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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

2760 S Seton Avenue Gilbert, AZ 85295

$575,000

4 Beds

2.5 Baths

2,274 SqFt

Status Active Under Contract

MLS # 6741953

Property Type Single Family Residence

Price Type --

This enchanting 4-bedroom home in the serene Chaparral Estates is the one for you! This home is sure to check all the boxes, boasting a 3 car garage, split floor plan, high ceilings and a corner lot! As you enter, the living room sets a warm ambiance for relaxation. Host festive meals in the formal dining area and make memories in the spacious great room.The kitchen features rich wood cabinets, built-in appliances, a pantry, expansive counters, and a center island with a breakfast bar. Retreat to the expansive main suite, accessible via double doors, featuring a private bath with dual sinks, a soaking tub, and a walk-in closet. Outside, the covered patio and lush grassy area offer a perfect setting for outdoor enjoyment. This home is truly a treasure, ideal for creating cherished moments! Recent updates include fresh interior paint, brand new carpet in all of the bedrooms, and 2 new AC units! Location is A+, walking distance to one of the schools, nearby the San Tan Village and Agritopia ! MUST SEE!!

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19052 N 39th Way Phoenix, AZ 85050

$575,000

3 Beds

2 Baths

1,992 SqFt

Status Active Under Contract

MLS # 6761701

Property Type Single Family Residence

Price Type --

*** FREE 1% RATE BUYDOWN AVAILABLE FOR THE FIRST 12 MONTHS*** Step into this beautifully maintained single-level home nestled in the sought-after Trovare community. From the moment you arrive, you'll appreciate the low-maintenance front yard and expansive driveway with room for three cars. Inside, the spacious living room welcomes you with warmth, while a charming office space, tucked behind elegant French doors, provides the perfect setting for productivity. At the heart of the home, a cozy gas fireplace with a striking stone hearth draws your attention, seamlessly complementing the stunning stone-wrapped kitchen island, ideal for gatherings of any kind. Down the hallway, you'll discover three generously sized bedrooms, offering comfort and privacy for all. The backyard is an an oasis of tranquility, where you can savor peaceful sunsets amidst lush natural grass and mature landscaping. This home truly has it all, space, style, and serenity!

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1639 E Redfield Road Gilbert, AZ 85234

$575,000

4 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6750971

Property Type Single Family Residence

Price Type --

ALL ELECTRIC* ZERO UTILITY BILLS *MONTHLY REBATE FROM SRP* TOP OF THE LINE TESLA SOLAR SYSTEM WILL BE PAID OFF AT THE CLOSE OF ESCROW.* *HIGH EFFICIENCY HVAC SYSTEM 2023* *WOOD FLOORING AND CARPET 2024* *HALL BATH ENLARGE AND REMODEL 2024* *TESLA SOLAR SYSTEM 2022* PERFECT FAMILY HOME IN SONOMA RANCH. GREAT SCHOOLS CLOSE BY, NEIGHBORHOOD PARKS, BEAUTIFUL YARD WITH SWIMMING POOL. NORTH SOUTH FACING HOME. HOME IS MOVE IN READY.

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5929 N 189th Glen Litchfield Park, AZ 85340

$575,000

3 Beds

2.5 Baths

2,617 SqFt

Status Active

MLS # 6771789

Property Type Single Family Residence

Price Type --

BETTER THAN NEW!! This gorgeous home built in 2021 sits on a corner lot and is perfect for entertaining! Open and spacious floor plan with 3 bedrooms, 2.5 bathrooms, 10 ft ceilings, and a separate den/office. The gourmet kitchen features a massive island (just shy of 11 ft), quartz countertops, double wall oven, gas cooktop, built in microwave, deep farmhouse sink, walk in panty, and stainless-steel appliances. Stunning sunset mountain views from the front of the home. Primary suite has its own zone for AC and heat and a large walk-in closet. Owners have installed a water softener and epoxied the garage floor. The back yard is complete with a covered patio, pavers, palm and fruit trees, and turf. Walking distance to Canyon View High School

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4338 E Desert Marigold Drive Cave Creek, AZ 85331

$575,000

3 Beds

2 Baths

1,588 SqFt

Status Active

MLS # 6744958

Property Type Single Family Residence

Price Type --

Priced to sell! Beautifully upgraded 3-bedroom, 2-bathroom single-story home. Over the past 3-4 years, this residence has undergone extensive updates. Significant improvements include a new roof underlayment, new A/C system, updated kitchen and bathrooms, over $40k invested in new windows and exterior iron doors, custom trim work, newer carpet, fresh interior paint, new outlets, new light switches, and updated lighting fixtures. The 1,588 square foot floor plan is thoughtfully designed for maximum efficiency, ensuring every inch is utilized effectively with no wasted space. The backyard offers a blank canvas, ready for your personal customization. Ideally located in Tatum Ranch, this home is just a short drive from dining, golf courses, and schools

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18118 W Golden Lane Waddell, AZ 85355

$575,000

5 Beds

2.5 Baths

3,548 SqFt

Status Active

MLS # 6735575

Property Type Single Family Residence

Price Type --

**ASSUMABLE LOAN ** THE SELLER IS OFFERING $5,000 TOWARDS THE BUYER'S CLOSING COSTS WITH A FULL-PRICE OFFER!**Nestled near the highly desirable White Tank Mountains, this wonderful home offers a perfect blend of country charm and city convenience. With over 3,500 square feet, it provides ample space for a large family. The home features a formal living room, dining room, family room, and a spacious loft. The generous-sized bedrooms include a downstairs master suite with a large walk-in closet. The expansive kitchen is a chef's delight, boasting an island and granite countertops. The backyard is primed for outdoor enjoyment, with enough space for a pool and a deck equipped with an electric movie screen, ideal for family movie nights. Additional highlights include a workshop, RV gate.and a 3 car garage.

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2942 S Sierra Heights Mesa, AZ 85212

$575,000

5 Beds

3 Baths

2,724 SqFt

Status Active

MLS # 6781940

Property Type Single Family Residence

Price Type --

Recently updated! This beautiful home in Skyline Park is move-in ready for your client! The backyard is an entertainer's paradise with a pebble-tech pool featuring a water slide, waterfall, and grotto, plus a pergola for shaded relaxation. The spacious kitchen boasts a granite island & countertops, stainless steel appliances, and a gas range. Additional highlights include a versatile downstairs suite with a full bath, ideal for guests or a home office, as well as an RV gate and a large side yard parking slab for extra toys. The home is conveniently located near community park and within the highly rated Gilbert School District. Nearby shopping, dining, and golf courses add to the appeal, creating an ideal setting for both entertaining and everyday living!

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116 S Arizona Avenue Prescott, AZ 86303

$575,000

3 Beds

2 Baths

1,320 SqFt

Status Active

MLS # 6739131

Property Type Single Family Residence

Price Type --

Your fully remodeled home in downtown Prescott awaits! Only a half mile from the court house square you will find this updated home boasting a new roof; all new windows; all new flooring; all new kitchen cabinets and granite counters; all new appliances; new heating and central air; fully remodeled bathrooms; new stucco exterior; and all new paint inside and outside. Ample off street parking combined with a detached 1 car garage would make this a great second home with endless rental possibilities due to being walking distance to the Courthouse Square; tennis courts, and soccer field across the street; and only 3 blocks from the famous Mt Vernon Street!

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7425 W Willow Avenue Peoria, AZ 85381

$575,000

6 Beds

3 Baths

3,596 SqFt

Status Active

MLS # 6786127

Property Type Single Family Residence

Price Type --

Discover your dream home in the heart of Peoria, offering a perfect balance of space, style, and convenience. This spacious 3,596-square-foot residence features six bedrooms, three bathrooms, and a three-car garage with built-in cabinets, plus an RV gate for additional convenience. Located close to top-rated schools, shopping, dining, and freeway access, this home offers both comfort and accessibility. Inside, the bright and open layout includes a large living room and formal dining area, perfect for gatherings. The open eat-in kitchen is a chef's dream, boasting a breakfast bar island, pantry, stainless steel appliances, and plenty of counter and storage space. Adjacent to the kitchen, the family room provides a cozy setting with sliding glass doors leading to the backyard, creating seamless indoor-outdoor living. A downstairs bedroom offers flexibility for guests, in-laws, or a home office, while the upstairs features the primary suite and additional spacious bedrooms to suit every need. Step outside to a backyard designed for relaxation and entertainment, featuring a Pebble-Tec diving pool and a covered patio ideal for outdoor dining. The large yard provides plenty of space for activities or simply soaking up the Arizona sun. With its generous space, thoughtful design, and prime location, this Peoria gem is ready to become your forever home!

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18411 N 46th Place Phoenix, AZ 85032

$575,000

3 Beds

2.5 Baths

1,748 SqFt

Status Active

MLS # 6783837

Property Type Single Family Residence

Price Type --

Welcome to this spacious 2-story home offering 3 bedrooms and 2.5 bathrooms. The home features a bright and airy main level with a spacious living room, kitchen, and a separate dining area. Just a few steps down, discover an inviting family room and convenient half bath, ideal for family and friend gatherings! Upstairs, you'll find the master suite with fireplace complete with a private ensuite bath, alongside additional bedrooms. You can enjoy the convenience of a two-car garage. This home provides ample parking and storage options. Lastly stepped into your backyard that has a brand new pool that the homeowner designed with endless taste and design. Set up your showing today and lets get you into your new home.

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4691 E Torrey Pines Lane Chandler, AZ 85249

Open House

New

$575,000

4 Beds

2.5 Baths

2,192 SqFt

Status Active

MLS # 6785339

Property Type Single Family Residence

Price Type --

Welcome to Torrey Pines, a stunning 4-bedroom, 3-bathroom gem nestled in the heart of the highly sought-after Sun Groves community! This expansive 2,192 sq. ft. home has been thoughtfully upgraded to combine modern style with everyday comfort. As you step inside, you'll be greeted by bright and airy living spaces bathed in natural light from brand-new glass windows. The fresh paint and sleek new flooring in the bathrooms enhance the home's polished aesthetic. The kitchen boasts brand-new stainless steel appliances and plenty of space for meal prep and entertaining. Just steps away, the addition of a new washer and dryer ensures convenience for busy lifestyles. The formal living and dining areas are perfect for hosting gatherings, while the open-concept family room is flooded with sunlight, creating a warm and inviting ambiance. Upstairs, discover a second family room, ideal for movie nights or a cozy retreat, along with the luxurious master suite. The oversized bedroom is your personal sanctuary, offering the perfect space to relax and recharge. Outside, the expansive backyard awaitsa true outdoor haven. Whether you're envisioning barbecues, a play area, or simply enjoying the serene space, this yard offers endless possibilities. Torrey Pines is more than a home; it's your lifestyle upgrade in the vibrant Sun Groves community. Don't miss your chance to make it yours! This home is a must-see; view it today and discover the endless possibilities in this desert paradise. FINANCING INCENTIVE: If the buyer uses our Preferred Lender, the buyer will receive up to 1% back for closing costs or rate buy down.

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2300 E Campbell Avenue Unit 310 Phoenix, AZ 85016

Open House

New

$575,000

2 Beds

2.5 Baths

1,345 SqFt

Status Active

MLS # 6788028

Property Type Apartment

Price Type --

Tidy Biltmore Area condo with a beautiful Modern aesthetic, recently constructed in 2017. Each bedroom is en suite, and an additional half bathroom is attached the living area. Full size stacking washer/dryer in unit, and 2 designated parking spaces included in this secure and 24 hr monitored building. Kitchen features Bosch appliances, LG refrigerator, quartz countertops and large kitchen island.

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