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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4129 E Palo Verde Drive Phoenix, AZ 85018

$2,350,000

4 Beds

3 Baths

3,450 SqFt

Status Active Under Contract

MLS # 6769377

Property Type Single Family Residence

Price Type --

Location, location, location! Welcome to this beautiful 4 bedroom, 3 bathroom home, perfectly nestled in a highly sought-after cul-de-sac within the Short Hills community of 85018. Sitting on a lot just shy of half an acre, this property offers ample space and privacy, making it a true gem in the neighborhood. The interior is a unique blend of modern and timeless architecture. The outdoor space is stunning with a large covered patio, beautiful pool and spa, putting green, fire pit area and sauna. The attached mother-in-law suite provides flexibility and convenience, whether for guests or multigenerational living and has a full separate kitchen and eat in area. This home is walking distance to many incredible restaurants including Steak 44, Flower Child & The Global Ambassador! Want great schools too? Hopi, Ingleside and Arcadia! Come see for yourself.

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5101 N Casa Blanca Drive Unit 324 Paradise Valley, AZ 85253

$2,350,000

2 Beds

3 Baths

2,293 SqFt

Status Active

MLS # 6722426

Property Type Single Family Residence

Price Type --

''Yes Harriet, there is a garage in historic Casa Blanca!'' #324 is a beautiful single-level home with, 2 BR (split plan), 3 BA, and study. Relax in the wrap-around private garden patio with retractable awning and outdoor fireplace, designed by Charlie/The Green Room. Lovely natural light fills the Great Room with 13' ceilings and fireplace, the cozy den/studio/library, dining area, and gorgeous eat-in kitchen with quartz countertops ...all the things we love to live with. The primary suite features an enormous bath and walk-in closet, just a few steps from the charming ''read a book or swim'' pool..a happy, good mood place! The two-car garage has a sink and new epoxy floor. Enjoy the two other swimming pools, play tennis or pickle ball, or meander the walking paths and rose garden.

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5112 N 35th Street Phoenix, AZ 85018

$2,350,000

5 Beds

3.5 Baths

4,093 SqFt

Status Active

MLS # 6777220

Property Type Single Family Residence

Price Type --

Turkey, completely remodeled 2 story home in highly desirable Biltmore Heights neighborhood. Charming 5 bed, 3.5 bath home with bright natural light with white oak flooring & chef's kitchen with white custom cabinets, quartz waterfall island, & stainless-steel appliances. Split floorplan where primary bedroom includes dual sink vanity, oversized shower with freestanding tub, & walk-in closet. Backyard perfect for entertaining with pool, covered patio, & vegetable garden. Upstairs you will find five additional rooms, including a massive flex room that can be used as a loft, bedroom, game room or office. Home also features huge laundry room with farmhouse sink, quartz counters & mud room area. Prime location, minutes from the best shops, restaurants and amenities in both Arcadia & Old Town.

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35036 N 85th Street Scottsdale, AZ 85266

Open House

$2,350,000

3 Beds

3.5 Baths

4,433 SqFt

Status Active

MLS # 6774947

Property Type Single Family Residence

Price Type --

See property video. Stunning 2019 built home set on a spacious ¾-acre private lot within the highly sought-after gated community of Andaluza. Just minutes away from multiple grocery stores, restaurants and the Boulders Resort and Spa featuring two signature 18-hole golf courses, tennis and pickleball courts, gym, spa and more, memberships available to outside residents. The open-concept design showcases a great room layout with soaring 12ft ceilings and a gourmet chef's style kitchen, complete with two large islands, quartz countertops, a Wolf 6-burner cooktop with griddle, oversized refrigerator, dual ovens, a walk-in pantry, and an additional prep area with custom cabinetry throughout. The luxurious primary suite includes a versatile flex space, perfect for a home gym or office, and a spa-like bathroom with dual vanities, a free-standing tub, walk-in shower with dual shower heads, and two generous walk-in closets offering abundant storage. The home also features two additional ensuite bedrooms, a large dining room comfortably seating 8+, and a formal living room that could easily be converted into a home office or remain as an additional seating/entertaining area. The expansive great room is a highlight with its gas fireplace, beamed ceilings, and a 12ft bi-fold door that opens fully to the covered patio, creating seamless indoor-outdoor living - ideal for Arizona's perfect weather. Outside, the pristine backyard oasis offers a heated PebbleTec pool and spa with an automated Pentair system, an artificial turf putting green, travertine pavers, a misting system, and lush landscaping accented by landscape lighting. Additional features include dual 4-car garages with epoxy flooring and overhead storage, a wet bar with a wine fridge, custom window treatments, and more.

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6990 E Buckhorn Trail Scottsdale, AZ 85266

$2,349,000

6 Beds

5.5 Baths

5,944 SqFt

Status Active

MLS # 6645697

Property Type Single Family Residence

Price Type --

Welcome to paradise in north Scottsdale! This sanctuary estate sits at the end of a short private cul-de-sac in the prestigious community of Lomas Verdes. Completely refurbished inside and out, featuring a large open kitchen and great room with high ceilings. The perfectly balanced floor plan will please even the most discerning buyers, providing comfortable two-person living as well as expansive living for larger families! This beautiful home also offers to keep everyone entertained with activities, including a pickle ball court, a beautiful pool and spa, and two outdoor fireplaces. The additional 1,000 square foot finished basement features a wet bar, and living and entertaining spaces. The 3 HVAC systems are newly installed with manufacturer warranties. New quartz counters throughout.

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8396 E Sunnyside Drive Scottsdale, AZ 85260

$2,349,000

4 Beds

4.5 Baths

3,900 SqFt

Status Active

MLS # 6767129

Property Type Single Family Residence

Price Type --

Discover the ideal family floor plan in this beautifully remodeled 4-bedroom, 4.5-bathroom home, featuring an office. Each bedroom includes its own ensuite for added privacy. Enjoy stunning golf course and mountain views from this corner lot, with high ceilings enhancing the spacious feel. The inviting layout includes a large family room and oversized living/dining area, perfect for gatherings. A standout feature is the 16-foot folding patio door, seamlessly connecting indoor and outdoor spaces, leading to pavered yards. The newly renovated pool boasts a pebble sheen finish, while a resurfaced basketball court adds to entertainment options. Key updates include fresh paint, an epoxy garage floor, and new lighting. The gourmet kitchen is a chef's dream with custom cabinets, high-end appliances, and a large quartz island. The luxurious master suite features a glass-enclosed shower and custom vanity. Additional highlights include a custom wine bar, elegant flooring, and solid wood doors. This home is truly move-in readydon't miss out!

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9370 E Wethersfield Road Scottsdale, AZ 85260

Open House

$2,349,000

3 Beds

3.5 Baths

3,343 SqFt

Status Active

MLS # 6757519

Property Type Single Family Residence

Price Type --

Newly built smart home situated in the exclusive gated community at Wildhorse Estates is available now! Perfectly located in the desirable Cactus Corridor in North Scottsdale, minutes from the 101 Hwy with endless entertainment, dining, and shopping - this modern home is in the middle of it all and has all the trimmings. Wolf appliances throughout a spacious kitchen with a walk-in pantry, an oversized island with waterfall edge, stacked cabinets with soft-closing drawers, two dishwashers, multiple ovens, a 48'' Miele refrigerator with a full wet bar and a beautiful fireplace that's perfect for entertaining. Home also comes equipped with reverse accent ceilings, LED lighting throughout, upgraded baseboards, and elegant French-doors leading to office area. The open master bedroom has a great accent wall and luxury bathroom that includes a stand-alone tub and walk-in shower. You must see the grand open corner sliding glass doors leading to your backyard oasis that includes a pool, spa, fire-pit, and BBQ grill. Great insulation with top-of-the-line air purifiers that's built-in throughout entire house. Both garages are fully insulated with dedicated split AC units and stunning epoxy floors that you'll love. Other features include motorized blinds, water softener system, tankless water heater and security cameras safely covering all angles of home. Act now, you don't want to miss this one!

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8447 E Nightingale Star Drive Scottsdale, AZ 85266

$2,345,000

4 Beds

4.5 Baths

5,044 SqFt

Status Active

MLS # 6717319

Property Type Single Family Residence

Price Type --

Experience the epitome of luxury in North Scottsdale's tranquil Sierra Boulders North community, situated within the prestigious 85266 ZIP code. Step through a private courtyard to enter this exquisite custom-built residence, showcasing a wrought iron entry, 18-inch travertine flooring, and 8-foot alder doors, all designed with a seamless, step-free interior. The den features coffered wood ceilings, while the fully remodeled kitchen is outfitted with premium Wolf appliances, a Sub-Zero refrigerator, a Wolf coffee maker, and an impressive 600+ bottle wine wall. This home also includes 4 new AC units, installed in 2022, ensuring year-round comfort. All guest bedrooms are ensuite, and the primary suite provides a versatile office/gym area, an expansive closet, a fireplace and outdoor access. Outdoors, enjoy panoramic views, travertine patios, an updated outdoor kitchen, landscape lighting, mature landscaping, and a heated pool and spa. Additionally, a detached casita offers extra accommodation for guests. The 85266 area boasts a harmonious blend of desert landscapes and upscale residential communities, many with breathtaking mountain views. It is home to several world-class golf courses and exclusive resorts, catering to those seeking a premium, sophisticated lifestyle

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10059 W Villa Lindo Drive Peoria, AZ 85383

$2,345,000

5 Beds

4 Baths

4,723 SqFt

Status Active

MLS # 6735584

Property Type Single Family Residence

Price Type --

Exceptional custom home in the prestigious gated community of Melton Ranch 1. Spanning 5,679 square feet, this exquisite residence features 5 beds, 4 bathrooms, a 4-car garage with custom cabinetry, a designer pool, an RV garage, and a guest house. Enter through a private courtyard into the charming formal dining and living rooms. Unwind in your spacious master suite, complete with a sitting room, private backyard exit, and a cozy two-way fireplace. The master bath offers a whirlpool tub and a walk-in shower for ultimate relaxation. Perfect for entertaining, the gourmet kitchen opens through sliding glass pocket doors to a backyard oasis. Enjoy swimming or sliding into the designer pool, making this home an entertainer's dream.

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8675 E Thoroughbred Trail Scottsdale, AZ 85258

Open House

$2,340,000

5 Beds

3 Baths

4,340 SqFt

Status Active

MLS # 6778966

Property Type Single Family Residence

Price Type --

Welcome to the best of luxury living in McCormick Ranch! If you're looking for exceptional quality and design, this is it! Newly remodeled 5 Bedroom home PLUS over $150,000 in additional upgrades! 2 Bedrooms, including Primary are downstairs. You'll be wow'd from the start when you enter through the dramatic floor to ceiling glass doors and are met with vaulted ceilings, exposed beams, porcelain laid floors, stunning chandeliers, exquisite wood paneling, and quartz fireplaces! Bright and open floor plan leads out onto a beautiful terrace overlooking the stunning pool, lounging gazebo with fireplace, built in grill and beverage bar, putting green, and outdoor bamboo floored shower all complete with lush landscaping. No need to worry about privacy as it has overgrown oleanders surrounding the backyard. The beautifully crafted Signature Designer '2 tone' kitchen is top of the line with Wolf/Subzero appliances & quartz waterfall island, and complimented by a floor to ceiling cocktail/beverage bar and built in wine fridge! Incredible and spacious primary suite with large walk-in closet and dressing room. Don't forget the amazing 'Hollywood Style' en-suite bathroom featuring dual vanities, a make up station, soaking tub with views of the enchanting garden. Take the stunning wrought iron staircase to the second floor where you will find 3 additional bedrooms, another luxurious bathroom, and the best room yet: the playroom/den/media room, just bring your popcorn! The perfect space to relax and enjoy quality time with loved ones! This home also includes a spacious laundry room, 3 car garage with electric car charging station & signature lighting, dual pane windows throughout, 3 Restoration Hardware chandeliers, and custom remote window treatments and blackout curtains. Check out the attached feature list for a full list of the amazing upgrades! This home truly offers the best of luxurious living in the 3 C's school district. Close to the Greenbelt and just across the street from Mountain View Park. It's located in a private cul-de-sac and is close to dining, shopping and golfing. Convenient living, only minutes away from highway 101 for an easy commute. Welcome Home!

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6437 N 28th Street Phoenix, AZ 85016

$2,330,000

3 Beds

3 Baths

3,026 SqFt

Status Active Under Contract

MLS # 6763074

Property Type Single Family Residence

Price Type --

Discover the epitome of elegance in this stunning Golden Heritage residence plus casita, where modern luxury meets classic charm. Nestled in a serene neighborhood at the foot of the Phoenix Preserve, this beautifully appointed home features 3 spacious bedrooms and 2 lavish bathrooms, along with a separate casita that enhances both functionality and style. The private gated courtyard welcomes you to the main home where, once inside, the 12' ceilings offer a light and airy open floor plan. Timeless flagstone and neutral tones set off the quiet elegance drawing you into the the flow of the home. Beautiful cabinetry, recessed lighting, custom electric shades, dual direction fireplace and surrounding wall of windows -with four unique abutting corners- form the backdrop that brings natural in. Past the open office/flex space is the lavish Master Retreat. Indulge in the tranquil master suite featuring a spacious layout that offers privacy and comfort. The opulent master bathroom is a true sanctuary, showcasing dual vanities, a luxurious soaking tub, and a separate walk-in shower and sizeable walk-in closet, all designed for relaxation and rejuvenation. The beautifully landscaped backyard features a covered patio, perfect for enjoying sumptuous breakfasts, lazy afternoons, alfresco dining or quiet evenings under the stars. Low-maintenance landscaping makes the serene environment ideal for entertaining or unwinding in your own private retreat. The separate, much sought after, one bedroom Casita with full bath is a rare find in the Biltmore Hillside Villas, and offers versatile living options. Whether utilized as a guest suite, home office, or private spa, it provides an additional layer of privacy and convenience. Experience the perfect location, close to everything - dining, shopping, golf courses - but hidden on a quiet street, in a secluded, guard-gated, luxury community with plenty of walking and hiking trails, tennis courts and views of Piestewa, mountains and cityscape. Experience the best of urban living with easy access to major highways and airport. This exceptional property harmoniously blends luxury and comfort, making it a true gem in the Phoenix market. Don't miss the opportunity to call this exquisite residence your home. Schedule your private showing today!

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7180 E Kierland Boulevard Unit 1211 Scottsdale, AZ 85254

$2,327,777

2 Beds

2.5 Baths

1,579 SqFt

Status Active

MLS # 6726808

Property Type Apartment

Price Type --

Amazing unobstructed views of the McDowells on the Penthouse floor! 10 ft. floor-to-ceiling windows. Highly upgraded 2 bedroom, 2.5 bath. Gorgeous gas fireplace in great room. Kitchen features Azul Fantasy granite slabs with waterfall edge and full backsplash. Cabinet-style appliances. Wine refrigerator. Oversized (24x48) tile throughout unit and patio. Custom closets. Nest thermostat. State of the art fitness center, steam rooms, pickleball, basketball, racquetball, massage & yoga rooms, party & theatre rooms, indoor putting area and golf simulator & dog park. Rooftop deck has lap pool, lots of seating, running path, fire pits, BBQ's and many entertainment areas... all in the heart of Kierland. Restaurants, shopping and golf all nearby.

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