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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4528 E Montecito Avenue Phoenix, AZ 85018

$2,275,000

4 Beds

4.5 Baths

4,044 SqFt

Status Active

MLS # 6748733

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in the heart of Arcadia, within the highly coveted Hopi School district. This meticulously crafted new construction, designed by award-winning Rafterhouse, showcases elevated finishes throughout. The stunning residence features four bedrooms, each with its own private ensuite, along with four and a half bathrooms, two offices (one which could be easily converted to an additional bedroom), and a versatile flex spaces. The primary suite, backyard, and balcony offer breathtaking views of Camelback Mountain. A spacious junior primary suite on the first level provides comfortable and stylish accommodations for guests. Enjoy the convenience of walking to local favorites like LGO, OHSO, and The Global Ambassador.

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24350 N Whispering Ridge Way Unit 22 Scottsdale, AZ 85255

Open House

$2,275,000

4 Beds

3 Baths

3,672 SqFt

Status Active

MLS # 6776926

Property Type Single Family Residence

Price Type --

Enjoy stunning sunsets, city lights, and sweeping mountain views from the elevated setting at this luxury home in Troon's gated Whispering Ridge community. Thoughtfully remodeled by Posh Interior Expressions, this residence combines elevated design with exceptional finishes throughout. The extensive renovation was from top to bottom and included features like a new roofing, new HVAC systems, low-e windows throughout, and fresh interior and exterior paint. High-end appliances, custom window treatments, and designer fixtures bring an impressive level of sophistication and function to this unique property. The spacious floor plan of 3,672 square feet offers versatile living spaces, including three bedrooms and two baths upstairs, an oversized laundry room that doubles as an office... or workout area, and a flexible office or fourth bedroom with an adjoining full bath on the lower level. The owner's suite is a private retreat featuring a cozy fireplace, custom closets, and a secluded balcony with unobstructed valley views. Electric blackout shades in the primary bedroom add comfort and convenience, while the home's lock-and-leave ease makes it perfect for those seeking luxury with minimal maintenance. Designed for seamless indoor-outdoor living, the home showcases large-format tile that extends throughout to the outdoor living spaces, creating a harmonious flow from inside to out. Gorgeous white oak flooring graces the upper level of the home along with luxury carpet in the bedrooms. Exquisite lighting, hand-forged stair railing and wall treatments accentuate each room's unique style, while custom details, including three gas fireplaces and a custom-built bar with Scotsman ice maker and beverage fridge, make this a truly distinctive home. The kitchen is the heart of the home with spectacular views from the integrated breakfast area. European cabinetry, quartz countertops, state-of-the-art Decor appliances including a gas range, center island, peninsula seating, and a reverse osmosis system grace this chef inspired kitchen. Fresh landscaping with mature vegetation, two covered patios, multi-tiered yard for lounging and dining, a spa with waterfall and new heater showcase the backyard with the unforgettable views. Other features include: two car garage with epoxy floors and built-in cabinetry; new water heater; Custom Classy Closets; two new propane tanks; new landscape lighting; new security system; laundry chute; original Builder upgrades including a kitchen wing window and sliding door, and a design plan for a future elevator. The home's attention to detail, prime location, and luxurious amenities make it one of the finest view properties in Troon. With furnishings available by separate bill of sale, the home is truly move-in ready.

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18558 N 92nd Place Scottsdale, AZ 85255

$2,266,325

3 Beds

3.5 Baths

2,749 SqFt

Status Active

MLS # 6691872

Property Type Single Family Residence

Price Type --

Amazing and last opportunity for new build construction in DC Ranch. Timeless contemporary architecture-2749 sq ft-all single level, 3 bedrooms, 3.5 bathrooms home with 2 car attached garage. Oversized great room concept with stunning drop down ceiling and multi stack doors all opening towards courtyard. Brand new Camelot floor plan offering the design and livability of a larger home but right sized. Front yard landscaping design and installation is included. Buyer still can customize and select all interior finishes.

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3875 S Flagstaff Ranch Road Flagstaff, AZ 86005

$2,260,000

5 Beds

4.5 Baths

3,511 SqFt

Status Active

MLS # 6742639

Property Type Single Family Residence

Price Type --

You might call this ''The Crown Jewel of Flagstaff Ranch,'' where you can see golf holes 9, 10, 13, 15 and 16 from this home! Immediately upon entering this highly upgraded home, the Picturesque Views of 5 different golf holes on Flagstaff Ranch will have you sold! Breathtaking views and the high-vaulted ceilings are complimented by the spacious, functional and captivating living area and kitchen. The kitchen boasts a double island, one of which is for entertaining and equipped with ice maker a wine fridge and the other houses a prep sink —a chef's delight! Speaking of a chef's delight, there's a 6-burner Wolf gas stove and an oversized Subzero freezer and fridge that neighbors an oversized walk-in pantry. Enjoy watching layers of golfers EVERYWHERE and beautiful Flagstaff skies from your living room or covered patio that showcase the panoramic views. Soak in Sunsets like you've never seen, while you listen to music on this home's Control 4 indoor/outdoor Sound System! You can easily access the Chuckwagon or The Turn snack shop with a quick stroll down Flagstaff Ranch Rd. Private dining room has views of the 15th and 16th holes. Ideally positioned windows all throughout the home best highlight golf course, tree and sky views all over. Caldera and Peak views also within reach. Downstairs is the Primary bedroom with fireplace and great views even in the bathroom. The bathroom is spacious with beautiful Restoration Hardware double sink and large closet...and in-floor heating to keep your feet warm! A second bedroom is downstairs, a Junior Primary Suite with wet bar and also has attached bathroom with dual sinks and shower. Rounding out the downstairs is a centrally located enclosed room with views of holes 15 and 16, which can be used as an office or kids playroom. Upstairs are three additional bedrooms, one of which is en suite. Stair access is conveniently located near garage door so as to not disturb occupants in the primary or junior suite on the opposite end of the home. Important rain or shine is a a covered patio, which this property has in addition to a level driveway which is all-weather friendly and most desirable, especially in the winter. Structural Builder's Warranty is transferable to new seller. This estate is both private with close access to the entry gates and has everything you could imagine and more! Did you know? Flagstaff Ranch is a top-rated golf course and is now Troon Managed! Flagstaff Ranch is ranked in the TOP 20 in Arizona by Golfweek!

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29537 N 155th Avenue Surprise, AZ 85387

$2,250,000

4 Beds

3.5 Baths

5,114 SqFt

Status Active

MLS # 6756050

Property Type Single Family Residence

Price Type --

Welcome to an unparalleled estate that seamlessly blends luxury living for horse and car enthusiasts on 8 gated acres. This property is designed with the discerning equestrian in mind, featuring ample space and tranquil surroundings perfect for riding and training. The main residence, showcasing 4 bedrooms and 3.5 baths, exudes timeless elegance with refined finishes throughout. Culinary enthusiasts will love the gourmet kitchen, equipped with Viking appliances and a central island, perfect for post-ride meals. The home also offers a private movie theater, a sprawling primary suite, and two grand fireplaces, creating a warm and inviting ambiance. Car lovers will be thrilled by the massive detached 3,000 sqft garage, ideal for housing RVs, classic cars, or any prized vehicles. This versatile space provides ample room for car restoration projects or simply securing your collection. Step into your backyard oasis, where a sparkling pebble tec pool awaits, perfect for Arizona's sunny days. Designed for both relaxation and entertaining, the outdoor area includes a BBQ station and a professional-grade misting system that keeps you cool on the hottest days. Low-maintenance turf adds lush greenery without the hassle, creating a perfect setting for gatherings or peaceful solitude. The estate is equipped with owned solar panels, delivering energy efficiency and significant savings. Additionally, the property features its own private well, providing a reliable water source for both household and equestrian needs. This estate offers the ultimate lifestyle for those passionate about horses, cars, or simply enjoying the finer things in life. Whether you're cooling off by the pool, working on your car collection, or riding through the serene grounds, this property is the perfect blend of luxury, functionality, and comfort. Make it your private sanctuary and experience the best of both worlds.

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26808 N 150th Street Scottsdale, AZ 85262

$2,250,000

3 Beds

3.5 Baths

2,746 SqFt

Status Active

MLS # 6740182

Property Type Single Family Residence

Price Type --

DISCOVER A SERENE DESERT OASIS surrounded by mountain views. Nestled in a horse-friendly community, this property is conveniently located near the entrance of the picturesque McDowell Mountain Regional Park. The park offers a myriad of outdoor activities, including 50 miles of trails dedicated to hiking, mountain biking and horseback riding. This exquisite custom home, constructed in 2020, boasts 3 bedrooms, 3.5 bathrooms, and a spacious 2,740 square feet of living space. A private well with a 5,000-gallon underground storage tank ensures a reliable water supply. The property features a 3-car extended length garage, including epoxy floors, insulation, and ample space for trucks and storage. The home's interior is elegantly designed with all tile floors and granite countertops, offering a clean low-maintenance living experience. The luxurious primary suite serves as a true sanctuary, complete with fireplace, jetted tub and large walk-in closet. For equestrian enthusiasts, the property includes a meticulously designed horse setup with a MD Barnmaster 4-stall barn, featuring a tack room, hay storage, raised center aisle with porch, windows, end doors, and stall doors. The barn is equipped with amenities such as electricity, automatic waterers, and stall mats for the comfort of your horses. The 5-acre property has low-maintenance desert landscaping and is securely enclosed with a 5 foot high, 4-pipe rail, no climb fencing, providing a safe and secure environment. Seize the opportunity to experience the tranquility and unique features of this exceptional property, priced below appraisal. Discover why this home is truly one-of-a-kind.

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4489 N Ocotillo Road Benson, AZ 85602

$2,250,000

5 Beds

4 Baths

3,600 SqFt

Status Active

MLS # 6746660

Property Type Single Family Residence

Price Type --

With irrigated pastures, barns, multiple homes, and the San Pedro River this property is one of a kind. This ranch has 55 acres of irrigated pasture and a 900 gpm irrigation well. Along with two horse barns, shop, clinic, hay storage, working corrals, tack rooms, feed rooms, and more. The ranch is the perfect place to raise cattle or horses in privacy. The 2400 sf home, 1200 sf ranch mangers home, and barn with office/apartment it provides space for all your crew or guests. Just 22 miles from Benson this location is great for expanding your livestock operation. Three domestic wells, a large irrigation well, and a pond supply water to the acreage. This location has an amazing water table and would make a perfect place to grow any crop or raise feed. A 350 acre private lease also available.

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14216 S Canyon Drive Phoenix, AZ 85048

$2,250,000

5 Beds

5 Baths

5,561 SqFt

Status Active

MLS # 6751901

Property Type Single Family Residence

Price Type --

Custom estate sitting on nearly 2.5 acres in the prestigious of gated Canyon Reserve community. Stunning mountain views surround the main and guest house on this quiet cul-de-sac. Greeted with high ceilings, arched entryways, travertine floors, and large windows to provide natural lighting in the formal dining, great room with gas fireplace, and office/den with built-in floor to ceiling bookshelves. Chef's kitchen includes stainless steel appliances, kitchen island with additional sink, pantry, and eat-in kitchen. Primary suite includes built-in shelves, fireplace, private seating area, dual sink vanities, oversized shower, separate bathtub, and walk-in custom closet. Entertain family and friends in the backyard's custom pool/spa with expanded pool deck, covered patio, outdoor TV setup, built in BBQ, and exterior fireplace while enjoying your private mountain views and desert landscaping. Additional home features include a 3-car garage and guest house with mini kitchen and full bath. Located near your favorite Ahwatukee hiking, golf, and dining!

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10141 N Mcdowell View Trail Fountain Hills, AZ 85268

$2,250,000

3 Beds

4 Baths

4,479 SqFt

Status Active

MLS # 6771738

Property Type Single Family Residence

Price Type --

A beautiful Fire Rock CC home priced to sell with furniture and finishes included.This well appointed home sets on over an acre and is move in ready.Majestic mountain views and city lights are undeniable through large picture framed windows.Vibrant views of the golf course are also present throughout the home and while enjoying numerous outdoor patios.A designer kitchen with timeless granite countertops with bar and a floor to ceiling Cantera fireplace showcase the great room.The split master suite has it all with mountain and sunset views, privacy, access to the pool/spa and separate study.Pride of ownership shows with many updated systems including the theatre room and backyard pool area with fountains and a rocking Sonos/Pioneer sound system. Live and enjoy the FireRock CC lifestyle!!!

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12785 N 135th Street Scottsdale, AZ 85259

$2,250,000

3 Beds

2.5 Baths

3,431 SqFt

Status Active Under Contract

MLS # 6781211

Property Type Single Family Residence

Price Type --

Welcome to an exquisite luxury estate in the esteemed guard-gated community of Scottsdale Mountain. This privately gated property offers a harmonious blend of soft contemporary design, rustic stone accents, and modern lighting, creating an inviting and elegant ambiance. Perched high on an expansive hillside lot, the estate promises breathtaking panoramic views. Inside, every room is a masterpiece of refinement and detail. The gourmet kitchen is every chef's dream with three SubZero units - fridge, freezer, and wine fridge - alongside a built-in Miele coffee center. The spacious island is the ideal gathering spot for family and friends, while the sleek 5-burner induction cooktop adds to the home's contemporary aesthetic. Retreat to your luxurious owner's suite and indulge in breathtaking sunsets or savor your morning coffee with panoramic views from every window. The owner's bath is truly spa-like, boasting modern floating vanities, a massive walk-in shower, and a soaking tub - perfect for unwinding after a long day. Complete with an oversized walk-in closet, the space offers ample storage space that is highlighted by designer lighting. Designed for both relaxation and entertainment, the backyard features a low-maintenance paradise with silver travertine pavers, lush turf, an outdoor kitchen, a ramada, and LED accent lighting. Watch sunsets light up the mountains to the north and take in incredible 180-degree panoramic cityscapes to the south. This expansive lot is also surrounded by Natural Area Open Space (NAOS) to the east, ensuring no neighboring developments disrupt the tranquility. Discover the ultimate luxury living experience at Scottsdale Mountain, where breathtaking views and an active lifestyle converge. This community embodies the quintessential Arizona lifestyle with easy access to a myriad of outdoor activities. Enjoy pickleball, tennis, basketball, and neighborhood events all within the community's gates. Or venture out for a vibrant array of local attractions, including golf, hiking, mountain biking, and horseback riding. With the Lost Dog and Sunrise Trailheads into the McDowell Sonoran Preserve located just outside the community gates, you're just minutes from exceptional scenery and an active lifestyle. Don't miss out on this opportunity to live in one of Scottsdale's most coveted communities, surrounded by natural beauty, while still being close to all that this vibrant city has to offer. Come see why this is more than just a house - it's an experience you won't want to miss!

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4007 E Montecito Avenue Phoenix, AZ 85018

$2,250,000

5 Beds

4.5 Baths

3,545 SqFt

Status Active

MLS # 6712091

Property Type Single Family Residence

Price Type --

Wow! Discover the unparalleled beauty & exquisite craftsmanship of this 5-bedroom new construction in Suncrest Gardens! This 2023 Thomas James home offers over 3,000 SqFt of exceptional luxury with an impressive open floor design & high-end details. Heated pool with fountains and light settings all easily controlled through an app. Tall ceilings, recessed lighting, wood flooring, abundant natural light, and multi-sliding glass doors are features found throughout. The living room has a textured accent wall with a mounted fireplace. Elegance & modernity seamlessly mix in this magazine-cover white kitchen showcasing stacked shaker cabinetry, herringbone tile backsplash, lavish quartz counters, a massive island with w/breakfast bar, and state-of-the-art stainless steel appliances. The bright owner's suite is split & comes with a pristine ensuite comprised of two vanity sinks, a freestanding tub, an oversized walk-in shower with bench, and a walk-in closet. Secondary bedrooms on the main floor share a Jack & Jill bathroom. Upstairs, you'll find a sizable loft and a second primary bedroom with walk-in closet & an immaculate bathroom with a dual vanity & separate tub/shower. The stunning backyard boasts a covered patio, a pebble-tec pool, lush greenery, and an outdoor shower with travertine stone. This beauty has an excellent location with Camelback Mtn. Views, within minutes from restaurants & shopping, and close to major roads. Words don't make this modern farmhouse gem justice. You must see it!

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7056 E Mighty Saguaro Way Scottsdale, AZ 85266

$2,250,000

3 Beds

2.5 Baths

2,600 SqFt

Status Active

MLS # 6760321

Property Type Single Family Residence

Price Type --

Prepare to be amazed by this one-of-a-kind, custom-rebuilt masterpiece! Completely reimagined with the finest luxurious materials and designer finishes, this home is a true gem unlike anything else Terravita has ever seen! From the moment you step onto the meticulously landscaped entry and pass through the stunning iron front door, you'll know you've found something special. This property feels like a brand-new home thanks to an extensive transformative rebuild, which included expanding rooms, removing walls, and adding entirely new spaces. The gourmet kitchen is a chef's dream, boasting a 6-burner Wolf stove, Wolf microwave, Sub-Zero column refrigerator/freezer, dual-zone wine chiller, Cove dishwasher, stunning quartzite island/dining table that comfortably seats up to 10. Custom cabinetry of the highest quality and a chic wet bar add convenience and elegance. The gorgeous primary suite boasts a rockstar worthy custom closet by Elevation Closets, easily convertible back to a bedroom if needed. Guests will be pampered in their own private two-room suite with a separate entrance. The north facing backyard provides ultimate privacy, where you can relax in your Pebble Tec pool. Please see the document section to view the extent of the rebuild and the specific top-tier finishes and features. This is an unparalleled opportunity for discerning buyers who value quality and desire the ease of moving into a show-stopping, like-new home in a world-class resort community with readily available memberships. Live the luxury lifestyle you've been waiting for without the wait!

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