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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10917 E Tiburon Avenue Mesa, AZ 85212

New

$562,825

4 Beds

2.5 Baths

1,960 SqFt

Status Active

MLS # 6788481

Property Type Single Family Residence

Price Type --

MLS#6788481 March 2025 Completion. The Harlow is a spacious 1-story floor plan featuring 1,960 sq. ft. with 4 bedrooms, 2.5 bathrooms, a 2-car garage, and a dedicated study, making it the largest of the single-story designs. The foyer leads to the study, ideal for working from home, and flows into the open kitchen, dining, and great room, perfect for gathering with family and friends. Step outside to enjoy Arizona's beautiful weather from your private outdoor living space. The primary suite serves as a relaxing retreat with a private bathroom, double sinks, and a walk-in closet, blending comfort and functionality in this thoughtfully designed home. Structural options include: garden tub with separate shower, double gate at garage side, garage service door.

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4656 E Laredo Lane Cave Creek, AZ 85331

$562,500

3 Beds

2 Baths

1,314 SqFt

Status Active

MLS # 6775740

Property Type Single Family Residence

Price Type --

No detail was overlooked in this immaculate and lovingly maintained - BETTER THAN NEW - single-level home in the highly sought-after, gated Dove Valley Ranch! Surrounded by desert preserve, this three-bedroom home features mountain views, an open-concept floor plan, and low-maintenance, worry-free living. Interior features include neutral tile flooring throughout, granite countertops, a gas stove, a renovated primary bathroom, plantation shutters, vaulted ceilings, and more. Step outside to find manicured desert landscape, a covered patio, and unparalleled views of surrounding mountain vistas and natural area open space. Beyond your new home, enjoy one of North Phoenix's finest public golf courses, a clubhouse bar/lounge, and easy access to first-rate schools, parks, hiking, & more. Roof 2019, HVAC 2015, water heater 2016, whole-home water filtration system... the list of thoughtful updates goes on. Come see your new home today!

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4330 Copperhead Drive Wickenburg, AZ 85390

$562,500

2 Beds

2 Baths

1,873 SqFt

Status Active

MLS # 6769355

Property Type Single Family Residence

Price Type --

Discover a home that balances comfort and character in the coveted Lone Star neighborhood. This exceptional residence welcomes you with a warm, rich color palette, setting a relaxed and inviting mood throughout. Large rooms flow seamlessly across the tile flooring, while plantation shutters add a touch of elegance. The kitchen is a highlight, featuring a gas cooktop that makes cooking a pleasure. And with an owned wired alarm system, peace of mind is built right in! Out back, the space is designed for year-round enjoyment. Gather around the gas fire feature on cooler evenings, fire up the built-in BBQ, or relax under the shade of the pergola while taking in the desert air. It's an outdoor space made for quiet moments and lively get-togethers alike, with thoughtful details that invite... you to unwind. The extended-length 3-car garage isn't just practicalit's a well-organized space with attached shelving, providing room for vehicles, gear, and projects. It's the kind of garage that offers flexibility, whether you need extra storage or room for hobbies. This home at Wickenburg Ranch is all about easy living, with spaces that invite you to make them your own. It's a place where the details matter, offering a lifestyle that feels as good as it looks, ready to become your next favorite spot.

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4207 E Ford Avenue Gilbert, AZ 85234

$562,500

5 Beds

3 Baths

2,370 SqFt

Status Active Under Contract

MLS # 6753341

Property Type Single Family Residence

Price Type --

INCREDIBLE ORIGINAL OWNER UNIQUE 5 BDR home in the HEART OF GILBERT. This Fulton Home features a vaulted ceiling great room with LARGE KITCHEN and tons of NATURAL LIGHT. Upstairs features primary suite + 2 additional bedrooms and full bath. Short steps down from great room features full FLEX SPACE, 2 additional bedrooms and a 3rd full bath! REAL WOOD FLOORS and tile throughout. BRAND NEW ANDERSEN WINDOWS, + AC & ROOF REPLACEMENT COMPLETED. Backyard features gardeners paradise: Pears and Pomegranates nearly ripe; Tangerines, Lemons and HUGE Ruby Red Grapefruit Tree, Katy Apricots and Figs in the Spring/Summer. Incredible fruit bearing grape vines on the west side and shade tree + paver patio provide the PERFECT BACKYARD CANVAS. Neighborhood park just down the street. Stop by today!

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4919 W Hunter Trail San Tan Valley, AZ 85144

$562,490

5 Beds

3 Baths

2,776 SqFt

Status Active

MLS # 6776898

Property Type Single Family Residence

Price Type --

NEW HOME! The perfect blend of functionality comes to life. This stunning home boasts 5 bedrooms, 3 baths, bonus space and walk-in closets, ensuring that there's room for everyone. The island takes center stage, serving as a workspace or a social hub where family and friends can gather. Whether you're preparing a gourmet meal or enjoying a family breakfast, the kitchen is designed to be a culinary haven. Umber dark cabinets and granite counter tops with a generous amount of wood look tile! Stepping outside, the 3-panel sliding glass door offers an additional living space that seamlessly extends the indoor experience. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

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4354 Ponderosa Trail Wickenburg, AZ 85390

$562,486

2 Beds

2 Baths

1,648 SqFt

Status Active

MLS # 6770324

Property Type Single Family Residence

Price Type --

Introducing the Dream floor plan, a stunning 1,648 sq ft home with 2 beds & 2 baths, expertly designed by Shea's in-house interior design team. This home features a GE built-in induction appliance package, including a dishwasher, wall oven, microwave, & oven hood. Oil-rubbed bronze accents add elegance throughout. The primary bath boasts a heavy glass shower enclosure, quartz countertops, & under-mount sinks in both baths. Enjoy custom mosaic tile work, upgraded full overlay cabinets, generous cabinet pullouts, & quartz countertops in the kitchen. Additional features include a 15 ft sliding glass wall, extended covered patio, upgraded electrical, $20k in tile flooring, 4 ft garage extension, & custom landscaping front & back. Discover current incentives at Shea sales office.

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2827 N 212th Drive Buckeye, AZ 85396

$562,073

4 Beds

4 Baths

2,514 SqFt

Status Active

MLS # 6741507

Property Type Single Family Residence

Price Type --

Welcome to your TO BE BUILT: 4-Bed, 4-Bath Mountain-View dream home nestled against the stunning White Tank Mountains, offering unparalleled privacy and breathtaking views. This East/West oriented gem boasts grand 10' ceilings and elegant 8' doors throughout, creating a sense of luxury and space. The chef-inspired kitchen is a culinary delight, featuring a gas cooktop, wall oven micro combo, large pantry, premium countertops, and 42-inch upper cabinets. Perfect for entertaining, the home seamlessly blends indoor and outdoor living with multiple sliding glass doors leading to a spacious patio. The expansive owner's suite is a retreat of its own, complete with a big closet and a huge walk-in super shower with a rainhead. Located just minutes from the Sienna Hills Swim park/gym/clubhouse!

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1922 E Yale Street Phoenix, AZ 85006

$562,000

3 Beds

2 Baths

1,231 SqFt

Status Active

MLS # 6772421

Property Type Single Family Residence

Price Type --

This fully renovated 1925 classic home blends charm with modern luxury. Featuring stunning luxury laminate floors and brand-new windows, the open floor plan is enhanced by beautiful wood beams and elegant crown molding. The custom bathroom showcases period-specific tile choices, while the kitchen boasts white shaker cabinets, quartz countertops, a striking blue tile backsplash, a pot filler above the gas range, and a farmhouse sink. Stainless steel appliances complete the space. Plus, enjoy peace of mind with a new roof and serviced A/C—all part of a permitted remodel!

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4676 N 177th Drive Goodyear, AZ 85395

New

$561,990

5 Beds

3 Baths

2,776 SqFt

Status Active

MLS # 6788576

Property Type Single Family Residence

Price Type --

BRAND NEW, energy-efficient home available in GATED COMMUNITY! There is space for everyone in the Lennon. With an open concept living space, 5 bedrooms, and 3 bathrooms entertaining has never been easier. Create your own play space in the included flex space. This home has slate cabinets with marble-look white quartz countertops, backsplash, wood-look tile flooring with beige carpet! ALREADY INCLUDED - washer, dryer, window blinds (except slider), refrigerator, soft water loop and MORE!! Enjoy EXCLUSIVE amenities right at your doorstep including parks, pickleball, soccer, play area, walking trails, basketball court, ramada with outdoor kitchen, gas grill and fireplace, and more!!! Each home is built with innovative, energy-efficient features designed to help you ENJOY more SAVINGS!

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1473 W Saddle Run Apache Junction, AZ 85120

$561,990

4 Beds

2 Baths

2,432 SqFt

Status Active

MLS # 6750810

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Avelino floor plan offers a refined single-story design with four bedrooms, including an AllGen suite, and a spacious flex area ideal for an office, TV room, or study. Featuring front yard landscaping, this home will be ready for occupancy in October or November. Conveniently situated near community parks, grocery stores, and dining options.

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3131 N Central Avenue Unit 6021 Phoenix, AZ 85012

$561,900

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6568555

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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7931 E Quartet Avenue Mesa, AZ 85212

$561,674

4 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6714316

Property Type Single Family Residence

Price Type --

MLS#6714316 Ready Now!! The Edmonton at Hawes Crossing Discovery is a beautiful 1-story floor plan that comes standard with 1,832 sq. ft., 4 bedrooms, 2 bathrooms, 2-car garage, and 2 dining areas. The foyer takes you directly to the dining and kitchen area, which provides ample space for cooking all your favorite meals. Enjoy an open casual dining and great room area with direct access to the outdoor living area, which makes for great entertaining space. The spacious primary suite has a private bathroom with double sinks and a walk-in closet. Welcome home! Structural options include: 8' interior doors. Design upgrades include: tile throughout whole home, paver driveway, tankless water heater, soft water loop, window treatments on all window, 2 faux wood blinds.

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