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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8701 E Highland Avenue Scottsdale, AZ 85251

New

$2,200,000

4 Beds

2 Baths

2,289 SqFt

Status Active

MLS # 6787504

Property Type Single Family Residence

Price Type --

ULTRA-LUXURY BUYERS WANT EVERYTHING AT THEIR FINGERTIPS & ARE LOOKING FOR PROPERTIES THAT ARE DISTINCT & USUALLY 'ONE-OF-A-KIND'!! ONLY ONE SAVVY DEVELOPER... ''SCOTTSDALE'S PREMIER LUXURY BRAND'' HAS RESPONDED BY DESIGNING A 'UNICORN' RESIDENCE WHOSE UNIQUENESS BEGINS WITH ITS SPRAWLING 22,798 Sq.Ft. IRRIGATED LOT, DISTINGUISHED BY A 3-CAR GARAGE & AN ''IN-GROUND, GLASS-FLOOR AQUARIUM'' THAT GIVES THE IMPRESSION OF 'WALKING ON WATER' MAKING THIS HOME A 'UNICORN...SOMETHING THAT IS HIGHLY DESIRABLE, BUT DIFFICULT TO FIND, TYPICALLY UNUSUAL, RARE OR UNIQUE!' This is ambitious from an architectural perspective, it's not just a FISH TANK, it's an immersive feature that brings tranquility & nature right into your daily routine, from the laundry right into the center of the home you'll be greeted by the peaceful sight of colorful tropical fish swimming right beneath your feet!! Imagine stepping into a home where the indoors seamlessly flow onto an entertainers dream space, Adjacent to the BRAND NEW HEATED POOL is a 'ONE-OF-A-KIND OUTDOOR KITCHEN' designed to be the centerpiece of your outdoor living space which opens up to the expansive backyard with plenty of room to roam. Whether you're sipping a cocktail while watching the sunset, enjoying the view from your ROOFTOP DECK.... 'SCOTTSDALE'S PREMIER LUXURY BRAND' has created another unique space... this is not just your standard BBQ setup. It's a 'STATE-OF-THE-ART BUILT-IN KITCHEN' with grill, separate smoker, wood paneled bar, 2 TV's, beverage fridge, and when you're not using it, just magically close it up until the next Sunday Funday!' Step inside Into the majestic vaulted open Living/ Dining spaces with exposed wooden beam, a 6 foot WINE GALLERY lines the one wall & focal point brick wood burning fireplace the other. The Signature 'two-tone' Designer Kitchen' is fully integrated with KitchenAid appliances with gas cook has 10 ft kitchen island and is Flanked on both sides by 2 bedrooms and 2 bathrooms. The primary suite has beverage bar and 'spa-like' bathroom en-suite and flows beautifully to the outdoors. Beyond the home, the expansive lot offers endless possibilities.... room for a casita, create your own garden or vegetable farm, DO YOU HAVE TOYS?? Trailers, RV's, Boats with NO HOA, this is your own playground! Car enthusiasts will be awed by the 3 car garage with E-V charging station, designer lighting, & built in cabinetry, and with Inside Laundry with Washer/dryer FINALLY A HOME THAT EXCEEDS ANY & ALL EXPECTATIONS!! FEATURING: RARE 1/2 ACRE Irrigated Lot - Minimal Water Bill, 3 CAR GARAGE That Rarely Exists in South Scottsdale, Floor to Ceiling Custom Designed Cast Iron/Glass Pivot Front Door, Brand New Heated Pool, New Electrical, New Plumbing, All New Landscaping & Ambient Solar Lighting, Thousands of SQ. FT of Pavers, Double Insulated Garage Doors, New Tile & Metal Roof, New HVAC System & Ducts, Engineered Hardwood Floors Throughout, Vaulted Ceilings, Dual Pane Windows & Sliders Throughout, Custom Designed Drapery & Hardware, Handpicked Chandeliers, Lighting & Fans, Signature Pewter & Brass Hardware Throughout, Top-of-the-line KitchenAid Appliance Package, Ample Off-Street Parking.

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3330 S Sycamore Village Drive Gold Canyon, AZ 85118

$2,200,000

4 Beds

4.5 Baths

4,129 SqFt

Status Active

MLS # 6760787

Property Type Single Family Residence

Price Type --

BEAUTIFUL REMODELED HOME overlooking the 12th hole green of the Prospector Golf Course-although a distance from the cart path for privacy. . Views of the 11th fairway and green are also visible. Four bedrooms/4.5 baths. Primary suite with fireplace includes a second room for an office or work out room and his/her closets. Guest bedrooms all ensuite. A separate guest Casita is the fourth bedroom located just inside the gated front courtyard with its own sitting area. Your guests will never want to leave! Open great room/kitchen/dining room floor plan. All new flooring, paint bathrooms and kitchen. HIDEAWAY SLIDERS OPEN TO A REDESIGNED PATIO. NEW POOL WITH NEARLY A 50' LAP LANE AND AN ADJOINING SPA. Outdoor patio has a large sitting and dining area. Great for entertaining. ROOF DECK FOR SEEING INCREDIBLE SUNSETS AND CITY LIGHT VIEWS! TWO JACK NICKLAUS GOLF COURSES! Not a golfer? Enjoy pickle ball, bocce, tennis, hiking and many other activities. Country Club living at its best! Club amenities under a separate agreement. Buyer and/or buyer's agent to verify all pertinent information, including square footage.

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36482 N Boulder View Drive Scottsdale, AZ 85262

$2,200,000

5 Beds

4.5 Baths

4,180 SqFt

Status Active

MLS # 6769105

Property Type Single Family Residence

Price Type --

This beautifully remodeled home features a new roof, new garage doors, and a newly remodeled pool. Fresh exterior paint gives it great curb appeal. Inside, you'll find custom accent beams, a redesigned fireplace and bar, and a 500-bottle, temperature-controlled wine cellar. The kitchen, primary, and guest baths feature new cabinets and granite countertops. The split floor plan and detached casita with kitchenette are perfect for guests. Enjoy sunsets over Black Mountain from the backyard or relax by the fire pit and waterfall pool. Explore the nearby McDowell Sonoran Preserve with over 175 miles of trails.

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4455 E Quail Brush Road Cave Creek, AZ 85331

$2,200,000

4 Beds

4.5 Baths

3,652 SqFt

Status Active

MLS # 6766062

Property Type Single Family Residence

Price Type --

Extraordinary home that combines elegance and comfort! Beautiful 4 bedrooms plus den with split design. All secondary bedrooms with ensuite baths! Luxurious primary suite with his & hers vanities, separate soaking tub & large walk-in shower! Top of the line appliances enhance the chef kitchen with large island, pot filler, wine bar & large walk-in pantry. Cook outdoors too! In the fully appointed kitchen with grill, gas stove, ice maker, & dual beverage/condiment refrigerators! Embrace the carefree lifestyle of RV life with the 50 foot RV garage & workshop. Plenty of room for other toys/boats with dual RV gates! (one on each side of home) Telescopic doors from great room to patio unveils the backyard oasis with sparkling pool, putting green, citrus trees & low maintenance landscaping. Dis Discover the meticulous extra details that add to your comfort level such as, Whole house water filtration system, Entertainment system throughout, California closets in every bedroom closet, Solid wood doors throughout, Digital door locks & pool controls & Security camera. You'll appreciate the LOW utility bills with the 68 Panel owned Solar system! Pre-wired for electric infrared ceiling heaters on patio, pre-wired for electric shades on patio, and pre-plumbed for air compressor on patio (for misting system) and in the garage! Paved Circle driveway allows for extra guest parking. Rare opportunity to call this home YOURS!

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9915 E San Salvador Drive Scottsdale, AZ 85258

New

$2,200,000

5 Beds

3.5 Baths

3,700 SqFt

Status Active

MLS # 6786813

Property Type Single Family Residence

Price Type --

Welcome to your dream home in one of the greatest Scottsdale neighborhoods. Completely remodeled from top to bottom this turn key home is a sophisticated and modern retreat that reflects that magical merging of inspiration and design. This home is a masterpiece of craftsmanship featuring a great entertaining dream, large open floor plan, high ceilings, contemporary statement wood fireplace, stainless steel appliances, double ovens, oversized quartz island. Kitchen is a dream come true! Master bedroom is the ultimate retreat complete with a generous size room a sleek ensuite bath with a modern tub, premium finishes and fixtures. Plenty of natural light flows throughout the home's open, airy layout. .Enjoy gatherings in the entertainer's resort style backyard. LARGE LOT BEST DEAL IN TOWN!

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8170 E Kalil Drive Scottsdale, AZ 85260

$2,200,000

3 Beds

3.5 Baths

3,888 SqFt

Status Active Under Contract

MLS # 6782637

Property Type Single Family Residence

Price Type --

outstanding golf course water and mountain views one of the best view lots in Scottsdale Country Club East 9

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4150 E Dynamite Boulevard Cave Creek, AZ 85331

$2,200,000

3 Beds

3 Baths

1,378 SqFt

Status Active

MLS # 6664797

Property Type Single Family Residence

Price Type --

Seller-Financing Available! A very rare ''RU-43'' zoned Ranch to purchase in the absolutely best possible location of the Valley (a Hop & Skip from the Dynamite Roping Arena). And the Seller will consider ''Carrying the Paper'' on the financing. By the way, the ''U'' designation of the RU-43 affords additional privileges for equestrian purposes, and there is ''NO HOA''. This property is loaded with features. A Modern Barn with: Office, Ranch Hand Living Quarters, Fourteen (14) Stalls/Pens (7 in barn), Grooming Bay, Horse Drawn Carriage Garage, and Tac Room; Bull Pen, Walker, Multiple Corrals, Multiple Arenas, Breeding Facilities and a 'Hay Barn'' that would be difficult to get a permit to build these days. This ranch just went through a major renovation. Modern steel fencing was installed on the complete perimeter to help secure the property and keep unwanted animals from entering. A New Arena and Updated Corrals, were updated as well in the same way. And the house and barn were detailed throughout. The home was inspected as if the present Seller was a buyer, and items found to be an issue were repaired. And lastly, this Seller will consider owner financing for the right Buyer.

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1775 S 131st Street Gilbert, AZ 85233

$2,200,000

5 Beds

7 Baths

5,343 SqFt

Status Active

MLS # 6714697

Property Type Single Family Residence

Price Type --

Experience unparalleled luxury in this meticulously designed Tuscan-inspired home. As you approach the grand front entry, custom old-world wood/metal doors welcome you into enchanting front courtyard. Step inside to discover a huge foyer and open interior that epitomize grandeur.Key Features*5400 Sqft Layout, Spacious and open, perfect for both relaxation & entertaining*Lush 1.38 Acre Lot:*A sprawling estate offering ample outdoor space for recreation*Gourmet Kitchen w granite counter tops/ designer cabinetry, a culinary haven ideal 4 entertaining *High-End Finishes, Meticulous attention to detail w/ luxurious finishes throughout*Resort-Style Outdoor Oasis: Heated pool & spa, gas fire pit, outdoor grill, putting green, & multiple covered entertaining areas. 8-Car Gar

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38646 N 104th Place Scottsdale, AZ 85262

$2,200,000

3 Beds

3.5 Baths

2,544 SqFt

Status Active

MLS # 6739325

Property Type Townhouse

Price Type --

Golf Membership available & Furnished~Remodeled Hacienda in a fresh ''Cala Lily'' soft white palette with new flooring, countertops, backsplash, primary suite walk-in shower, electrical and new plumbing. This is a GEM as a lock and leave or easy primary residence with less maintenance in mind. Dual generous entertaining patios both covered and uncovered lounge/dining areas featuring an exterior fireplace and BBQ patio showcasing a new bar with more conversation space. Primary suite has been completely redone; elegant white hexagon tile flooring, dual sided zero entry shower with new hardware and 2 walk in closets. Bright farmhouse style kitchen opens to the great room and dedicated dining with a very convenient and civilized service bar. En-Suite casita with kitchenette, sitting area and views of Pinnacle Peak, Tom's Thumb and all the ranges that surround. Please see features sheet in documents tab for a complete list of all updates/upgrades regarding this just finished remodel.

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12209 N 66th Street Scottsdale, AZ 85254

$2,200,000

5 Beds

3.5 Baths

4,266 SqFt

Status Active

MLS # 6762109

Property Type Single Family Residence

Price Type --

Back on market. Buyer couldn't perform. Dream backyard on over a flat acre. Quiet and minimally traveled street. Front door flows open to large bifolds creating a beautiful indoor outdoor environment. Custom white oak kitchen w quartzite countertops. Walk in pantry. Showcase wine cooler. Separate dining space with bar. 3 fireplaces. Two primary suites, # Separate living rooms with options for convertible space. 1300sf garage with tremendous ceilings and workshop space. Every inch of this house has been completely gut renovated. AC and ductwork is brand new. Brand new roof and stucco. All plumbing is new. Resort like backyard, the exterior showcases a brand new pool with heater, oversized outdoor kitchen, water feature, bocce ball, putting green, fire pit, new fence. List goes on and on

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9590 E Altadena Avenue Scottsdale, AZ 85260

$2,200,000

4 Beds

3.5 Baths

4,632 SqFt

Status Active

MLS # 6686677

Property Type Single Family Residence

Price Type --

Nestled behind the gates of an exclusive Scottsdale neighborhood, this stunning contemporary home epitomizes luxury living. Boasting clean lines and sophisticated design, this residence is conveniently located near premier shopping, dining, and esteemed schools. Upon entering, you're greeted by soaring ceilings and newly installed wood flooring, creating an inviting atmosphere flooded with natural light. The expansive walls of glass seamlessly blend indoor and outdoor living, offering a tranquil retreat from the bustling city life. The meticulously crafted layout includes a master suite boasting a comforting fireplace and a lavish bathroom equipped with heated floors, a multi-person Jacuzzi jetted tub, and a stunning glass wall opening onto a secluded courtyard. Four extra guest rooms, one with a steam shower, offer generous areas for unwinding and work alike. The updated white kitchen is a chef's delight, boasting a large island with custom lighting and top-of-the-line appliances. It effortlessly flows into the spacious family room, featuring a fireplace, surround sound, and wet bar, making it the perfect spot for entertaining guests. This home is a equipped with a smart home system and has network wiring with multiple access points. Outside, the resort-style backyard beckons with its expansive covered patio, outdoor kitchen, and built-in BBQ island. Framed by lush grassy grounds and majestic mountain views, the heated pool with rock waterfall and super sports court provide endless opportunities for recreation and relaxation.

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11812 N 142nd Street Scottsdale, AZ 85259

$2,200,000

5 Beds

4.5 Baths

5,863 SqFt

Status Active

MLS # 6732175

Property Type Single Family Residence

Price Type --

Enchanting Hidden Hills home nestled amongst the McDowell Mountains with views of Camelback Mountain! Custom finishes throughout with new interior paint and carpet. Open floor plan..Great Room with Dining & Living Room ,wet Bar area that has a 300 bottle wine room. and your own Kegerator! Split floor plan ... MBR has its own wing with FP, sitting and patio areas. Bonus rooms include an Excercise area and furnished Media room. Ample parking and storage with a 4 car garage. Low maintenance back yard that is perfect for entertaining. Heated Pool with /waterfall, Spa,FP, Built in BBQ,Electric sun shades and artificial turf. Large laundry room with its own craft area! LOADS of Room to roam in this beauty......

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