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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7928 E Loma Land Drive Scottsdale, AZ 85257

New

$565,000

3 Beds

2 Baths

1,362 SqFt

Status Active

MLS # 6787315

Property Type Single Family Residence

Price Type --

Immaculate home in one of Scottsdale's most thriving areas! Fully updated with wood-like tile flooring throughout. The modern kitchen features granite countertops, a spacious island, stainless steel appliances, updated gray cabinets, a high-top eating area, and a dining space. The large primary suite boasts a luxurious en-suite with dual sinks and a tiled shower with a sitting corner. The secondary bathroom offers a tiled shower/tub combo and new vanity. Step outside to a beautifully groomed, low-maintenance backyard. Convenient indoor washer/dryer included. A must-see!

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108 W Hackamore Avenue Gilbert, AZ 85233

$565,000

3 Beds

2 Baths

1,230 SqFt

Status Active

MLS # 6786990

Property Type Single Family Residence

Price Type --

Fully REMODELED ! NO HOA -You have to see it to believe the detail in this house. 3/2 An amazing property in the PERFECT LOCATION (Warner /Gilbert Road area) Huge yard and RV gate rear entry and workshop/RV Pad . NEW appliances, Bathrooms, Flooring/whole house, Cabinets quartzite countertops. Added in 2020 AC, Roof (see upgrade list). 2024 New paint exterior and interior. Warm wood shutters on outside, new recessed can lights, fixtures whole house. New flowers and plants in front yard along with winter grass. 2 car garage with epoxy floors. Washer and Dryer can convey-not new. Welcome home to a fabulous home in the wonderful city of GILBERT -approximately 4-5 blocks walk to all the downtown restaurants and events ! Hackamore Avenue is off Gilbert Road across from the Historic Farmho

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4043 W Saguaro Park Lane Glendale, AZ 85310

$565,000

4 Beds

3 Baths

2,723 SqFt

Status Active

MLS # 6779833

Property Type Single Family Residence

Price Type --

Conveniently located off Happy Valley and I-17, this stunning Tri-level home features 4 LARGE BEDROOMS AND 3 FULL BATHS, with one bedroom and bath conveniently located downstairs. The primary bedroom offers 2 large closets for plenty of storage. Enjoy extra space with 2 large living areas downstairs and an open concept kitchen with an island, perfect for entertaining. Step outside into a well maintained back yard and relax in the private hot tub. With a low HOA, this home offers both style and affordability.

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10624 E Nido Avenue Mesa, AZ 85209

$565,000

3 Beds

2.5 Baths

2,031 SqFt

Status Active

MLS # 6787188

Property Type Single Family Residence

Price Type --

Known for quality, Blandford Homes built this lovely and well cared for home in the coveted community of Mulberry. Great curb appeal thanks to a craftsman exterior design with stonework, beams, and a paver driveway and spacious porch. Low maintenance front yard with turf and gravel. You will be greeted by a welcoming entryway and will immediately notice the 10-foot ceilings which provide for a luxurious feel. Desirable floorplan with 2 bedrooms towards the front of the home and the primary suite at the back of the home, giving you the privacy you desire. This floorplan does not come up for sale too often! Brick-laid tile in the kitchen/bathrooms/hallways and brand new carpet in the living area and bedrooms. The kitchen features elegant staggered espresso colored cabinetry with a subway tile backsplash, gas stove, high-end KitchenAid stainless steel appliances, large island with pendent lighting, walk-in pantry, and granite countertops with plenty of space for all of your favorite cooking appliances. Good-sized primary suite and primary bath with a dual sink vanity, separate shower and tub, and a large walk-in closet. 3-car tandem garage which means plenty of space for storage, and a water softener too! The home has been freshly painted from top to bottom with one of the most popular neutral colors from Dunn Edwards. Spacious covered back patio with pavers extending to a separate lounge area. Ample backyard space with just the right amount of vegetation including a grapefruit and fig tree. Jacuzzi and gazebo are included in the sale! Community amenities include 2 pools, multiple parks, fitness center, clubhouse, tennis/pickleball courts, basketball court, and a dog park. Tons of shopping and dining options nearby, including a Fry's grocery store less than a half mile away and a Walmart within 1.5 miles. Come take a look today to see what this home and the Mulberry community has to offer, and you will fall in love!

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5100 E Rancho Paloma Drive Unit 2077 Cave Creek, AZ 85331

$565,000

2 Beds

2 Baths

1,990 SqFt

Status Active

MLS # 6673934

Property Type Apartment

Price Type --

MOTIVATED SELLER -OPEN TO RATE BUYDOWN! Experience the ease of condo living! This like new property is perfect for a primary or second home. A perfect pied-a-terre if you travel to the city for business frequently. Expansive, open layout provides multiple design opportunities. Kitchen with island, Tiled-to-the-Ceiling backsplash, LG Refrigerator that pops out those perfect round ice spheres and a spacious patio make entertaining delightful. Bedrooms are split for privacy, with the guest room enjoying an en-suite bath. The primary bedroom carries off a king bed, large nightstands & still has room for seating. The primary bath has a light, bright ambience with upgraded LED Lighting. Walk in Shower, dual sinks, and extra storage - nd just beyond is the walk-in closet of your dreams. Punctuated with encaustic tile in the laundry and entry, with custom window coverings throughout, this stylish home needs nothing. Schonbek modern crystal pendant lighting, Modern Forms kwall sconce and ceiling fans are all in place. Enjoy the mountain views from the living and dining room, sunsets and sunrises from the patio, overlooking the central common grounds and pool. Patio is oriented for maximum shade. This location is quiet, away from traffic noise. it's a short walk to enjoy the spa, pool or workout facility. Just steps to your private, 2 car garage. What are you waiting for? The Mirror in Guest Bath doesn't convey, but like styles can be found online. Washer and Dryer negotiable. Listing Agent is a friend of Seller. Also available as rental under MLS 6720915

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691 N Bay Drive Gilbert, AZ 85233

$565,000

3 Beds

3.5 Baths

2,242 SqFt

Status Active

MLS # 6756218

Property Type Single Family Residence

Price Type --

Step into this beautiful two-story home nestled in a prime, peaceful subdivision. The open-concept floor plan flows effortlessly, showcasing a stunning upgraded kitchen with sleek black stainless steel appliances, quartz countertops, and an island, ample cabinetry, and a chic subway tile backsplash. The community offers a pool, playground, and scenic walking paths, with convenient access to downtown Gilbert, shopping, dining, and more. This home is a rare find

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3353 N Snead Drive Goodyear, AZ 85395

$565,000

2 Beds

2 Baths

1,914 SqFt

Status Active

MLS # 6773415

Property Type Single Family Residence

Price Type --

This immaculate home features a coveted spacious Golf Course lot, with a sonoran desert style landscape, Situated in a micro-neighborhood in Eagles Nest that shows pride of ownership. Newly remodeled kitchen, laundry room, bathrooms, New Windows, and roll-out shelves, Beautiful natural light flows inside throughout the home. Classic white cabinetry and quartz counters create a crisp modern style. The facade exterior features Stone trim and stamped concrete driveway. Enjoy a restful ambiance for backyard entertaining complete with built-in BBQ, covered and extended patio spaces and open views of Golf Course and Mountains. Don't miss seeing this exquisite home with all its creature comforts. Select furniture is available via separate Bill of Sale. Ring Doorbell does not con

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7346 S Debra Drive Gilbert, AZ 85298

$565,000

4 Beds

2 Baths

1,759 SqFt

Status Active

MLS # 6780815

Property Type Single Family Residence

Price Type --

Welcome to your new home in the beautiful Adora Trails community in Gilbert, AZ! This charming single-level residence sits on a spacious 10,000+ sq ft lot, offering plenty of room for outdoor activities and relaxation. Inside, you'll find 4 cozy bedrooms and 2 modern bathrooms. The kitchen features quartz countertops, stainless steel appliances, and sleek cabinets, making meal prep a breeze. The warm Pergo flooring, 4.5 inch baseboards and vaulted ceilings create a welcoming atmosphere throughout the home, and the split floor plan ensures privacy for the master suite. Living in Adora Trails means you'll enjoy a wonderful community atmosphere with access to walking trails, a gym, and a clubhouse. Spend your weekends lounging by the heated pool or exploring the nearby San Tan Mountains. This home is perfect for those looking for comfort and convenience in a friendly neighborhood. Don't miss out on this great opportunity!

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280 S Evergreen Road Unit 1333 Tempe, AZ 85288

$565,000

4 Beds

4 Baths

1,853 SqFt

Status Active

MLS # 6693190

Property Type Townhouse

Price Type --

Very rare 4 bedroom, 3.5-bathroom townhouse in Villagio at Tempe offers a spacious and versatile layout, perfect for families , investment or for those who value extra room for guests or home offices. The LARGEST floor plan at 1853SF. 2-car garage adds convenience and storage space. Its rarity within the community, with the last 4-bedroom hitting the market three years ago, highlights its desirability and potential for investment or long-term residency. Owners replaced the areas with rugs and installed Luxury vinyl flooring, freshly painted , new window blinds.

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9854 W Ross Avenue Peoria, AZ 85382

$565,000

4 Beds

2 Baths

1,828 SqFt

Status Active

MLS # 6678518

Property Type Single Family Residence

Price Type --

Welcome Home! This 4-bed, 2-bath home sits on a huge 15,284 Sq. Ft. lot! The home offers vaulted ceilings, a freshly painted interior, tile and laminate flooring throughout. Be greeted upon entry to a gracious amount of living space. The owner's suite boasts a walk-in closet and private bathroom offering dual sinks with a separate shower and tub. The eat-in kitchen features granite countertops, a breakfast bar, stainless steel appliances and plenty of natural lighting. Make your way out back to an above ground hot tub and a SPARKLING PEBBLE FINISH POOL entirely resurfaced in 2022. Relax comfortably under the paved and extended covered patio. Here you will be conveniently located just minutes from Peoria's most popular shopping, dining and entertainment spot

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19403 N Ponderosa Court Surprise, AZ 85387

$565,000

2 Beds

2.5 Baths

2,300 SqFt

Status Active

MLS # 6772861

Property Type Single Family Residence

Price Type --

CHARMING MISSION MODEL WITH GREAT CURB APPEAL. HOME FEATURES STACK STONE FRONT, FRESHLY PAINTED EXTERIOR AND COATED WALKWAY. 2.5 GARAGE, NEWER HVAC, NEWER HOT WATER HEATER, NEW 6080 SLIDING PATIO DOOR JUST TO NAME A FEW UPDATES. PREMIER LUXURY KITCHEN-GRANITE COUNTERS, CHERRY CABINETS, CROWN MOLDING , SLIDE OUT SHELVES, UPPER LIGHTING, SOLAR TUBE, ELECTRIC COOK TOP, BAY WINDOW IN KITCHEN NOOK AND PRIMARY BEDROOM. GREAT ROOM CUSTOM FAUX STONE MEDIA WALL,,ACCENT LIGHTING. LUXURY PRIMARY BATHROOM WITH SOAKING TUB AND SHOWER STALL. OFFICE/FLEX ROOM NO BUILT-INS SO YOU CAN DESIGN. FLOORING IS TILE, NEW LAMITE FLOORS & CARPET. PATIO COVERED AND EXTENDED WITH FLAGSTONE.

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11995 E Pivot Peak -- Gold Canyon, AZ 85118

$565,000

3 Beds

2.5 Baths

2,230 SqFt

Status Active

MLS # 6699719

Property Type Single Family Residence

Price Type --

3 car tandem garage w/ 8' door & lots of storage! 3 bed 2.5 bath energy efficient house in Master-planned community of Peralta in Gold Canyon. Immaculate w/ countless upgrades! Chef's kitchen features gas cooktop, maple cabinets w/ double roll-out shelves & soft-close drawers, granite counters, pendant lights & walk-in pantry. Every bedroom has walk-in closets w/ extra shelves. Upgrades include: 36'' vanities, fixtures, ceiling fans, tile throughout, extra storage area, dedicated laundry room, extended covered patio & more! Low maintenance yard w/ storage shed. Community parks, pickleball & basketball courts, covered picnic area w/ grill, corn hole, horseshoes, fire pits under twinkle lights, walking trails, children's play area. Peralta Trails Elementary School is in the community.

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