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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1516 E Dublin Street Gilbert, AZ 85295

$560,000

3 Beds

3.5 Baths

2,152 SqFt

Status Active

MLS # 6766388

Property Type Single Family Residence

Price Type --

Enjoy Arizona's heavenly weather and fun entertainment in this gorgeous move-in ready home! After being welcomed in by the lovely paved & turfed yard, this immaculate home has a spacious feel with light color tones. This newer 2020 build consists of all 3 bedrooms with their own ensuite restrooms and walk-in closets!!! Tons of storage space throughout, a convenient half bath downstairs and upstairs laundry. Just minutes away from the freeway, downtown Gilbert, and San Tan Village...This gorgeous and peaceful community comes with a heated pool for your enjoyment. What a dream! Even all the furnishings available on a separate bill of sale!

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11016 W Harrison Street Avondale, AZ 85323

$560,000

5 Beds

3 Baths

2,720 SqFt

Status Active

MLS # 6774304

Property Type Single Family Residence

Price Type --

Coming soon! Discover this stunning Tourmaline home with an expansive, inviting backyard featuring pavers, artificial turf, and ample space for outdoor living. This beautifully designed home offers a convenient downstairs bedroom and full bath, perfect for a guest suite. An entertainer's dream, it boasts a spacious open-concept great room ideal for hosting gatherings. The modern kitchen shines with quartz countertops, 42'' cabinets, and a sleek, stylish design perfect for cooking and entertaining. Walking distance to the Avondale Aquatic Center! Don't miss this opportunity to own a beautifully crafted home with impressive features inside and out!

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4037 E Marshall Avenue Gilbert, AZ 85297

$560,000

4 Beds

2 Baths

1,980 SqFt

Status Active

MLS # 6774788

Property Type Single Family Residence

Price Type --

Don't miss this single level 4 bedroom home in the desirable Power Ranch neighborhood in Gilbert. This home has been lovingly taken care of and upgraded throughout. Enjoy summer days in the sparkling pool and beautifully landscaped backyard. Power Ranch neighborhood offers gorgeous parks, community pools, and walking/biking trails. Located in Higley Unified School district with highly rated schools. You will love everything about this home and neighborhood.

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4518 E Ivanhoe Street Gilbert, AZ 85295

$560,000

4 Beds

2.5 Baths

2,426 SqFt

Status Active

MLS # 6776195

Property Type Single Family Residence

Price Type --

Welcome to this charming 4-bedroom, 2.5-bath, 2 Car garage w/ Huge backyard, Full of potential! Situated in a sought-after area of Gilbert, this property features a spacious layout with plenty of room for family living and entertaining. While it hasn't been updated, its solid structure and care make it an excellent canvas for your personal touches. Enjoy the convenience of nearby schools, parks, and local amenities in this friendly neighborhood. Being sold as-is, this home offers a unique opportunity for buyers ready to invest in their vision. Don't miss the chance to turn this well-kept house into your dream home!

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5028 E Roy Rogers Road Cave Creek, AZ 85331

$560,000

2 Beds

2 Baths

1,227 SqFt

Status Active

MLS # 6779786

Property Type Single Family Residence

Price Type --

Don't miss out on this updated home in Tatum Ranch on a quiet street. Home has a brand new roof, fresh paint on interior and exterior, hardwood flooring throughout, renovated bathrooms, new lighting, new Anderson windows, new landscaping in front yard, new drip system, added a BBQ Grill, R/O system, new blinds in each room, epoxy garage floor and so much more! Home is in meticulous condition, and perfect for the second home located so close to North Scottsdale shopping, horse back riding barns, Mayo Clinic, Desert Ridge, and 101 freeway access. Charming backyard has built-in gas BBQ Island, and firepit. Office/Den is the perfect size to make a 3rd bedroom if needed. Inquire about costs, we have a plan all ready for you! Ready for you to move into!

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7637 N 46th Drive Glendale, AZ 85301

$560,000

3 Beds

2 Baths

2,757 SqFt

Status Active

MLS # 6777823

Property Type Single Family Residence

Price Type --

Welcome to your new home! A beautiful secluded neighborhood in the heart of the city with NO HOA. The home offers endless potential with many updates such as: an open kitchen, cabinets, countertops, SS appliances, tile, baseboards, fresh interior paint, and so much more. You will fall in love with the ATRIUM in the middle of the home. Come fall in love with this property! It also offers a private pool and an Arizona room to cool off in the warm summer days. The property boasts a three car garage with plenty of space for the family!

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22364 N 67th Drive Glendale, AZ 85310

$560,000

3 Beds

2 Baths

1,601 SqFt

Status Active

MLS # 6781784

Property Type Single Family Residence

Price Type --

Welcome to this beautiful single-story home in the desirable Hillcrest neighborhood! This home offers great curb appeal with lush green grass, beautifully designed paver walkways and an inviting patio. Every detail thoughtfully designed, from the granite countertops and large format tile flooring to fresh interior paint and contemporary window shades. This home offers a bright and airy feel with a spacious open great room floor plan, vaulted ceilings, and a split layout offering a private primary suite. There are three generously sized bedrooms and two well-appointed bathrooms. Located in a prime neighborhood, this home is within walking distance of schools, easy freeway access, shopping and a large community park just around the corner. The backyard is ideal for gatherings, with vibrant green grass, a covered patio for al fresco dining, and an RV gate offering extra storage and accessibility. Don't miss out on this exceptional, move-in ready home!

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19895 W Annika Drive Litchfield Park, AZ 85340

$560,000

4 Beds

3.5 Baths

2,605 SqFt

Status Active

MLS # 6780287

Property Type Single Family Residence

Price Type --

Fantastic two-story home in Canyon Views! Sits on a corner lot, this beauty offers 4 beds, 3.5 baths, RV gate, & a 2-car garage w/paver driveway. Fabulous interior showcases tons of natural light, plantation shutters, neutral paint, and tasteful flooring - tile & plush carpet. You'll LOVE the formal living room and the open-concept family room w/high ceiling! The kitchen boasts SS appliances, granite counters, tile backsplash, recessed lighting, wood cabinetry, a pantry, and an island w/breakfast bar. Large main bedroom is downstairs, offering an ensuite with dual sinks & a walk-in closet. A versatile loft awaits upstairs, along with the other bedrooms. Check out the spacious backyard, featuring a covered patio! With room for a pool, you can make it a complete outdoor oasis. Welcome home!

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4532 E White Aster Street Phoenix, AZ 85044

$560,000

4 Beds

2 Baths

1,682 SqFt

Status Active Under Contract

MLS # 6777443

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This beautifully remodeled 1,690 sq ft residence features 4 bedrooms and 2 baths. The open concept layout seamlessly connects the living room, dining area, and updated kitchen, which boasts custom cabinetry with slide-outs, a state-of-the-art induction range, and a quiet dishwasher, all highlighted by elegant Dekton countertops. Newly upgraded fixtures throughout the home, shutters & both bathrooms upgraded as well. Step through the French doors to a covered patio with a bead board ceiling and custom BBQ area adorned with Italian tile, large propane fireplace & open to a stunning propane gas-heated pool and spa, newly renovated in 2024. Enjoy the comfort of an electric air conditioning system, replaced in 2019. All well maintained and move-in ready. The two-car garage offers ample storage with cabinets and professional flooring. The primary suite features a bay window and walk-in closet, while versatile bedrooms include a fourth room that can serve as a den or office. Both bathrooms have been stylishly remodeled, and the front yard showcases drought-tolerant landscaping. This charming home perfectly blends modern amenities with inviting outdoor spaces!

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11265 E Ocaso Avenue Mesa, AZ 85212

$560,000

2 Beds

2 Baths

1,711 SqFt

Status Active Under Contract

MLS # 6785988

Property Type Single Family Residence

Price Type --

Home, sweet home! This gorgeous fully furnished residence in Sunland Springs is looking for its new owners! Featuring a split floor plan w/ beautiful mountain views from the front patio, low-care landscape, and a 2 car garage plus a golf cart garage! Discover a spacious great room w/tall ceilings, plantation shutters, and neutral palette throughout. The stunning eat-in kitchen is comprised of modern wood cabinetry w/crown moulding, quartz counters, a walk-in pantry, stainless steel appliances, pendant & recessed lighting, a charming island, and a peninsula w/a breakfast bar. You'll love the primary bedroom, showcasing soft carpet, a walk-in closet, and a private ensuite w/dual sinks. Double doors open up to a sizeable den, ideal for an office. Walking distance to nearby amenities! Also including a quaint backyard w/a covered patio and extended paver seating area, this home has it all! Act now before it's gone!

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27478 W Tonopah Drive Buckeye, AZ 85396

$560,000

2 Beds

2.5 Baths

1,998 SqFt

Status Active

MLS # 6786670

Property Type Single Family Residence

Price Type --

Exceptional Opportunity at Sun City Festival in this highly upgraded Preserve model, located in the sought-after Sun City Festival community. This stunning home is truly move-in ready and offers a host of impressive features. Enter through the custom iron entry door and see well over $100,000 in thoughtful upgrades throughout. Open concept kitchen / dining / living. Two spacious suites, a primary and a guest, each with its own bathroom. An additional tiled and HVAC connected utility / hobby room off the laundry room brings living space up closer to 2,100 square feet. Step outside to the extended, beautifully paved patio, complete with a charming pergola with built-in fireplace and BBQ, perfect for entertaining or relaxing in style. Pride of ownership shines at this lightly used home.

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26059 S 202nd Street Queen Creek, AZ 85142

$560,000

3 Beds

2 Baths

1,261 SqFt

Status Active

MLS # 6783011

Property Type Manufactured Home

Price Type --

NEW AC! NEW METAL ROOF! Don't miss this opportunity to own a charming horse property nestled in the heart of Queen Creek! Start your day by savoring your morning coffee on the cozy front porch. The lovely interior is adorned with vaulted ceilings, brick wall accents, an exposed beam, wood-style flooring, and a welcoming living room. The eat-in kitchen is fully equipped with a mosaic tile backsplash, white cabinetry with crown molding, and an island with a breakfast bar. Relax in the main retreat with a sliding door closet and an ensuite. This home has room for all your horses, toys, RV (with private extra panel for hook up) or build a shop. This property will not disappoint with all the options that are included. These options include a super upgraded private above-ground pool, several stalls, storage areas, a covered hay storage area, a tack room, a wash rack, and a riding arena. You can also ride on the city of Queen Creek trails or be at the Queen Creek equestrian facility in minutes. Act now!

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