Mythbusting: Understanding Mortgage Myths and Why They Shouldn’t Hold You Back

Mythbusting: Understanding Mortgage Myths and Why They Shouldn't Hold You BackWith the fluctuations in real estate and the increasing cost of home ownership, many people are entering the market with more trepidation these days. Fortunately, there are a number of myths associated with buying a home that may not adversely affect potential home buyers. If you’re interested in purchasing a home but are unsure about whether it will get approved, here are a few things you may want to dispel.

No Approval With Less Than 20 Percent

While putting 20 percent down can help you avoid having to pay private mortgage insurance, this down payment percentage is still just a suggestion when it comes to mortgages. It’s necessary to put a certain percentage down and be able to drum up the money on your own, but if getting into the market is your priority, buying now may be worth the investment over time. It’s just important to remember that the cost of your monthly payment should be affordable for the long term.

Home Ownership Is Too Expensive

It’s certainly the case that the real estate market is always fluctuating and prices can go up or down, but generally speaking, a home will increase in value over time and that means your monthly payment will be something you can consider an investment. While monthly rent disappears as soon as the calendar month is over, the money you invest into a home month after month builds up your equity and ensures greater stability for your financial future.

You Must Have A Good Credit Report

While it will definitely help your mortgage application if you possess good credit, it’s not necessarily a deal breaker if you don’t. Each mortgage is assessed based on a combination of factors that can include your down payment amount and your debt-to-income ratio, so this means that if you have a higher down payment and a less impressive credit report, you can still be approved. It’s a good idea to pay your bills on time and get your debt down if you’re applying for a mortgage, but there are opportunities for potential buyers who have experienced credit issues.

Home ownership is an important dream for many people, and as a result, there are many myths associated with the mortgage process. However, even if you don’t have 20 percent down or perfect credit, there are still opportunities for improving your financial well-being and investing in a home. If you’re currently looking for a new home, give me a call for more information – J.P. Cook – 602-320-4253.

Click Here to See What Your Home is Worth

2086 E Mead Drive Gilbert, AZ 85298

$1,750,000
5 Beds
4.5 Baths
4,235 SqFt
Status Active
MLS # 6782221
Property Type Single Family Residence
Price Type --
Simply stunning understated elegance in this gorgeous pristine home in the beautiful gated community of Legacy At Freeman Farms. This home and property exudes pride of ownership.Featuring 4235sf with 5 bedrooms and 4.5 baths, 4 car garage.Wonderful guest suite (2nd primary bdrm) with wet bar,ensuite bathroom & walk in closet. Sumptuous primary suite incl sitting area,luxurious bathroom & oversized shower. Chef's kitchen with Quartz counters, stainless appl.gas cooktop, huge center island, dining nook with wet bar & wine fridge plus a huge walk in pantry. Exquisite manicured grounds incl a heated salt water pool, water feature, firepit,built in bbq plus gorgeous landscaping. Expansive patio for relaxing. Luxury gated community of 1 level homes features parks & basketball court.

11165 E Gold Dust Avenue Scottsdale, AZ 85259

$1,750,000
5 Beds
3.5 Baths
3,601 SqFt
Status Active
MLS # 6782919
Property Type Single Family Residence
Price Type --
Impressive custom home in luxury gated community. Large corner cul-de-sac lot with huge grassy area and drive through portico. Spectacular yard has sparkling pool with waterfall, built-in BBQ, misting system, outdoor shower, ramada, fire pit and large play area. 5 bedrooms. Kitchen completely remodeled in 2021 with new countertops and appliances. Master suite is truly One of a kind as it features two separate his and hers bathrooms with shared walk through shower and two walk-in closets. Large living area with wood burning fireplace, kitchen with eat-in dining area and two-sided wood burning fireplace, flex room next to kitchen has been turned into a bar that is perfect for entertaining. Close to community amenities including tennis, basketball, and sand volleyball.

25225 S 194th Street Queen Creek, AZ 85142

$1,750,000
4 Beds
4.5 Baths
4,115 SqFt
Status Active
MLS # 6784389
Property Type Single Family Residence
Price Type --
Experience luxury and modern design in this stunning newly-built home, thoughtfully designed by a professional interior designer. Featuring 16-foot ceilings, custom tile and trim in the foyer, and wood beams, this home exudes sophistication. The living room boasts a marble-surrounded fireplace with custom built-ins and a 20-foot glass slider wall for seamless indoor-outdoor living. The gourmet kitchen includes a large island, quartz countertops, a 48'' double oven gas range with a pot filler, and a Frigidaire side-by-side refrigerator/freezer with filtered water and ice. A walk-in pantry, quartz slab backsplash, and ample cabinetry complete this space. The mudroom adds functionality with an Elkay water bottle filler, enclosed storage, and a drop zone. Also including a backyard covered patio where you can sit back and enjoy a relaxing afternoon, this home is a true gem! Don't miss out!

4302 E Mountain View Road Phoenix, AZ 85028

$1,750,000
4 Beds
2.5 Baths
3,296 SqFt
Status Active Under Contract
MLS # 6750177
Property Type Single Family Residence
Price Type --
This luxury home is nestled in the quiet neighborhood of Rancho Alta Vida with breathtaking views of Phoenix Mountain Preserve from every angle! Your new home sits on a private cul de sac corner lot, and steps away from the community pickleball and tennis courts. The custom wood gate leading to the secluded courtyard offers a peaceful area to enjoy the beautiful sunsets. Upon entering the home through double wooden doors, you are presented with a spacious foyer that gives you views and an exit to your outdoor oasis, along with site lines to both the living room and family room. Stepping into the chef's kitchen you will find an abundant offering of cabinets, pantry storage, granite counters, built in microwave and wall oven, a cook top with hood, breakfast bar, wine fridge and more amazing views of your outdoor oasis, including a built in BBQ for that indoor/outdoor entertaining that Arizona weather offers us. Plenty of room for formal dining and a cozy family room with a wood-burning fireplace. The primary suite has a private sitting room with private exit to your oasis, large walk in closet, with built-ins, spacious ensuite bathroom with walk in shower, double vanities, and a bidet. The 3 other bedrooms are spacious and down the hall, along with the second full bath and additional half bath. Your backyard has plenty of entertaining space, with 3 separate patio and lounging areas, built in BBQ, and all to enjoy the astounding custom 60 foot, pebble tec lap pool. The property is adorned with grapefruit and lemon trees, lush private landscaping and picturesque mountain views.The oversized 3-car garage has built in cabinets, and a cedar-lined storage room. Close proximity to excellent private and public schools, shopping, entertaining, yet secluded from the hustle and bustle of downtown living. Enjoy the Paradise Valley area with an 85028 affordability.

1621 W Lynx Way Chandler, AZ 85248

$1,750,000
4 Beds
2.5 Baths
3,023 SqFt
Status Active
MLS # 6763746
Property Type Single Family Residence
Price Type --
ASK AGENT ABOUT $100K CONCESSION FOR CASH BUYER~Make this home your own updated style, when you are ready~The floorplan is the best, 12' ceilings~Open Great Rm Kitchen Dining, Walls of Windows! Tucked deep in gated Ocotillo Lake Community~Semi custom Edmunds Build~Creative Environments includes Pool/Spa/Outdoor Kitchen, Dock, Putting green, Bridge to Sunbathing deck~Swim-Up BAR~Stone decking & DEEPER AREA TOO~Dining, Waterfall, Expansive covered patio that can be enjoyed 3/4 of the day~INDOOR/OUTDOOR LIVING to Al FRESCO Living~LOADS of Natural light pours into home~Complemented by 12' tall ceilings, plantation shutters, neutral paint, tile & carpet. Gas fireplace in great room and yard has multiple fire features~Seller also advertising for rent~SEE EXTENDED POOL DESCRIPTION IN ''MORE'' Enter the double-door main bedroom to find outdoor access and an ensuite with two vanities, a soaking tub, & a walk-in closet. The two secondary bedrooms shared a Jack & Jill bathroom. The 4th bedroom, with a walk-in closet, can be an office as well. Laundry room with a sink & cabinetry. But the true highlight is the RESORT-STYLE backyard! This space promises year-round enjoyment, featuring a covered patio, built-in BBQ, well-laid flagstone, multiple seating areas, grassy area, putting green, and a negative edge pool w/sitting area & swim-up bar. The serene lake views provide an amazing backdrop to your living experience. As a resident of Ocotillo Lakes, you'll also benefit from the community's premium amenities! Scenic lakes & walking trails, parks, playgrounds, tennis & pickleball courts, a golf course, swimming pools, spas, and beautifully landscaped common areas. Close to schools, shopping, restaurants, high-tech companies, and freeways. See it! Love it! Live it! THE POOL AND YARD SCREAM AN OUTDOOR ENTERTAINING LIFESTYLE THAT IS THE ABSOLUTE BEST! A pool design specifically tailored for parties: ~~Pool Layout: ~~Main Pool: The central focus, providing ample swimming space for multiple people. ~~Spa: A smaller, heated pool area for relaxation and therapy. ~~Tanning Ledge: A shallow area along the pool's edge, perfect for lounging and sunbathing. ~~Sunken Bar Area: A unique feature where guests can enjoy drinks and snacks while remaining in the pool. **Depth and Dimensions:** ~~Main Pool: Suitable for swimming and socializing with multiple plunge pool point of entries. ~~Spa: The spa area is deep, for comfortable relaxation. ~~Sunken Bar Area: Allowing people to sit or stand comfortably. ~~Party-Friendly Features~~ ~Multiple Entry Points: Easy access to the pool from various points. ~Seating Areas: Built-in seating or floating loungers for relaxation. ~Lighting: Underwater at night. ~This pool design offers a variety of features that cater to different preferences and create a fun and inviting atmosphere for parties. The pool incorporated elements like a spa, tanning ledge, and sunken bar area to enhance the social experience to make the pool a central gathering place.

10801 E Happy Valley Road Unit 45 Scottsdale, AZ 85255

$1,750,000
3 Beds
3.5 Baths
3,251 SqFt
Status Active Under Contract
MLS # 6777607
Property Type Single Family Residence
Price Type --
Breathtaking views of Pinnacle Peak, the valley, and city lights set the stage for this stunning home, nestled on just over an acre of mature desert landscape. Freshly painted throughout with all new switches and cover plates, this three bedroom plus office and three and a half bathroom home is a blank canvas ready for its new owner. The main house spans 2,791 square feet of single-level living, featuring two bedrooms, plus an office that could serve as a fourth bedroom, and two-and-a-half bathrooms. The thoughtful split floor plan provides privacy, while the detached 460 square foot guest house, with its own private entry, offers a bedroom, full bath, classic kiva fireplace, sitting area, and kitchenette. The main home welcomes you with an open great room, where an oversized sliding glass door fills the space with natural light and offers seamless views of the backyard. A modern fireplace with a custom wood surround and display shelving adds warmth to the room. Extending from the home is a spacious travertine patio, offering plenty of room for outdoor dining and lounging, all while overlooking the pool, spa, and barbecue areaperfect for entertaining. The kitchen is a contemporary chef's dream, with flat-panel European cabinetry, matching paneled refrigerator and freezer, stainless steel appliances, gas cooktop, and a center island topped with black granite. A hidden walk-in pantry, accessible from both the kitchen and garage, provides extra storage and convenience. Adjacent to the kitchen is a full wet bar with matching finishes, a beverage fridge, and an open flow to the great room and wine room, which features built-in wine storage and an arched steel and glass display door. The primary suite is a tranquil retreat with exterior access and a cozy fireplace. The ensuite bathroom features dual vanities, a separate shower and soaking tub, a private water closet, and a large walk-in closet. Additional highlights of the home include timeless travertine flooring throughout, a media closet off the entry, an oversized steel and glass double entry door, and a side-entry three-car garage with built-in cabinets. The spacious laundry room includes a sink, ample cabinetry, and direct access from the garage. With classic Southwest styling, including smooth stucco and a red tile roof, this home blends charm with modern comforts, all set against the backdrop of the serene desert landscape.

39032 N 101st Way Scottsdale, AZ 85262

$1,750,000
2 Beds
2.5 Baths
2,234 SqFt
Status Active Under Contract
MLS # 6769860
Property Type Single Family Residence
Price Type --
Desert Mountain GOLF MEMBERSHIP available from Seller with Club approval. Welcome to this stunning Sonoran Ridge home, where breathtaking sunset and city light views await you. Offering 2 split primary suites, each with its own unique charm and personality. This private expanded wrap-around patio is accessible from both suites, providing the perfect place to relax and take in the stunning desert vistas which enhances its tranquil and serene atmosphere. Both suites offer plenty of closet space, as well as spa-like en suite bathrooms with double vanities, a walk-in shower, and luxurious soaking tubs. Close proximity to the Sonoran Clubhouse adds to this coveted location within Desert Mountain.

30308 N 117th Drive Peoria, AZ 85383

$1,750,000
4 Beds
3.5 Baths
3,982 SqFt
Status Active
MLS # 6785414
Property Type Single Family Residence
Price Type --
This solar powered masterpiece in the prestigious Blackstone community is nestled along the country club's 12th green on a premier view lot. The ''Costellana'' model is known for its split floor plan, open concept living, and an attached casita. As soon as you step into this home, you are looking through the 15 ft pocket sliding wall of doors onto the golf course. The sunset and mountain views on the golf course are breathtaking. Celebrate luxury living with an outdoor space that includes a pebble-tec, heated pool and spa, gas firepit, putting green, and outdoor kitchen sitting under a custom pergola. The desert and mountain views are so amazing you will never want to leave this sensational space! This beautiful kitchen features a massive 14 ft center island with granite countertops, farmhouse sink, and double oven. Beautiful designer cabinets and extended built-in buffet with dual wine racks and a drink refrigerator. All this flows into a large dining area sitting at a wall of windows so you can enjoy those tranquil views with your meal. A Formal Dining Room is a perfect place for large family meals. This room has been upgraded with glass French doors to give the option of additional flex space. The Primary Bedroom sits on the North wing of the home. You will find a large bedroom with plenty of windows to enjoy those amazing views. It boasts a massive 14 ft long closet. The spa-like bath features dual vanities with granite countertops, walk-in tiled shower with bench and rain shower head, and a romantic soaking tub is at the center of this large bathroom. The Casita is perfect for guests, business space, or multi-generational living. It includes a living room, separate bedroom with walk-in closet, and a bath with tiled shower and granite countertop. All of this with its own private exit. Solar is owned and features a VERY LARGE 15-kilowatt system with 46 panels. 4 Car Tandem Climate Controlled Garage with 4-foot extension is insulated attic and air conditioned. It has epoxy floors and plenty of built-in cabinets that include a workbench. 8' RV Gate VERY RARE for this neighborhood. You will love the curb appeal of this home's low maintenance and elegant landscape, paver driveway, and paver walkway through the courtyard lined with colorful plants! Landscape lighting front and back makes this home come alive at night. Additional exterior features: Led multi-color pool lighting, Pool, Spa, and lighting all controlled from your phone. Travertine decking on the patio, around the pool, a gas fire pit, synthetic grass accenting the travertine, and an outdoor kitchen. Rain gutters for those rare days with no sunshine. Additional interior features: Bonus / Flex Room, Office featuring glass french doors, Power sunshade at pocket doors in great room, Gas Fireplace and Surround Sound Speakers in the great room, Wood Designed Tile in all traffic areas, 8 ft Solid Core Doors and Water softener. Country Club Membership Options: Blackstone Country Club offers both Equity Golf and Equity Social Membership opportunities. All memberships at Blackstone Country Club are family and cover children up to the age of 26. Both golf and social memberships enjoy all the amenities of the Club including: Indoor and outdoor dining with breakfast, lunch, dinner and happy hour menus. Members also enjoy gourmet wine dinners, specialty nights and cooking classes. State-of-the-art fitness center, group exercise classes, personal training, and massage services. Fully appointed locker room areas with luxurious showers and steam rooms Four lighted tennis courts with a ball machine and half-court basketball. Three resort pools- the main pool featuring cabanas and a firepit and food and beverage service; Lap Pool heated year-round; and a large, shallow Children's Pool and play area.

10647 N 82nd Place Scottsdale, AZ 85260

$1,750,000
5 Beds
3.5 Baths
3,514 SqFt
Status Active
MLS # 6782995
Property Type Single Family Residence
Price Type --
Welcome to Sundown Ranch Acres! This charming property offer a rare combination of space, functionality and comfort in the highly desirable 85260 zip code. Just under an acre on a great corner lot featuring a 3514 sq foot custom home, large gourmet kitchen with Wolf steam oven, generous center island, alder wood cabinets, walk in pantry and large breakfast area, DOWNSTAIRS primary suite with large walk in closet, office or 5th bedroom, upstairs: LARGE loft, 2 bedrooms, bath & 2 view balconies, front circular drive, backyard with large covered patio, pool with slide, outdoor shower, fire pit, don't forget the detached 3 car garage with 220 amp and water, this property is perfect for those with a passion for equestrian/car/wood working activities providing tranquil suburban living Located near great Scottsdale schools, shopping, dining parks, the 101 the list goes on and on!

8942 E Stagecoach Pass Carefree, AZ 85377

$1,750,000
3 Beds
2.5 Baths
2,769 SqFt
Status Active
MLS # 6782342
Property Type Single Family Residence
Price Type --
Experience true desert luxury in this modern contemporary gem, located on an expansive lot in the serene high Sonoran Desert of Carefree, AZ. Surrounded by stunning mountain views and vibrant Arizona sunsets, this 3-bedroom, 2.5 bath home is designed for peaceful living and stylish comfort. The open floor plan boasts a spacious family room w/a sleek linear fireplace and new windows that bring the breathtaking desert landscape indoors. The gourmet kitchen features a large island w/beverage center, a cozy breakfast nook & abundant storage. The primary suite offers a private retreat w/spacious walk-in closet, luxurious bath w/double vanities and ample room for repose. The backyard is designed for relaxation and recreation featuring a lap pool, above-ground spa, covered sitting area and synthetic grassy area--all set against the backdrop of stunning mountain views! Additional highlights include a 2.5 car. garage and high-end finishes throughout. This exceptional property combines modern style with the serenity of desert surroundings.

7456 S Brighton Court Queen Creek, AZ 85142

$1,750,000
4 Beds
4 Baths
4,356 SqFt
Status Active
MLS # 6715436
Property Type Single Family Residence
Price Type --
Add your POOL with this recent PRICE DROP! Amazing SKI LAKE community of San Tan Lakeside Estates! Premium corner lot location of a peaceful cul-de-sac with impressive lake and mountain views from every angle! Stone accented facade, 4-car garage + paver driveway, manicured landscaping, and welcoming courtyard. Thoughtfully laid-out floor plan comprised of warm wood floors, recessed lighting throughout, pre-wired surround sound, high customized ceilings, and abundant natural light. The formal dining, living room, and family room w/fireplace provide endless entertainment possibilities! Wide-open kitchen has SS appliances, quartz counters, an island for prep and breakfast bar, a walk-in pantry, gorgeous cabinets, and a subway backsplash. Create gourmet dishes in this delightful kitchen Generous size bedrooms with their own upscale bathrooms, 4th bedroom (set up as an office) has its own entrance/exit w/ full bath directly across the hall way. Master split and the secondary bedrooms on east side of the home are amazing. Bedroom 2 complete with huge walk-in closet and tile accented shower. #rd bedroom is the Bunk Room! Check out the amazing built in bunk beds and huge space for gatherings, teen room, game room etc. Ample laundry room with cabinetry space for extra storage can't be left unsaid. Every room is a work of art! The grand owner's retreat offers private backyard access and a spa-like ensuite boasting a jetted tub, glass enclosure raindrop shower, dual vanities, and a large walk-in closet. Enjoy relaxing in your oversized backyard, featuring green grass, a covered patio, a built-in BBQ, a fire pit, plenty of shade trees, and a romantic deck for admiring the stunning mountains or the beautiful lake. This home is a treasure. The natural lighting from the huge windows, and sliders allows the north/south face exposure to shine! Act now!

6213 W Saguaro Park Lane Glendale, AZ 85310

$1,750,000
4 Beds
5 Baths
5,984 SqFt
Status Active
MLS # 6642897
Property Type Single Family Residence
Price Type --
Welcome to the prestigious gated community of Tuscany Hills, where luxury living meets panoramic perfection. This meticulously remodeled custom home offers a refined retreat in the scenic foothills, commanding awe-inspiring views of both the majestic mountains and the glittering city below. Step through the custom door into the grandeur of the great room, adorned with intricate column details and featuring a bespoke wine room that sets the tone for sophisticated entertaining. The gourmet kitchen is a culinary masterpiece, boasting high-end quartz countertops, a tasteful tile backsplash, and state-of-the-art Wolf appliances. Dual kitchen islands, a spacious pantry, and a charming breakfast nook add both functionality and style. In the dining room, an oversized custom window captures the essence of the breathtaking views, creating an enchanting backdrop for your dining experience. The master retreat is a haven of indulgence, complete with an attached exercise room, a two-way fireplace, and a spa-like ensuite featuring a custom large step-in shower and a luxurious slipper tub. The walk-in closet is a fashionista's dream, equipped with secondary laundry facilities and a private covered deck space. This residence offers three additional en suite bedrooms, each designed for comfort and privacy, along with a dedicated office space featuring elegant ceiling details. The lower level is an entertainment haven, boasting a vast game room and bar for memorable gatherings. Convenience is elevated with the inclusion of an elevator, newer wood flooring, plantation shutters, and two distinct laundry areas. The three-car garage is not only impeccably finished with epoxy flooring and ample storage but also houses newer A/C units and a roof. High-end upgraded lighting throughout the home adds a touch of sophistication. Experience the allure of the outdoors on the extensive decks enveloping the home, providing the perfect vantage point for enjoying the captivating mountain and city views. With meticulous attention to detail, this one-of-a-kind luxury estate epitomizes the epitome of upscale living in the heart of Tuscany Hills. This residence is a rare gem that seamlessly combines opulence, functionality, and breathtaking surroundings. Welcome to your new home, where every detail exudes elegance and every moment is immersed in the beauty of Tuscany Hills living.

Leave a Reply

Your email address will not be published.