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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2026 E Pasadena Avenue Phoenix, AZ 85016

$1,100,000

2 Beds

2 Baths

2,306 SqFt

Status Active

MLS # 6785520

Property Type Single Family Residence

Price Type --

Nestled in the exclusive Bartlett Estates of Biltmore, this 2,306 sq ft, 2-bed, 2-bath executive retreat offers privacy and luxury in the heart of Phoenix's financial district. The gourmet kitchen boasts top-tier KitchenAid appliances, including a built-in fridge, wine fridge, warming drawer, microwave, and Electrolux range. Traditional charm is evident in the Brazilian Cherry hardwood floors, custom wood trim, and doors. Enjoy expansive patios on all four sides, with access from the living room, family room, master bedroom, and entryway—each leading to fountains or the resurfaced Pebble Tec pool. The spacious master suite features a fireplace, luxury bath, and walk-in closet with organizers. 2 Car Garage offers Epoxy floors and Storage Cabinets. New Roof 2009! Meticulously maintained and extensive updates throughout. The pool was resurfaced in 2021 along pump and cleaner. The family room could easily be a 3rd bedroom, office, den or play room. It would need doors, but has a closet. This home boasts 4 patio areas on each side of the home and its nearly 1/4 acre lot. As you enter through the front gate, there is a nice grassy area with Paver Patio next to a fountain. This is the east patio. Off the master is Pool area with lots of patio space and on the north. The living room and dining room open to a lovely covered patio with pavers and fountain. Lastly, the west patio is off the Family Room offering fountain and fruit trees (3 ornamental orange, 1 navel orange and 2 lemons). This home offers fabulous indoor and outdoor living!

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7642 N 177th Avenue Waddell, AZ 85355

$1,100,000

4 Beds

3 Baths

2,500 SqFt

Status Active

MLS # 6769258

Property Type Single Family Residence

Price Type --

Beautifully maintained home in the highly sought after community of Clearwater Farms! This lovely home offers 4 spacious bedrooms, 3 full baths, a unique split floorplan with one of the secondary bedrooms offering an attached bath and separate entrance/exit, this home definitely lends to the possibility of multigenerational living. You will also be pleased to find a spacious primary bedroom and en suite, two additional large bedrooms, fresh interior paint, newly updated fireplace surround, oversized 3 car garage with charging station, fresh exterior paint, large covered patio, beautiful sparkling pool, fully fenced for peace of mind, lush green pastures, 2 irrigated acres, mare motel, tack room, wash rack, riding arena and round pen..... enjoy ALL OF THIS while taking in the most beautiful Arizona sunset over the White Tank Mountains. This is truly country living at it's finest...just outside the city limits!

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3339 W Ansel Road Laveen, AZ 85339

$1,100,000

4 Beds

4 Baths

3,200 SqFt

Status Active

MLS # 6777771

Property Type Single Family Residence

Price Type --

Nestled against a rugged mountainside with panoramic city views, this sophisticated, modern residence offers luxury living on over 1.25 acres of serene desert landscape. A brick driveway and walkway lead to the front entrance, framed by immaculate lighting that enhances the home's clean lines and contemporary architecture. The home features a spacious covered back patio, perfect for entertaining while enjoying breathtaking vistas. Inside, the attention to detail continues. Upgraded lighting and plank flooring flow throughout, creating a seamless, elegant atmosphere. The chef's kitchen is a culinary masterpiece with stainless steel appliances, double ovens, high-set stone countertops, a large pantry, and an exquisite waterfall island. A bonus room with an arched doorway can serve as a den, office, or formal dining room, offering flexibility to suit your lifestyle. The master suite is a private retreat, with direct access to the backyard, dual sinks, a soaking tub, a separate shower, and an enclosed toilet space. A secondary bedroom with an en-suite bath provides comfort and privacy for guests. The spacious laundry room is equipped with a sink and ample storage cabinets for added convenience. This exceptional property blends elegance, comfort, and style, with high-end touches like upgraded toilets and a large acre-plus lot, providing plenty of space for future enhancements. This home is more than just a residence; it's a tranquil escape where luxury meets nature.

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812 E Summerside Road Phoenix, AZ 85042

$1,100,000

4 Beds

4.5 Baths

3,824 SqFt

Status Active

MLS # 6771677

Property Type Single Family Residence

Price Type --

This modern beauty offers resort-style living at the foothills of South Mountain in the gated master-community Avance! This home is one you won't want to miss! Less than 2 years old, this home is a rare find with many upgrades. This sprawling single level home features 3 bedrooms all with en-suite bathrooms plus a den/office in the main home. An attached casita features a bedroom, living area, kitchenette and a full bathroom. Perfect for multi-generational living or a great private space for guests. Entering through the custom Portico iron gate, you'll find a spacious all-paved courtyard before entering the home. Large open floor plan features plenty of natural light, neutral color palette, and tile throughout the home. The gourmet kitchen boasts a large island with breakfast bar multiple ovens, gas cooktop, butlers pantry/coffee bar and large pass through pantry as well. This dream kitchen can be yours! Over-sized primary suite feature a custom accent wall, spacious spa bathroom, dual vanities and an expansive walk-in closet. The backyard features a large turf area, covered patio as well as huge patio paver space, dog play area on the side of the house and a gas lined for your outdoor grill. Great mountain views and community amenities make this home a must see! Other features include professional sealing of the home to prevent against bugs, etc. No carpet in the home. Porcelain tile throughout. The Reserve backs up to the properties across the street so there will never be any homes beyond this neighborhood. There is also an access gate at the end of the street for the South Mountain trails. Check out the infamous Mystery Castle that you can see from the cul-de-sac just a few doors down!

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35916 N 213th Drive Wittmann, AZ 85361

$1,100,000

5 Beds

4.5 Baths

4,332 SqFt

Status Active

MLS # 6775802

Property Type Single Family Residence

Price Type --

Whether you are looking for a full time respite or thinking of a winter retreat, this one has something for everyone. Located in the heart of the ever popular Wittmann Dally Alley, your new home offers a large yet comfortable spaces with Alder accents, 4 fireplaces, 2 primary suites and 3 additional bedrooms. From the pool table to pool, this home offers a welcoming space for entertaining. Stepping outside, the property is fully fenced and past the pool you will find a horse stalls, large garden area, chicken coop, along with a comfortable casita. The 3 car garage is extended, with one stall having the ability to drive through. There is enough property to add additional horse stalls, or a round pen. This one leaves lots of room for possibilities, please come take a look for yourself!

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980 Castillo Drive Litchfield Park, AZ 85340

$1,100,000

4 Beds

2.5 Baths

2,456 SqFt

Status Active

MLS # 6772754

Property Type Single Family Residence

Price Type --

**HOME COMPLETELY REMODELED THROUGHOUT WITH OWNED SOLAR & SOLAR HEATED POOL FOR YOUR WINTER ENJOYMENT!! COME SEE THIS BEAUTIFUL HOME IT'S UNIQUE CHARACTER WILL IMPRESS! UPGRADES INCLUDE NEW FLOORING, ALL BATHROOMS REDONE WITH BLUETOOTH SPEAKER LIGHTING, KITCHEN + COUNTERTOPS, NEW PAINT IN THE INTERIOR & EXTERIOR, NEW ABS SEWER PIPING FROM MAIN SEWER TO HOUSE, NEW ROOF FLAT ROOF & TILES AND SO MUCH MORE! PRIME LOCATION - PROPERTY IS WITHIN WALKING DISTANCE OF GOLF COURSE + NEAR SPRING TRAINING BASEBALL FIELDS, RESTAURANTS, SHOPPING AND MUCH MORE. **THIS WARM, WELCOMING, BEAUTIFUL HOME WILL NOT LAST! IT'S A MUST SEE!!

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8052 E Mcdowell Road Mesa, AZ 85207

$1,100,000

3 Beds

3 Baths

3,100 SqFt

Status Active

MLS # 6773536

Property Type Single Family Residence

Price Type --

Discover this exceptional private custom home with no HOA on a sprawling .968-acre lot in Mesa's sought-after County Island. Offering stunning mountain and city light views with pristine desert landscaping, this location truly has it all. This meticulously built single-level home features beautiful architectural details like coffered and tray ceilings, crown molding, wood flooring, and 4'' baseboards. The formal living and dining room offer great flex space, while the family room, enhanced with shiplap and an electric fireplace, seamlessly opens to the kitchen. Enjoy knotty oak cabinets, ample counter space, and a spacious walk-in pantry. The master suite includes a full bath, and all bedrooms come with walk-in closets. Outdoor amenities include a covered patio, BBQ area, gated backyard, and an additional gated space perfect for your toys and cars. Sellers have invested over $144K in upgrades over the last year and a half, including a new sparkling pool completed in November 2024. New carpet throughout. Both front and backyards have been fully cleared, excavated, and graded. Some interior walls were moved to create an open floor plan, plus a bonus room perfect for a home office or business. The powder room was converted into a full bathroom. Energy-efficient windows were added along with new window treatments. Fresh interior paint and several kitchen appliances. Conveniently located near the 202 HWY, shopping, lakes, and hiking trails. Benefit from city water. Don't miss this unique opportunity!

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3818 E Stacey Road Queen Creek, AZ 85142

$1,100,000

4 Beds

3.5 Baths

3,122 SqFt

Status Active

MLS # 6773153

Property Type Single Family Residence

Price Type --

Welcome to a masterpiece of modern luxury living, boasting over $250K in upgrades and situated on a nearly one-acre lot. From the moment you arrive, the impressive $40K paved driveway and circular drive catch your eye, surrounded by elegant wrought iron fencing that offers privacy and style. Step inside and be greeted by real oak wood flooring, soaring 14-foot ceilings in the primary living area, and upgraded art showcase recessed lighting, creating a spacious, airy ambiance. The double sliding glass patio doors open to the large paved patio and backyard, making indoor-outdoor living seamless and perfect for hosting. The kitchen is a true chef's delight, featuring $75K rustic maple cabinets imported from Oregon, complemented by $25K in granite countertops. The centerpiece is the grand stone-covered island, providing ample counter space for cooking and entertaining. Additional features include new stainless steel appliances, extended cabinetry for optimal storage, and a walk-in pantry complete with a separate standing freezer. The $10K stylish backsplash in the kitchen and bathrooms adds a sophisticated touch, while the upgraded lighting and electrical packages ensure every detail shines. The primary suite is nothing short of a private sanctuary, offering a luxurious soaking tub, a massive tiled shower with a built-in bench, and multi-function rain and adjustable hose showerheads. The suite also boasts a huge walk-in closet with direct access to the spacious laundry room featuring custom cabinetry. Throughout the home, plank-style tile flooring in the bathrooms, spray-in foam insulation for lower utility costs, and dual AC units enhance both comfort and energy efficiency. With an extended length three-car garage and no HOA, this home is the perfect blend of luxury and practicality.

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18439 W Beryl Court Waddell, AZ 85355

$1,100,000

4 Beds

3 Baths

4,862 SqFt

Status Active

MLS # 6777906

Property Type Single Family Residence

Price Type --

There simply is not a property in Waddell that compares to this immaculate two story sitting on over an acre. A covered patio with built in BBQ overlooks the sparking pool with water features. Need a guest house? There is plenty of room to expand if the 4862 sq ft isnt enough for you and your family. Located within the gated community of Cortessa, you will have security and a custom built neighborhood with mountain views and park-like surroundings. Above the massive great room is an equally massive loft/game room. Exreme attention to detail throughout this magnificent property.

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18965 S 196th Place Queen Creek, AZ 85142

$1,100,000

5 Beds

3.5 Baths

3,882 SqFt

Status Active

MLS # 6783169

Property Type Single Family Residence

Price Type --

Welcome to your dream home in La Jara Farms II! This stunning single-story residence on a sprawling .44 acre offers 5 bedrooms, 3.5 baths, and a spacious 3-car garage. Designed for comfort and style, this home features an open floor plan with modern finishes throughout. The gourmet kitchen, complete with premium appliances and a large island, is perfect for entertaining. Retreat to the expansive backyard to enjoy Arizona's beautiful sunsets. Located in the heart of Queen Creek, close to shopping, dining, and top-rated schools. Don't miss out—this is luxury living at its finest!''

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10044 E Graythorn Drive Scottsdale, AZ 85262

$1,100,000

2 Beds

2.5 Baths

1,836 SqFt

Status Active

MLS # 6776284

Property Type Townhouse

Price Type --

Best value for a Desert Mountain residence! Make this quaint Sonora Cottage Village your desert retreat! Great room plan with two king ensuites. Enjoy the meandering greenbelt with walking trails. Shaded patio provides relaxation and resort environment with heated spa. As a community resident, enjoy 25+ miles of private hiking trails encircling Apache Peak (4600+ ft elevation) and providing breathtaking 360* views of mountain ranges and the entire Valley of the Sun. Desert Mountain Club membership office will advise of availability. Club amenities are available for members only.

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2327 N Beverly Place Buckeye, AZ 85396

$1,100,000

5 Beds

3.5 Baths

4,329 SqFt

Status Active

MLS # 6777767

Property Type Single Family Residence

Price Type --

BEAUTIFUL HOME ON THE WASH WITH FABULOUS SUNRISE, MOUNTAIN AND CITY VIEWS!! This stunning home's Kitchen includes quartz countertops, backsplash, beautiful hardware, an upgraded Monogram gas stove, and a huge pantry. The living room and covered back porch have an electric fireplace to keep you warm. This home is spray foam insulated with energy efficient windows throughout. Beautiful wood look tile and brand new carpet! Master suite on first level has separate shower, jetted tub, and huge walk in closet. There is a bonus/6th bedroom upstairs along w/ a game room. Other upgrades include plantation shutters, epoxy garage floors, pool, turf & a view fence to watch the morning sunrise. The owners are VERY clean and have filled this home with love. Take a look at this home of all homes!

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