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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16946 W Holly Street Goodyear, AZ 85395

$560,000

2 Beds

2 Baths

1,780 SqFt

Status Active

MLS # 6772107

Property Type Townhouse

Price Type --

Immaculate-upgraded, elegant 1780 SF,2 BR/2BA + den [or other use] Lago floorplan . Robson 55+ community - beautifully maintained. MASTER BR/BA with walk-in closet w/built-ins, magnificent walk-in shower (no steps), dual sinks, separate water closet, stylish wood cabinetry. Ceiling Fans, Quartz countertops throughout. 20'' tile everywhere except 2 bedrooms which are Hickory Hardwood floors. KITCHEN features breakfast bar w/pendant lights, Backsplash, Coffee station area, Pantry. GE Profile French Door refrigerator/freezer - all stainless appliances/GE. DINING ROOM. with access to patio. GREAT ROOM concept. Owned Soft water system. GARAGE- epoxy floors, built-in cabinets. Owners have access to both Tuscany & Eagles Nest (across street) restaurants and facilities. See MORE for HOA See HOA Addendum with costs - Exterior Blanket insurance, Roof repair/replace, exterior maintenance, front yard plants/maintenance, Pest Control, Club House, Tennis, Pickleball, Guarded gate, Fitness, Restaurants, dog park, and more.

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18926 N 259th Avenue Buckeye, AZ 85396

$560,000

2 Beds

2 Baths

1,907 SqFt

Status Active

MLS # 6769286

Property Type Single Family Residence

Price Type --

This Haven model comes furnished with a heated pool, solar and a lot more. Located on the mountain side of Sun City Festival, the area's premier 55+ active adult community, you can move right in and start enjoying a vibrant lifestyle with incredible amenities. This home features well over $200,000 in furnishings, builder, and homeowner upgrades. It's 1,907 sf includes 2 bedrooms, 2 baths and a den. Interior upgrades include French doors with sidelights at the den, a built-in entertainment unit, 8-foot doors, SS gas cooktop, upgraded charcoal-colored cabinets, granite, fixtures, lighting and electrical. The back patio includes roll-down sunshades and awnings. The side patio features a wall, gate, and pergola. The tandem garage includes built-in shelving, epoxy floors and soft water system.

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49947 N 26th Avenue New River, AZ 85087

$560,000

3 Beds

2 Baths

1,784 SqFt

Status Active

MLS # 6739056

Property Type Single Family Residence

Price Type --

360 VIEWS! This charming home sits atop a mountain on a HUGE 1.4-acre corner lot, offering unmatched scenery & privacy. Providing 3 beds, 2 baths, & a 2-car garage. Bright & light interior showcases carpet & Saltillo tile flooring t/out and vaulted ceilings that add to the airy feel. Discover the living/dining room and a cozy family room w/fireplace! The kitchen features SS appliances, oak cabinetry, a pantry, & a garden window. Primary bedroom boasts French doors to the back and an ensuite with dual sinks, a separate tub/shower, & a walk-in closet. Relax under the back full-length covered patio while enjoying the unobstructed vistas! Want MORE? Bring your toys, RVs, horses, & other animals—this property has plenty of space! What a GEM!

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1716 N Alpine Meadows Lane Unit 1405 Prescott, AZ 86303

$560,000

2 Beds

2 Baths

1,687 SqFt

Status Active

MLS # 6707897

Property Type Townhouse

Price Type --

Looking for a weekend getaway, a full-time residence or how about a turnkey, then look no further than this highly sought after, gated entrance to Alpine Meadows Condo community, located within the beautiful and serene Hassayampa Village. This home has been meticulously well taken care of, the owners have upgraded the big-ticket items, so you don't have too; with a new HVAC, a new HOT WATER HEATER, all new APPLIANCES, GARAGE FLOOR has been epoxied, making clean-up easy, 2 car garage with an EV CHARGING STATION for your electric vehicle and so much more (details under documents). The ROOF was replaced by the HOA in 2023. The home and carpeting were recently professionally cleaned, so all you need to do, is move-in. Enjoy the stunning views of Thumb Butte off the private balcony. This spacious one-level 1687 sq. ft., 2BR/2BA + a flex room, with its own private elevator for just a touch of luxury or take the stairs. Enjoy the 9 ft ceilings, great natural lighting, and a gas fireplace for those chilly Prescott nights. Large master bedroom, with room for a sitting area, views of the breathtaking, private Capital Canyon Golf Club fairway greens, designed by Tom Weiskopf and managed by Troon Prive'.

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6229 S Moccasin Trail Gilbert, AZ 85298

$560,000

4 Beds

2 Baths

2,248 SqFt

Status Active

MLS # 6731776

Property Type Single Family Residence

Price Type --

SELLER IS MOTIVATED! Welcome to this spacious 4 bedroom, 2 bathroom home with a 3 car garage, perfectly positioned on a corner lot in the highly sought-after town of Gilbert, Arizona. This charming property offers excellent potential for renovation and customization to match your personal style and needs. The open floor plan features a bright and open living space, ideal for entertaining. This four bedroom home offers a split floor plan and large secondary bedrooms. Enjoy the Arizona sunshine in the large backyard, which offers endless possibilities for outdoor living with a built in BBQ and plenty of room to add a pool or spa!

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1500 E Wahalla Lane Phoenix, AZ 85024

$560,000

3 Beds

2.5 Baths

1,679 SqFt

Status Active

MLS # 6757567

Property Type Townhouse

Price Type --

Luna Azul is a unique gated Community Where residents of every age can live in a neighborhood managed by 24-hr on site staffing. An RN onsite 24hrs a day. The 1679 Sqft Alma floorplan offers 3 beds 2.5 baths and spacious covered front and back porches. Interior features: Designer Finishes, & window treatments.1st floor En-Suite bedroom, high performance exterior wall and roof insulation, energy efficient HVAC, LED lighting ,Brand name appliances, Quartz countertops, cabinets with soft close doors & drawers. Community amenities include landscaped grounds, a 4000+sqft Club house with multi-purpose activity rooms and recreational facilities, an outdoor pool and large space for gatherings. Conveniently located near transportation, social, recreational and cultural opportunities and activities Professionally landscaped low maintenance back yard with artificial turf and dwarf palms just beyond the covered patio. Monthly planned events at the Clubhouse. Medical assistance onsite 24hrs a day by a a register nurse who lives onsite.

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20883 E Cattle Drive Queen Creek, AZ 85142

$560,000

4 Beds

3 Baths

2,352 SqFt

Status Active

MLS # 6742557

Property Type Single Family Residence

Price Type --

You will not be disappointed the moment you walk into this 4BR, 3BA, 2CG located in a well developed Queen Creek area. Very spacious with high high ceiling. Large kitchen with high end upgrades such as granite counter, gourmet kitchen, gas cook top, 42 inch upper cabinets, stainless steel appliances, recessed lighting. neutral ceramic tile flooring thru out the house. The open floor plan of the family room, kitchen & dining area will give you plenty of room to entertain all of your guests. Large laundry area. Epoxy flooring in Garage and Paver drive-way. Desert landscaping in the front for low maintenance and a beautiful backyard with covered patio for your relaxing and entertainment after long day work, paver, fake grass, with no house in the back. EZ access to freeway. Close to school

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8143 W Salter Drive Peoria, AZ 85382

$560,000

5 Beds

3 Baths

2,465 SqFt

Status Active

MLS # 6751158

Property Type Single Family Residence

Price Type --

Freshly painted Ext/Int 5BR, 3BA, 3CG located in well developed Fletcher Heights neighborhood, new stainless steel stove and dishwasher. Very bright and spacious floor plan with high ceiling. Spacious kitchen over look the family room. Laminate flooring thru out the house. Ceiling fan in every room for your comfort. Low maintenance front with desert landscaping. Large backyard with a swimming pool for your family enjoyment in the summer time, low maintenance desert landscaping with artificial grass . Formal dining and living room. Very large Owner bedroom with double sink, separate tub and shower and a large walking closet. Close to shopping, schools, park, restaurant and easy access to loop 101

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4925 W Buffalo Street Chandler, AZ 85226

$560,000

4 Beds

2 Baths

1,802 SqFt

Status Active

MLS # 6770215

Property Type Single Family Residence

Price Type --

You'll love to own this incredible 4-bedroom, 2 bath property, now for sale! Charming curb appeal with a low-care front yard and a 2-car garage. The interior features spacious formal living areas perfect for hosting and entertaining. Vaulted ceilings, soothing paint, kitchen is complete with SS appliances, ample counter space, Island and handy pantry. Primary bedroom features a full ensuite, separate tub and shower and a walk-in closet. The backyard invites you to relax and have fun with its covered patio and a fenced pool. Roof is 4 years old and AC unit only 2 years old. Awesome location! Less than a mile away from Intel. Surrounded by shopping, dinning and entertaining. No HOA on this gem! Hurry, this home won't last long

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6012 E Vernon Avenue Scottsdale, AZ 85257

$560,000

3 Beds

2 Baths

1,860 SqFt

Status Active

MLS # 6770543

Property Type Single Family Residence

Price Type --

Step outside to panoramic views of the Papago Mountains from your front courtyard and Camelback Mountain as the perfect backdrop from your private back patio. This 3-bedroom, 2-bath home offers privacy along a lush greenbelt and features a BRAND NEW ROOF with all new plywood decking ($44k), w/warranty, and the A/C unit has been replaced so you can chill out. Enjoy an oversized patio and yard, a wood-burning fireplace, and access to a hillside pool. Similar remodeled homes have sold for $800,000—this one is full of potential. Located minutes from Old Town, Tempe, ASU, SkySong, and the airport, it's a hidden gem in the heart of the city.

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16733 E Duane Lane Scottsdale, AZ 85262

$560,000

3 Beds

2 Baths

1,512 SqFt

Status Active

MLS # 6773011

Property Type Single Family Residence

Price Type --

Discover your perfect retreat in the serene Rio Verde Foothills! This stunning home offers mountain views and the freedom of no HOA. The open floor plan features a beautiful kitchen with granite countertops and ceramic wood-style tile flooring, adding warmth to every space. The expansive backyard, complete with an RV gate and power hookup, is a blank canvas for outdoor projects or relaxation. Customize the property to fit your lifestyle. Nestled in a peaceful location with access to nearby amenities, this home blends style, practicality, and tranquility. Have no worries as this great home is signed up with EPCOR! You won't want to miss this home!

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5428 N 188th Lane Litchfield Park, AZ 85340

$560,000

4 Beds

2.5 Baths

2,140 SqFt

Status Active

MLS # 6777098

Property Type Single Family Residence

Price Type --

Beautifully appointed home featuring 4 bedrooms, 2.5 bathrooms, and a 3 car tandem garage situated on a premium corner lot with welcoming views of the nearby White Tanks. The well designed split floor plan offers maximum privacy with the primary bedroom separate from the 3 secondary bedrooms. Entire interior freshly painted and thoughtfully designed with wood-look tile, impressive light fixtures and plenty of natural light. Kitchen boasts a large island, stainless steel appliances, gas range, a beverage cooler, quartz counters and modern white cabinets. Step into the oversized low maintenance backyard to find a patio with a large grassy area perfect for entertaining or for kids to play.

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