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

With 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.

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5028 N Scottsdale Road Paradise Valley, AZ 85253

$1,399,000

3 Beds

2 Baths

2,388 SqFt

Status Active

MLS # 6696525

Property Type Single Family Residence

Price Type --

Prime Paradise Valley Location in Camelback Park Estates minutes from Scottsdale Fashion Square Mall. NEW TRANE AC! NO HOA! Enter through the front courtyard. Single level 3 bed 2 bath home w/ an office, a pool & a 2 car garage. Remodeled in 2019. Wood laminate flooring throughout. Chef's Kitchen is modern & includes white cabinets, stainless steel appliances, quartz counters, farm sink, gas range & walk-in pantry. Bar stool seating & a second dining area. Primary suite is over-sized w/ an exit to the backyard, walk-in closet & a marble bathroom w/ a shower, free standing tub & dual sinks. All bedrooms have an exit to the low maintenance resort style backyard that features pool w/ rock water feature, paver patio, outdoor kitchen/BBQ & an observation deck that overlooks Scottsdal NEWER Roof, New water heater & soft water system

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5216 E Barwick Drive Cave Creek, AZ 85331

$1,399,000

4 Beds

4 Baths

4,354 SqFt

Status Active

MLS # 6743171

Property Type Single Family Residence

Price Type --

Welcome to this stunning semi-custom 4 bedroom, 4 bathroom, plus a casita Toll Brother's home. Located on .35 acres in the highly sought-after gated community Montevista. This beautiful property features 2 primary suites, one on the main floor. It's nestled on a spacious cul-de-sac lot that backs to a wash, with a sparkling pool, and large green space. This home provides plenty of room for outdoor entertaining and the mountain views and desert sunsets are gorgeous. Step inside to discover a meticulously maintained interior with high-end finishes throughout. The open concept floor plan offers a seamless flow from the living room to the gourmet kitchen, complete with granite countertops, stainless steel appliances, and a large island with additional seating; ideal for entertaining. Both primary suites luxurious ensuite bathrooms with dual vanities, a soaking tub, walk-in showers and more. The two additional bedrooms on the main floor open to a beautifully upgraded full bathroom. The casita opens to a partial kitchen, built in shelves and hardwood floors, perfect for guests or a home office. Upstairs is the second spacious primary bedroom that has a separate sitting area, walk-in closet, vanities and two walk out balconies ideal for both sunrises and sunsets. This home sides to a green space which provides the utmost privacy. Enjoy the peaceful surroundings and breathtaking sunsets from the comfort of your own backyard. This home is located close to all the local schools, minutes from Cave Creek, Desert Ridge, Kierland, Scottsdale Quarter, parks and so much more!

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16317 N 108th Place Scottsdale, AZ 85255

$1,399,000

5 Beds

3 Baths

3,896 SqFt

Status Active Under Contract

MLS # 6737702

Property Type Single Family Residence

Price Type --

Wonderful views! Update a fabulous executive home to your tastes. Unbeatable square foot price in both McDowell Mountain Ranch and Scottsdale for a 5BR/3BA. Newer Trane A/C units (2022), solar panels and incredible views add value to this light filled, private home with pool/spa. Easy walk to community center. This model sold for $350000 more in June.

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34813 N 73rd Street Scottsdale, AZ 85266

$1,399,000

3 Beds

3 Baths

2,588 SqFt

Status Active

MLS # 6769529

Property Type Single Family Residence

Price Type --

Nestled within the gated community of North Scottsdale's Enclave on the Eighth, this immaculately maintained home offers 2,588sf of easy, luxurious living featuring a resort level backyard oasis. Built in 2016, this modern home features 3 bedrooms plus a versatile den, 3 baths, and a split floorplan perfectly suited for today's lifestyle. With no interior steps and soaring 12-foot ceilings, the open-concept design seamlessly blends indoor and outdoor living spaces, creating a true sense of expansive comfort and elegance. At the heart of the home, the great room's full wall of windows opens to a stunning outdoor oasis through two sets of expansive bi-folding patio doors, allowing you to transition between indoor and outdoor living with ease. Step into a backyard that rivals a high-end resort, where the dynamic water feature cascades beside a custom stone fire pit with seating designed for gatherings under the stars. A built-in stone BBQ and spacious artificial turf area offer a perfect setup for outdoor entertaining, while the covered patio provides a comfortable retreat for quiet moments of relaxation, all framed by a combination of mountain views and easy-care landscaping. Inside, the open kitchen impresses with a grand center island, offering seating for sixideal for both casual dining and socializing. Top-tier appliances, including a Wolf 5-burner gas cooktop, double Wolf ovens, a Subzero refrigerator, and a Bosch dishwasher, make gourmet meals a breeze. The owner's suite is a true retreat, complete with an oversized walk-in closet and an indulgent dual-head shower, providing a perfect space to unwind after a long day. Beyond the home's luxurious features, the property offers quick golf cart access to the renowned Boulders Golf Course and is just moments away from upscale shopping, dining, and entertainment. This exceptional home is the perfect blend of style, comfort, and location, offering a unique opportunity to experience the best of North Scottsdale living.

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17938 E Vista Desierto -- Rio Verde, AZ 85263

$1,399,000

3 Beds

3.5 Baths

2,946 SqFt

Status Active

MLS # 6678773

Property Type Single Family Residence

Price Type --

Exceptional Golf Course and mountain views offered with the unique Alora model. This 3 bedroom 3 1/2 bath also features an attached casita with a private entrance is a must see. 2 additional ensuites offer full baths with separate entries, no expenses spared in any of the 2 rooms. Casita offers a living/TV room with separate bedroom and full bath. The Open-air concept architecture is ideal for entertaining and dining. Gourmet kitchen with custom cabinets, Monogram appliances, dual ovens, gas cook top, oversized granite kitchen island, featuring ceiling height glass front cabinets. The large laundry and home office has custom cabinets and granite counter tops. Custom window shutters with window shades. Upgraded wood flooring and tile throughout. Central vacuum system, dual HVAC System

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7740 E Gainey Ranch Road Unit 24 Scottsdale, AZ 85258

$1,398,000

2 Beds

2 Baths

1,922 SqFt

Status Active

MLS # 6780323

Property Type Single Family Residence

Price Type --

READY TO MOVE IN SINGLE LEVEL ON GOLF COURSE -THIS 2BD PLUS DEN W VIEWS FACING SW-WALK UP PRIVATE WALKWAY TO NEW GLASS FRONT DOOR-WALK INTO SPACIOUS OPEN FLOOR PLAN -HARDWOOD FLOORS THRU-OUT-LIVING ROOM HAS FIREPLACE & ACCESS OUT TO PVT BACK YARD-PERFECT FOR ENTERTAINING -REMODELED KITCHEN W GRANITE COUNTERS-STAINLESS APPLIANCES,UPDATED CABINETS,BREAKFAST BAR-LOVELY DINING AREA -ANTIQUE CHANDELIER-LARGE MASTER SUITE W PVT SIDE PATIO -MASTER BATH W SEP TUB/WALK IN SHOWER-DOUBLE SINKS W GRANITE COUNTER-LARGE WALK IN CLOSET-OVERSIZED GUEST BEDROOM HAS DOUBLE CLOSETS-UPDATED GUEST BATH W TUB/SHOWER-DEN/OFFICE AREA CAN BE ALSO USED AS BEDROOM-DIRECT ACCESS INTO HOUSE FROM 2CGARAGE-GREAT LOCATION -WALK TO ESTATE CLUB-ENJOY GAINEY AMENITIES-TENNIS,PICKLE BALL,FITNESS CENTER-24 HR GUARD GATEDCOMM

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5250 E Deer Valley Drive Unit 251 Phoenix, AZ 85054

$1,395,745

3 Beds

2.5 Baths

2,177 SqFt

Status Active Under Contract

MLS # 6651544

Property Type Apartment

Price Type --

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35809 N Evermore Madison Street San Tan Valley, AZ 85140

$1,395,000

4 Beds

4 Baths

3,774 SqFt

Status Active

MLS # 6761432

Property Type Single Family Residence

Price Type --

Beautiful custom home with everything you'd want and more in your ''forever home''. Stanley Custom Homes are unique in craftmanship and design. We start with curb appeal, with a stunning black metal roof that sets you apart from every other home, from there we see the beautiful front yard landscape including a tree lined street with beautiful pistachio trees. Your kitchen will include more cabinets than you'll ever use with a focus on an oversized kitchen island. Your laundry room will also have a ton of cabinets along with spacious countertops. The master shower has a separate shower and stand alone tub with tile going from floor to ceiling. I almost forgot to mention the 40x50 detached metal garage we include.

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3329 W Desert Dawn Drive Phoenix, AZ 85083

$1,395,000

4 Beds

5 Baths

3,727 SqFt

Status Active

MLS # 6778745

Property Type Single Family Residence

Price Type --

Seller offering 1% concession towards rate buydown, landscape etc. This soft contemporary home is 100% new construction and is tucked back in a quiet cul-de-sac surrounded by million-dollar homes. Optimally designed for modern living this home has it all. As you enter, you are greeted with soaring ceilings and a great room that is flooded with natural light. Each generously sized bedroom boasts en suite baths and walk-in closets. The open concept kitchen is well appointed with quartz counters, white shaker cabinetry and LG Studio appliances. A large island sits at the center which overlooks the great room, ideal for gathering and entertaining. The primary suite is a true retreat with a spa-like bathroom complete with soaking tub, quartz counters, dual vanities and an oversized shower. The massive primary walk-in closet is situated with access to the laundry. Boasting 4 bedrooms and 5 baths plus a spacious den/flex space and 3-car garage there is ample room for all and for storage. Enjoy mountain views, easy freeway access, close proximity to Lake Pleasant, and numerous options for nearby shopping and dining. There is plenty of space for a pool and an RV gate is ready for your boat, off-road toys or extra vehicle storage. All this with the peace of mind of a quality new built home.

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2100 N Grapevine Drive Payson, AZ 85541

$1,395,000

4 Beds

6 Baths

3,645 SqFt

Status Active Under Contract

MLS # 6774264

Property Type Single Family Residence

Price Type --

Stunning and spectacular custom mountain log retreat located in Chaparral Pines, rated among the best golf courses in Arizona - this exquisite home captures panoramic views of the Mogollon Rim & the 13th hole of Chaparral Pines. Enter the breath-taking great room with its soaring log beams and a wall of floor to ceiling windows that capture the vista views of the Ponderosa pines and the aptly named scenic 13th hole, ''Tree Tops!'' Then relax in front of the massive stone fireplace with adjoining wet bar & meander onto one of the sweeping decks that overlooks the golf course & majestic Mogollon Rim. Two spacious & welcoming master suites each with a fireplace along with an awesome media room await you on the main level & then journey to the upper level which boasts 2 guest bedrooms w/ full baths, plus billiards room & a comfortable den/office. Among the many custom features are hardwood & slate flooring, gourmet kitchen w/granite countertops, breakfast bar & beautiful kitchen cabinetry, built-in appliances. Thirty foot ridge beam ceilings abound and all four bedrooms have balcony patios that allow you to enjoy the crisp mountain air. Please note that the custom made, mountain bedroom furniture (beds & nightstands) for all 4 bedrooms, all TV's & electronics, theater system, and the wildlife mounts (moose, deer, bob cat, fox/bird, turkey) are included in the sale. Prepare yourself for an unparalleled lifestyle that is both relaxed and refined as you enjoy the natural beauty of this luxury gated golf community which include (championship golf course, sports courts, swimming pools, dog park, gym, playground, social activities and clubs and a clubhouse) 2020 EZGO 6-person lithium powered golf cart is negotiable.

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8511 S 9th Drive Unit 15 Phoenix, AZ 85041

$1,395,000

4 Beds

4.5 Baths

3,300 SqFt

Status Active

MLS # 6642072

Property Type Single Family Residence

Price Type --

Introducing Heard Farm at South Mountain, a brand new community of 24 modern farmhouses with sophisticated architecture designed for healthy, sustainable living! Nestled in South Mountain with quick access to downtown Phoenix, Heard Farm seamlessly blends indoor and outdoor living with fresh floor plans designed for the way you want to live. Floorplan available as 5 bedroom.

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28500 N Camel Rock Court Rio Verde, AZ 85263

$1,395,000

2 Beds

2.5 Baths

2,161 SqFt

Status Active

MLS # 6764656

Property Type Single Family Residence

Price Type --

STUNNING GOLF COURSE LOCATION AT TRILOGY VERDE RIVER. MANY UPGRADES TO THIS 1-YEAR-OLD HOME. Situated on the 14th fairway, this 2161sf Brasada plan has 2 beds + den, 3 baths, a heated pool, golf course & mountain views. Park-like setting with carefree turf front/back & 550sf covered back patio for entertaining. Open floor plan w/ custom flooring and 8' 6-panel doors. Large primary en-suite, walk-in closet & bath w/ custom glass shower + tub. Office/den with double doors. 3 wall-mounted TVs convey. Upgraded kitchen appliances, recessed lighting, pendant lights, soft-close cabinet doors & drawers, artwork lighting package. All countertops top of line. Smart space laundry with full cabinets. 580sf 3 bay garage with separate Mini Split AC unit. Perfect for home gym/art studio/workshop.

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