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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28289 N 134th Avenue Peoria, AZ 85383

$559,179

3 Beds

2 Baths

1,821 SqFt

Status Active

MLS # 6786784

Property Type Single Family Residence

Price Type --

A soon to be complete single-story Copper with a Mid-Century Modern exterior elevation style. This 3-bedroom home plus a flex room offers 2 baths and a 2 car garage. The kitchen features stainless steel appliances and stylish grey tone cabinetry and beautiful white quartz countertops. Throughout the home, find upgraded baseboards and wood-like tile. The home and community are at the base of a mountain and are near Vistancia. Home warranty included.

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12311 W Parkway Lane Avondale, AZ 85323

$559,000

4 Beds

3 Baths

2,272 SqFt

Status Active

MLS # 6782987

Property Type Single Family Residence

Price Type --

4 bedrooms and 3 baths, including one with private hallway and bath, perfect for family or guests. This high-end home stands apart in a class of its own with 10' ceilings, expansive living with an open concept and impressive windows that spill the beautiful Arizona sunshine onto the upgraded tile floors. The incredible Gourmet Kitchen has a classy look with shaker cabinets, gas cooktop with GE Stainless steel appliances, quartz countertops, tiled backsplash and oversized islands gives you a culinary kitchen fit for a chef. The luxuries continue on the outside as the covered outdoor patio extends onto an oversized lot with tons of room for outdoor fun. The 16' slider opens to beautiful Arizona outdoor living. 2X6 CONSTRUCTION; EXTENDED NEW HOME WARRANTY.

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5752 N Luna Drive Eloy, AZ 85131

$559,000

2 Beds

2.5 Baths

2,009 SqFt

Status Active

MLS # 6786684

Property Type Single Family Residence

Price Type --

. *This Designer Home* has just received special pricing to move fast! The home is complete and ready for an immediate move in, is one of our most popular floor plans. With a spacious Kitchen & raised height ceilings, you won't believe its only 2009sf; it is beautifully upgraded with well thought out finishing touches selected by our design team. Robson Ranch was voted one of the top 50 best master planned communities in the county by Where to Retire magazine. Robson Ranch is centrally located between Phoenix and Tucson and offers world-Class, resort-style amenities including: New Clubhouse w/Ballroom/Auditorium, Championship Golf, Heated Indoor and Outdoor Pools, 16 Pickleball Courts, Tennis, Fitness & Creative Arts Centers, Restaurant, Softball Fields, Dog Park & Much more.

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12467 W Gambit Trail Peoria, AZ 85383

$559,000

2 Beds

2 Baths

1,635 SqFt

Status Active

MLS # 6774761

Property Type Single Family Residence

Price Type --

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12406 W Cougar Drive Sun City West, AZ 85375

$559,000

3 Beds

2 Baths

2,864 SqFt

Status Active

MLS # 6701498

Property Type Single Family Residence

Price Type --

Discover the allure of this charming single-story sanctuary! Captivating front yard featuring a 2 car garage, enclosed patio, & manicures desert landscape with irrigation and accent lighting. Inside, the comfortable living/dining showcases bay windows. The spacious family room enjoys wood-look tile flooring, high ceilings, & arcadia door to the backyard, perfect for merging indoor & outdoor activities. End your gatherings in the centrally located formal dining room w/modern light fixtures. You'll love the meticulously designed kitchen that includes recessed lights, shaker cabinets, mosaic backsplash, granite counters, & skylights. Additional den, next to the family room, ideal for a game or crafting room. The bonus room can be used as a guest bedroom or office. The main bedroom boasts tile floors, bay windows, a sitting area, walk-in closet, & lavish ensuite. Be dazzled by the large outstanding backyard and enjoy the relaxing covered patio, extended seating areas, delightful landscaping, paver pathways, stone features, iron fencing & wonderful views of the 18th hole of Stardust Golf Course. This gem won't last for long!

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116 N 3rd Street Tombstone, AZ 85638

$559,000

3 Beds

3 Baths

1,404 SqFt

Status Active

MLS # 6746565

Property Type Single Family Residence

Price Type --

INVESTORS WELCOME!! THIS HOME HAS 3 - 1 BEDROOM UNITS FULLY FURNISHED FOR SHORT OR LONG TERM RENTAL OR PERSONAL LIVING PURPOSES. VERY COMFORTABLE RANCH STYLE HOME IN ''THE TOWN TOO TOUGH TO DIE''! QUIET STREET, WALK 3 BLOCKS TO ALL THE FUN IN ALLEN STREET! COVERED RV PARKING IS AN ADDITIONAL BONUS OR INCOME PRODUCING BENEFIT! OFF STREET PARKING AVAILABLE FOR GUESTS. WATCH THE BIRDS & ANIMAL PARADE JUST A STONE'S THROW FROM THE GORGEOUS GAZEBO WITH ''FIRE PIT/GRILL'' IN THE BACK YARD. LOWER LIVING SPACE COMES WITH ACCESS TO A MINE AND POSSIBLE GHOST.

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8016 E Medina Avenue Mesa, AZ 85209

$559,000

3 Beds

2 Baths

2,172 SqFt

Status Active

MLS # 6750548

Property Type Single Family Residence

Price Type --

You'll appreciate the central location of this 3-bedroom golf course home in the amenity-packed community of SVE, convenient to the restaurant, pool complexes, workout facilities, golf course and all Clubs/amenities. This well-taken care of home is ready to move in, so you don't delay the upcoming season of fun. There are many features unique to this home including a 9' x 8' bonus room in double garage to park your golf cart or motorcycle or utilize for extra storage or workshop as well as the electronic security shutters that enclose the covered back patio. With over 2,100 sq. ft., this floorplan provides two additional bedrooms creating ample space for visitors. Other features include a vaulted living room, family room with views to the golf course, and a formal dining room that could be converted to an office, craft or sewing room. Enjoy your morning coffee on the covered patio watching golfers attempt a birdie putt on Hole No. 7 with the Superstition Mountains in the background. Enter the home from the expanded south-facing front patio and your eyes will go right to the view of the golf course. You'll notice the abundant amount of light in the tiled kitchen coming from the sliding glass door in the dine-in area, with the kitchen providing beautiful cabinets with pull-out shelves. The large family room creates that extra space for entertaining as it includes a wet bar as well as access to the golf course patio. A primary bedroom allows the south sun to brighten the room and provides a private bathroom and walk in closet. The guest bathroom with tub/shower combo is centrally located between the second and third bedroom. The guest bedroom with north-window overlooking golf course is an expanded bedroom with his/her closets. If you didn't need a third bedroom, you could use the extra space for an office, sewing room or craft/hobby room. The garage features built in cabinets, a work bench, an exterior service door, and the bonus room. Sunland Village East is a community that provides an amenity for everyone's interests while still maintaining low annual HOA fees.

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43154 N Outer Banks Drive Anthem, AZ 85086

$559,000

4 Beds

2 Baths

2,153 SqFt

Status Active

MLS # 6753584

Property Type Single Family Residence

Price Type --

Discover this stunning Tuscan-style home, featuring 3 bedrooms plus a den and breathtaking mountain views. Designed with elegance and comfort in mind, this residence offers a formal living room and dining room, perfect for entertaining, while the spacious great-room provides a welcoming space for everyday family living. The home showcases luxurious travertine flooring throughout, complemented by granite countertops and a travertine and marble backsplash in the kitchen, creating a seamless blend of style and sophistication. You'll love the location of this home as it is close to dining, shopping and entertainment not to mention the community pools, parks and clubhouse that are waiting just for you.

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3834 E Cavalry Court Gilbert, AZ 85297

$559,000

5 Beds

3 Baths

2,160 SqFt

Status Active

MLS # 6769305

Property Type Single Family Residence

Price Type --

UPDATED TO FIVE BEDROOMS AND THREE BATHROOMS, GREAT POWER RANCH COMMUNITY, HOME SITS ON A PRIVATE CUL DE SAC, FIRST FLOOR HAS A BEDROOM, FULL BATHROOM, FAMILY ROOM AND SPACIOUS KITCHEN WITH ALL APPLIANCES AND CENTER ISLAND, MASTER SUITE HAS A PRIVATE BATH WITH SEPARATE TUB/SHOWER, DUAL SINKS, AND A WALKIN CLOSET, BACKYARD HAS COVERED PATIO AND A LARGE GRASSY AREA, GARAGE AND LAUNDRY ROOM HAVE CABINETS, COMMUNITY POOLS, CLUBHOUSE, POND AMD MANY PARKS AND WALKING PATHS, TWO NEW A/Cs IN 2021 AND A NEWER WATER HEATER, NICELY LANDSCAPED FRONT YARD AND PRIVACY IN BACKYARD,

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9033 E Ivyglen Circle Mesa, AZ 85207

$559,000

2 Beds

2 Baths

1,379 SqFt

Status Active

MLS # 6776519

Property Type Townhouse

Price Type --

Nestled within the exclusive Mountain Bridge community, this immaculate Villa boasts mountain views and a rare private driveway. The beautifully landscaped outdoors features a covered patio and pergola plus roller shades creating an ideal setting to unwind any time of day and take in breathtaking desert sunsets in the evenings. Low-maintenance desert landscaping, fruit trees, and charming pavered side-yard path, this home seamlessly blends elegance with the beauty of nature. Custom iron screen doors, front and back bring cool breezes and fresh air into a refined interior, where soft, neutral tones, upgraded cabinetry, and a gourmet kitchen with a gas stove and double ovens await. Tile floors flow throughout, complemented by elegant wood shutters and crown molding in the Owner's Suite. The garage offers practical upgrades, including a utility sink, cabinetry, and added insulation in ceiling. Additional insulation added in attic throughout home. This home offers both luxury and comfort, creating a peaceful retreat in the heart of Mountain Bridgeperfect for year-round living or as a lock-and-leave escape. Easy access to hiking, biking, kayaking, tubing and more. Easy drive to Tempe Marketplace, Old Scottsdale, and Scottsdale proper for fun, food, fashion and more! This is your opportunity to enjoy the resort-style living in the gated community of Mountain Bridge.

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15147 W Double Tree Way Surprise, AZ 85374

$559,000

2 Beds

2 Baths

2,240 SqFt

Status Active

MLS # 6780561

Property Type Single Family Residence

Price Type --

Luxurious expanded Coronado with Magnificent Kitchen and Dining Room. 3 CAR GARAGE!! Lavish Upgraded Baths. Large Front Courtyard. Lots of Privacy at SE Back with Spacious Covered Patio and Decorative Knee Walls. Kitchen with Custom Cabinets, Granite, SS Appliances, Gas Range, Island, Pantry, Bar, Skylight. 20'' tile on the diagonal flow T/O most of the home. Wonderful Primary Suite with wood floors, sitting area with a bay window. Luxurious bathrooms feature custom vanities & updated showers. Bedrooms, kitchen, office have window shutters. Beautiful Expensive Custom Draperies and Cornice Boards in Living, Dining Areas. Create a New Chapter in Your Life in this Great Home on a Great Lot in a Great Location!

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2575 N Tamarisk Street Chandler, AZ 85224

$559,000

3 Beds

2 Baths

1,922 SqFt

Status Active

MLS # 6783649

Property Type Single Family Residence

Price Type --

Welcome to 2575 N Tamarisk—a charming 3-bedroom, 2-bathroom single level home designed for both comfort and convenience! This home has been lovingly owned by one family! This property features two spacious living rooms; one with a wood-burning fireplace, perfect for entertaining or relaxing with family. The kitchen features granite countertops, a convenient breakfast bar, and plenty of cabinet space for all your storage needs. The primary bedroom is a true retreat with direct access to the backyard, offering a seamless indoor-outdoor flow. Step outside to find a sparkling pool, covered patio, and a low-maintenance backyard, perfect for enjoying Arizona's sunny weather year-round. Don't miss this opportunity for a home that combines style, space, and outdoor living! Located with easy access to the 101 and US-60 freeways, Mesa Community College, shopping centers, and beautiful parks.

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