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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10438 S 45th Place Phoenix, AZ 85044

$585,000

4 Beds

2 Baths

1,507 SqFt

Status Active

MLS # 6766982

Property Type Single Family Residence

Price Type --

Welcome home! This amazing property features 4 bedrooms 2 baths and has been completely remodeled. Brand new kitchen including cabinets, counter tops, and appliances. All the bathrooms have been tastefully updated, stained concrete flooring throughout, and fresh exterior paint. Brand new high quality windows and sliders for efficiency including owned solar which will ensure low monthly utilities costs. Garage is equipped with a 220 volt outlet for your electric charging station. Located near the beautiful South Mountain preserve perfect for hiking and mountain bike riding, restaurants and shopping near by only 20 mins to the airport for your convenience. Ahwatukee's hidden gem awaits. Don't' hesitate to see this one today!

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8870 E Greenview Drive Gold Canyon, AZ 85118

$585,000

2 Beds

2 Baths

1,850 SqFt

Status Active

MLS # 6765808

Property Type Townhouse

Price Type --

Welcome To Gold Canyon's BEST Views % A STUNNING Remodeled Single Level Townhome In Premier Gated Fairway Views! Golf & Mountain Vistas In The Rear Greet You From The MOMENT You Enter The Front! GORGEOUS Travertine Flooring T/O, Including Front & Back Exterior, Vaulted Ceiling, Fireplace, Great Room Design, Granite Slabs in Kitchen & Corian Slabs In Baths, Skylights, Stainless Steel Apps, Custom Closet, Expanded Laundry/Pantry & More! NEW Roof in 2018, NEW H2O Heater in 2023 and NEW Softener in 2024! Patio Includes More Beautiful Travertine, Sparkling Fountain, Built In Bar & BBQ And The VIEWS That Go On Forever Showcasing #11 Green Of Gold Canyon Sidewinder Course, Dinosaur Mountain & Superstition Mountain! Home Offered Turnkey Furnished & 1 Year Home Warranty Provided To Buyer!

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2425 W Red Range Way Phoenix, AZ 85085

$585,000

3 Beds

2 Baths

2,131 SqFt

Status Active

MLS # 6777834

Property Type Single Family Residence

Price Type --

Welcome to Carefree Crossing...your serene desert retreat in North Phoenix, where convenience meets tranquility. Perfectly situated near Norterra shopping and dining, freeway access, hiking trails for outdoor enthusiasts, and just 4 miles from TSMC. Step into this well maintained home with an airy, open-concept layout and 10' ceilings. Top that off with a split primary suite with patio access. The third bedroom offers flexibility as a home office or additional guest space. And a bonus room, which is just that, a bonus with a multitude of uses! With coveted N/S exposure, a private pool and spa and a covered patio, this home is designed for year-round enjoyment of Arizona's beautiful weather. Freshly painted inside and out and move-in ready, make Carefree Crossing your new home today!

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2355 N Cabot -- Mesa, AZ 85207

$585,000

3 Beds

2 Baths

1,738 SqFt

Status Active

MLS # 6780778

Property Type Single Family Residence

Price Type --

Desert mountain views await you in this desirable gated community in NE Mesa. Great schools, easy access to freeways, shopping, hiking, biking, and water sports. This 3br plus office/den is detailed with beautiful Travertine stone flooring in all but 3 bedrooms with new carpet. Brand new quartz countertops, sinks and faucets in kitchen and both bathrooms along with refinished cabinets. New window blinds throughout. Six inch crown molding top and bottom in all rooms. Features living/dining room plus family room open to kitchen. Enjoy this corner lot with a lovely heated pool and spa with easy maintainable landscape. Garage with custom floor to ceiling cabinets, work bench and epoxy flooring.

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8445 E Aloe Vera Circle Gold Canyon, AZ 85118

$585,000

2 Beds

2 Baths

2,340 SqFt

Status Active

MLS # 6779682

Property Type Single Family Residence

Price Type --

Welcome To This STUNNING & Completely REMODELED&REDONE GEM Filled w/High End Finishes & Gorgeous Surprises Around Every Corner!Entry Charms w/Porcelain Plank Floors, Designer Accent Paint&Vaulted Ceilings Which Beckon Through 2 Immaculate Kitchen Feat. Granite Slab Counters, Chocolate Glaze Cabs w/Brown PinStripes, Quartz Sinks,Cstm Travertine BackSplash, Cstm Lighting&Beamed Ceiling, Highly Upgr.Stainless App Package (F/W/D ALL Incl)&Brushed Nickel Hardware!Updated Baths Feat. Granite, Quartz, Brass&Mother Of Pearl Hardware, Cstm Fixtures&More! Mstr Suite Feat. Ext. Att.Sitting Room, Beautiful Barn Door Wall 2 Patio, Cstm Shower&Tub w/Water Proof ShipLap Wall! Ext.Patio Incl. Cstm Wrought Iron Gate,No Homes Directly Behind&Artificial Turf Sideyard!New Paint 2024!INCREDIBLE Front MTN VWS!

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13518 W Sola Drive Sun City West, AZ 85375

$585,000

2 Beds

2 Baths

2,095 SqFt

Status Active

MLS # 6782063

Property Type Single Family Residence

Price Type --

The Encanto is a favored floor plan in Corte Bella Country Club. Uniquely designed for that entertainer's lifestyle. This home has so many upscale extras that you will enjoy. Features include designer front door, updated lighting, soft welcoming paint, smooth surface tiled flooring, 10' ceilings, great room, shutters, recessed lighting, 8 ft. Island in kitchen & 2 bedrooms plus Den. Split floorplan. Primary bathroom has a remodeled walk-in shower, oversized walk-in closet & two sinks. Great room includes cozy fireplace & open view into kitchen. The kitchen has high-end cabinets, granite counters, induction cooktop, breakfast bar & casual dining. Extended length garage. Exterior features include fenced bk yard w/covered patio, front covered patio & centrally located w/in Corte Bella.

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5595 W Mercer Lane Glendale, AZ 85304

$585,000

5 Beds

3 Baths

3,348 SqFt

Status Active

MLS # 6784014

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Nestled in a tranquil cul-de-sac with no HOA, this property has everything you need and more. Step inside and be greeted by an open-concept entertaining floor plan with vaulted ceilings and new LED can lighting that illuminates every corner with warmth and style. The fully remodeled kitchen is a chef's delight, featuring brand-new cabinetry, modern appliances, and a convenient pot filler that makes cooking a breeze. New laminate flooring flows seamlessly throughout the home, offering both beauty and durability. Cozy up by the fireplace in the spacious living room, or enjoy the peaceful view of the mature trees from the large windows with elegant plantation shutters. You'll find ample storage space throughout, perfect for keeping things organized and tidy. Outside, the good-sized yard is a blank canvas just waiting for your creative touch. Imagine the possibilitiesa garden, play area, or custom outdoor oasis. With a lemon tree ready to provide fresh fruit, you'll love the potential this space offers for entertaining and relaxation. This beautifully updated home is move-in ready and waiting for you to make it your own. Don't miss outon this home!

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6351 W Saddlehorn Road Phoenix, AZ 85083

$585,000

4 Beds

2.5 Baths

2,542 SqFt

Status Active

MLS # 6783990

Property Type Single Family Residence

Price Type --

Exceptionally clean and lovingly maintained poolside home with 4 BR and 2.5 BA. HVAC 2020. Granite counters in kitchen and baths, travertine backsplash and FP accents. Freshly painted inside and out with new Lighting and Fans, New Carpet. Stay and play in your own backyard resort play pool (pool fence available) and mostly private. Look at the size of the bedrooms! 28x15 master has sitting room and lux bath with soaking tub and sep shower. Easy access to shopping, great restaurants, hiking and commute by way of 303, 101 and 17.

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1711 Leisure World -- Mesa, AZ 85206

$585,000

3 Beds

2 Baths

2,011 SqFt

Status Active Under Contract

MLS # 6775404

Property Type Single Family Residence

Price Type --

AMAZING, Sparkling POOL and Resort Style Backyard, perfect for Entertaining. Enjoy this Beautiful FULLY REMODELED 3 Bedroom, 2 Bath, 2 Car Garage Home! The Delightful Pavered Entry and Patio are a welcome greeting! Enter into an Open and Spacious Great Room with vaulted ceilings and Fantastic Feature Wall with Fireplace. Your Dream Kitchen w/large island, quartz countertops, induction stove, under the counter microwave & much more! The Airconditioned Arizona Room is perfect for an office, game room or craft room with views to the pool! Newer Windows, New Front Door and Sliding Glass Doors, New Paint Interior and Exterior. All this in the Premiere Active Adult Community of Leisure World with 36 holes of private golf, tennis, pickle ball, swimming pools, fitness center & much more!

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1018 E Acoma Drive Phoenix, AZ 85022

$585,000

3 Beds

3 Baths

2,218 SqFt

Status Active Under Contract

MLS # 6781431

Property Type Single Family Residence

Price Type --

Fall in love with this two-story home in Phoenix that effortlessly combines comfort and style! Inside, you'll find an inviting living room, an open den/office, and a formal dining room complete with a cozy fireplace. The kitchen displays plenty of cabinetry, built-in appliances, fluorescent lighting, and a breakfast bar. Sizable primary boasting plush carpet, direct outdoor access, a walk-in closet, and a private ensuite comprised of dual sinks and a make-up desk. As a bonus, this house includes a 2nd main bedroom with balcony access and a bathroom. Enjoy mountain views from the balcony. Spacious backyard showcases a covered patio, storage shed, and a sparkling pool for year-round enjoyment. New A/C and garage door installed this year! Don't miss this one-time opportunity

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19844 W Heatherbrae Drive Litchfield Park, AZ 85340

$585,000

3 Beds

3 Baths

2,286 SqFt

Status Active Under Contract

MLS # 6781151

Property Type Single Family Residence

Price Type --

Welcome to your Dream Pool Home in the highly sought-after community of Verrado! Beautifully designed and meticulously upgraded, featuring a kitchen that any chef would envy, complete with a remarkable butler's pantry. The open-concept kitchen seamlessly flows into the Great Room and dining area, creating an inviting space perfect for entertaining. The owner's suite serves as a luxurious retreat, boasting dual sinks, a spacious walk-in closet, and a lavish shower. Step outside to discover your own backyard oasis, complete with a sparkling pool and spa—ideal for unwinding or hosting gatherings with friends. Nestled amidst a picturesque neighborhood, 26 miles of hiking/biking trails, community pools, gym, over 80 community parks. Your gorgeous and upgraded ''unicorn'' of a home awaits!

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22422 N 99th Lane Peoria, AZ 85383

$585,000

3 Beds

2 Baths

1,867 SqFt

Status Active

MLS # 6762267

Property Type Single Family Residence

Price Type --

This beautiful 3-bedroom, 2-bathroom home in a sought-after community boasts recent updates and a welcoming atmosphere! Featuring updated bathrooms in 2022, this home offers modern convenience. The great room with an open floor plan is complemented by a cool paint tone, creating a cozy ambiance. The interior showcases a beautiful combination of wood-like tile and soft carpet in all the right places. The split primary bedroom offers a walk-in closet for added comfort. The kitchen includes a new dishwasher, pantry, granite countertops, kitchen island, and a breakfast bar, along with plenty of cabinets for storage. Outside, the covered back patio overlooks a low-maintenance private yard with brand new artificial turf, gravel, and trees. Community amenities include a playground, tennis courts, pool & spa, and much more!

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