-Style Property Management: Travel a lot? 2nd Home? On-site property management is available. *Infrastructure is underway, and roads and utilities are being installed. The clubhouse and gate are pending approval. Collaborate with our top architect and builder to bring your vision to life. Contact us for more details on this unique opportunity. Look under photos and website for home renderings and drone footage of each lot. Don't miss out on this chance to invest in a lifestyle of luxury and tranquility at Sky Ridge Estates. Recent Sold Comps; 920 N Palisades,.73 ac,COE 10/23 for 525,000 3 Sky Ridge Ct.,.63 ac,COE 1/24 for 500,000

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2080 W Condor Road Wickenburg, AZ 85390

$2,575,000

4 Beds

4 Baths

3,370 SqFt

Status Active

MLS # 6764674

Property Type Single Family Residence

Price Type --

Take advantage of this rare opportunity to buy a furnished custom home within the renowned guest ranch, Rancho de los Caballeros in Wickenburg. This 3,300 square foot home was completely reimagined and rebuilt in 2010 under the guidance of Joe Conk, architect, Hasbrook Interiors and AH Construction. Classic southwestern slump block construction and original brick floors were preserved while adding the modern amenities and comforts today's homeowners expect. A 4-car garage is a car lover's dream and a 40-panel solar system offers energy efficiency. The home sits on 1.8 acres with impressive landscaping and expansive patios (both covered and uncovered), the perfect place to take in the beautiful Arizona sunsets and surrounding mountain views. The ''Ranch,'' which has been in [more] continuous operation since 1948 and was just named the #15 resort in the world and #2 in the southwest by readers of Condé Nast Traveler, is under going an incredible renaissance with the support of new ownership who are investing millions without losing sight of legacy and tradition. Ranch community memberships are available and amenities include: golf, horseback riding, spa and pool, tennis, fine dining, trap/skeet, archery and much more. The notable horse program offers 13,300 rideable acres of wide-open space in the Sonoran desert, team penning and roping instruction. Wickenburg is located northwest of metro Phoenix and is 70 miles from Phoenix Sky Harbor Airport. Known as the team roping capital of the world, Wickenburg offers a relaxed western lifestyle. The Webb Center for the Performing Arts and the Desert Caballeros Western Museum offer cultural events year round.

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6357 E Maguay Drive Cave Creek, AZ 85331

$2,575,000

6 Beds

4.5 Baths

4,063 SqFt

Status Active

MLS # 6769253

Property Type Single Family Residence

Price Type --

Welcome to this contemporary desert retreat, with breathtaking views of the surrounding mountains from every window. Completed in early 2023, this newly constructed home is designed to captivate you with its sweeping views, providing a perfect backdrop of endless tranquility. Imagine waking up to awe-inspiring sunrises and ending your day with vivid sunset vistas, all framed by the dramatic mountains in the distance. Located in the highly desirable North Cave Creek area, this home offers a serene escape while still being just minutes from the vibrant local scene, with top-rated restaurants and boutique shops at your doorstep. Spanning an expansive 4,063 SF, with 3,043 SF in the main residence and a generous 1,020SF casita This property blends modern elegance with unparalleled functionality. This is more than a homeit's a lifestyle, offering the perfect fusion of luxury, convenience, and breathtaking desert beauty.

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2346 E Sanoque Court Gilbert, AZ 85298

New

$2,570,000

7 Beds

5 Baths

5,350 SqFt

Status Active

MLS # 6786589

Property Type Single Family Residence

Price Type --

Best Zip code in Gilbert! This stunning 7-bed, 5-bath estate blends elegance and modern comfort with a luxury design! Impressive curb appeal with lush landscaping, mature shade trees, a 4-car garage, and an extended driveway make this home a luxurious retreat. Its grand entrance, accented by stone details and charming archways, welcomes you into a spacious, open layout. Meticulous attention to detail is presented in the immaculate kitchen, boasting with high-end SS appliances, 2 islands, quartz counters, recessed & pendant light fixtures &stylish tile backsplash. Best backyard for entertaining with built in BBQ, extra large patio, and gas fireplace for those cool nights. Guest house is equipped with a steam shower and full kitchen. Check out the Splash pad for the kids! MUST SEE THIS ONE and two islands with breakfast bars. A walk-in pantry and a plethora of white cabinetry with crown molding provide ample storage space. Retreat to the romantic main suite, offering a double-door entry, plush carpeting, an accented wall, a sitting room, a full ensuite with two sinks, a separate tub, a floor-to-ceiling tiled shower, and walk-in closets, and outdoor access. A detached guest house adds extra space! The entertainer's backyard showcases a putting green, playground, fire pit, built-in BBQ, and a fenced pool & spa for ultimate relaxation. This home is a true retreat for those seeking beauty and tranquility! Act now!

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12315 W Cooper Morgan Trail Prescott, AZ 86305

$2,550,000

3 Beds

5 Baths

4,400 SqFt

Status Active

MLS # 6759691

Property Type Single Family Residence

Price Type --

Experience unparalleled living in this exquisite custom home, perfectly situated in Talking Rock Ranch, ready for your personal interior selections. Designed to cater to diverse lifestyles—from car collectors to golf enthusiasts and social butterflies—this home offers an exceptional opportunity to craft your dream sanctuary. Enjoy breathtaking, unobstructed views of Granite Mountain, ensuring that your scenic backdrop remains untouched by future developments. Please note that many of the photos included are renderings for visual assistance and may depict options not included in the final build. Continued... Key features of this stunning residence include:

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36402 N Peaceful Place Carefree, AZ 85377

$2,550,000

3 Beds

3.5 Baths

3,767 SqFt

Status Active

MLS # 6768680

Property Type Single Family Residence

Price Type --

Timeless adobe style home by renowned Gerry Jones, thoughtfully sited on Boulder strewn acreage on Black Mountain, promises to delight those who relish notable architecture and captivating views. A gated courtyard welcomes you with ageless charm, amazing view of the mountain & ancient Boulders. Backing to 40 acres of preserved Black Mountain desert, the location offers maximum privacy combined w/ lush desert beauty. Custom doors, whimsical tile accents & wood beamed ceilings enhance the adobe ambiance. With 3 bedrooms, 3.5 baths, lovely office, engaging fireplaces & bonus room, the home offers the owner optimum comfort for lounging or entertaining. Expansive & private outdoor patio overlooking Carefree with firepit, unending mountain views, a pool set into the Boulders completes the residence with exemplary style. Own a piece of the mountain in a community that enjoys tranquility, natural beauty, and a lifestyle that is truly Carefree.

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6166 N Scottsdale Road Scottsdale, AZ 85253

$2,550,000

2 Beds

2.5 Baths

3,016 SqFt

Status Active

MLS # 6779426

Property Type Apartment

Price Type --

Experience elevated living in this stunning ground-floor corner unit with a spacious private patio and yard. Featuring a perfect split floor plan and custom touches throughout, this residence in the coveted Enclave at Borgata offers the charm of a bespoke home with the convenience of turnkey living. The kitchen boasts custom cabinetry, a new Wolf stainless oven and new Wolf cooktop, new custom quartz countertops, pantry, plenty of storage and new Electrolux washer/dryer in the laundry. The fireplace is framed with elegant millwork and lighting, which adds warmth and style. Two versatile dens serve as a cozy TV room and a refined home office. Enjoy ultimate privacy, 24/7 concierge service, and security in one of the city's best locations. Welcome home!

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10904 E Scopa Trail Scottsdale, AZ 85262

$2,550,000

6 Beds

5 Baths

4,587 SqFt

Status Active

MLS # 6762371

Property Type Single Family Residence

Price Type --

Discover the epitome of luxury in this expansive 2.85-acre estate, nestled within the exclusive gated enclave of Monterey at Mirabel Village North. This single-level masterpiece seamlessly blends sophistication with comfort, offering 4,587 square feet of meticulously designed living space. Enter through a lush private courtyard featuring sitting areas and a fireplace, perfect for dining al fresco or a tranquil spot for relaxation. Beyond the 10-foot arched double door entryway, you are welcomed into an opulent foyer lighted with antique Spanish chandeliers that leads to a formal living room adorned with a stunning stone mantel and a 500-bottle temperature-controlled wine storage cabinet. The generously sized primary suite is a true retreat, complete with a cozy fireplace, sitting area, an and a luxurious ensuite bathroom featuring separate sink/vanities, dual closets, a soaking tub, and a walk-in shower. The gourmet kitchen is a chef's dream, equipped with high-end Wolf and Sub-Zero appliances, custom cabinetry, and a spacious center island that flows seamlessly into the dining and living areas. The main residence also includes two additional bedrooms with a Jack-and-Jill ensuite, a junior master suite with its own bathroom, and an adaptable bedroom/office space. Step outside to enjoy resort-style amenities, including a solar-heated pool with a waterfall, spa, stargazing deck and a private five-hole putting greenall surrounded by breathtaking desert landscapes. The lush courtyard serves as an idyllic backdrop for both relaxation and entertaining. Just steps across the courtyard lies a charming one-bedroom, one-bathroom casita, providing privacy for guests or an ideal space for an office or studio. This home represents the pinnacle of private desert living in North Scottsdale. Enjoy easy access to world-class golf courses, scenic hiking trails, and the charming towns of Carefree and Cave Creek. Don't miss this rare opportunity to own a piece of North Scottsdale paradise. Exquisite Interior: - Dual living areas for versatile entertaining - Gourmet kitchen featuring Wolf and Sub-Zero appliances - Formal dining room or game room for memorable gatherings - Five spacious bedrooms and four luxurious bathrooms - Separate one bedroom, one bathroom casita perfect for guests, a home gym or a private home office - Home theater room with surround sound Resort-Style Outdoor Oasis: - Solar-heated pool and spa for year-round enjoyment - Five-hole putting green for golf enthusiasts - Lush courtyard with an inviting outdoor fireplace - Built-in BBQ for al fresco dining - Stargazing areas to marvel at the desert night sky Cutting Edge Technology: - Operate the home systems from the house iPad or apps on your phone - Whole-home indoor and outdoor SONOS sound system - Smart home lighting, climate, and entertainment controls - State-of-the-art monitored security system Recent Upgrades: - Newly replaced HVAC systems (3) and water heater - Upgraded pool equipment and waterline tile - Raised garden beds with organic soil for the home chef Additional Features: - Organic raised garden beds with irrigation - Oversized 3-car garage with epoxy flooring - Large laundry room with utility sink - Ample indoor storage space - Convenient location near Desert Mountain, Mirabel, Carefree, Cave Creek and North Scottsdale - View floorplan under documents Located in North Scottsdale adjacent to Desert Mountain and conveniently close to Carefree and Cave Creek which offer a multitude of shopping, dining and outdoor recreation options. Whether you're basking in the serenity of your resort-style backyard, hosting gatherings that leave guests in awe, or enjoying the myriad of amenities that North Scottsdale offers, this home is a sanctuary designed for those who seek the very best in life.

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8530 E Via Montoya -- Scottsdale, AZ 85255

$2,550,000

5 Beds

4.5 Baths

3,478 SqFt

Status Active

MLS # 6764435

Property Type Single Family Residence

Price Type --

Welcome to your dream residence in the prestigious gated community of Los Gatos in North Scottsdale. This rare gem spans 1.4 acres, offering unparalleled luxury combined with outstanding equestrian facilities. This Santa Barbara estate promises privacy and elegance with its own gated entrance. The heart of this property is found in the expansive resort style backyard designed with expertise with a blend of lush desert landscaping,artificial turf, a modern-style pool, a charming treehouse, a ramada and spacious covered patio for alfresco entertaining under the star filled skies. The property also features a roof deck with stunning views of Pinnacle Peak and the McDowell Mountain range. The quaint side courtyard has landscaping with uplighting and turf

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12201 E Shangri La Road Scottsdale, AZ 85259

Open House

$2,550,000

5 Beds

4.5 Baths

5,511 SqFt

Status Active

MLS # 6749323

Property Type Single Family Residence

Price Type --

Welcome to unparalleled luxury in the heart of Scottsdale! This exquisite custom home is situated on a corner lot within a cul-de-sac, spanning nearly one acre. Boasting 6 spacious bedrooms and 4.5 bathrooms, this residence offers over 5,500 square feet of thoughtfully designed living space. The main level encompasses approximately 4,200 SF and features 4 bedrooms, one of which is currently utilized as an office, along with 3.5 bathrooms. As you step inside, you'll be greeted by soaring 12-foot ceilings that create an ambiance of elegance. To your right, you'll find the primary suite and office. The primary suite serves as a haven of relaxation, complete with a cozy attached sitting/reading room, a spa-like bathroom, and an impressive walk-in closet. To your left you will find a chef's dream kitchen featuring 2 expansive granite islands, stainless-steel appliances including double ovens. 2 additional bedrooms with a full bath are split from the primary suite, offering ideal accommodations for guests. The lower level is currently a recreational paradise, featuring a game room, fireplace, wet bar, and a stunning glass patio door that floods the space with natural light. This bright and open area also includes 2 additional bedrooms, a full bath, a powder room, and a walk-out area leading to a 1-car garage. Step outside to your own private sanctuary - a beautifully landscaped backyard with an expansive patio, complete with a misting system. The large diving pool and spa are perfect for relaxation, while the adjacent BBQ area and spacious grassy expanse offer ample space for gatherings. Enjoy breathtaking city lights and stunning mountain views from your backyard retreat. The 3-car garage is situated on one side of the house, leading directly to the primary suite. This Scottsdale estate is the epitome of luxury living, offering a perfect blend of elegance, comfort, and modern amenities. No HOA - Come see it today!

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