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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5521 W Butler Drive Chandler, AZ 85226

$555,000

3 Beds

3 Baths

1,410 SqFt

Status Active

MLS # 6767050

Property Type Single Family Residence

Price Type --

Totally upgraded from top to toe ,in and out the last 2 yrs! Quartz counters in kitchen and island bar, all new appliances, Vaulted ceiling, fireplace and wood shutter in great room with access to side yard for early morning coffee. New air conditioner ,new water heater, new shingles, new windows and doors. Pavers and turf front & back 3 bedrooms,3 bath rooms. Downstairs bedroom & 3/4 bath...ideal guest room! Cozy loft upstairs adds space. Balcony too. Generous oasis back yard with pool, pavers tiled patios and tile surrounding pool! Grassy turf in the right places front and back for low maintenance.. The sparkling pool is so refreshing. Extra lighting invites you out after dark to enjoy and entertain .Double RV gate for boat or trailer or bikes. Storage shed., stuccoed block wall too

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20724 W Kaibab Road Buckeye, AZ 85326

$554,999

4 Beds

2 Baths

2,132 SqFt

Status Active

MLS # 6774935

Property Type Single Family Residence

Price Type --

Welcome to this expansive 1-acre horse property on a coveted corner lot! You're greeted by a side-entry 2-car garage, a natural desert landscape, & a circular driveway. Discover an inviting great room with high ceilings, an earth-tone palette, recessed lighting, blinds, & wood-look flooring. The gourmet kitchen comes with granite counters, ample wood cabinetry, stainless steel appliances, & a peninsula with a breakfast bar. The main bedroom offers plush carpeting, an ensuite with double sinks, & a walk-in closet. Outdoors, you'll find a lovely backyard featuring a covered patio, a warm fire pit, an outdoor fireplace for evenings under the stars, & a refreshing pool. Surrounded by stunning mountain views, you can create your dream oasis or establish equestrian facilities. Make it yours!

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715 W Oregon Avenue Phoenix, AZ 85013

$554,995

3 Beds

2 Baths

1,624 SqFt

Status Active

MLS # 6764804

Property Type Single Family Residence

Price Type --

Welcome home to this charming 3 bed, 2 bath home in the heart of Central Phoenix, featuring a new roof, new AC and a freshly painted exterior! Upon entering the home you are greeted by an eat-in kitchen that boasts stainless steel appliances and refinished cabinets and countertops. Next to the kitchen is a cozy living area filled with natural light providing ample space for entertaining and/or dining. Off the living area is a bonus room/den featuring new carpet and a cozy brick-inlay fireplace. Conveniently tucked away is the utility/storage closet that includes an additional refrigerator and a washer and dryer. The primary bedroom boasts new vinyl wood flooring, two closets and an updated bath featuring a new vanity with modern fixtures, new Zellige tile in the shower, and charming charming Cotto tile flooring. Finishing the tour you will find two additional spacious bedrooms and an updated full bathroom that includes a shower-tub combo and a vanity offering generous counter space. Outside you can enjoy a beautifully landscaped yard with a shaded patio, perfect for outdoor gatherings, a storage shed and a back gate with direct access to Colter Park. This home is a rare finddon't miss your chance to own this adorable classic in Central Phoenix!

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4024 S 177th Avenue Goodyear, AZ 85338

$554,990

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6779581

Property Type Single Family Residence

Price Type --

This spacious 5-bedroom 3-bathroom Bailey plan features a large kitchen overlooking the great room and separate dining area. Open concept living at its finest with a third full bathroom adjoining the fifth bedroom for family or guests. Finished with our Divine Package including white cabinetry with granite, kitchen backsplash and 6'' X 36'' tile flooring. Move into this fully equipped home that includes our spray foam insulation, a three-car tandem garage, all appliances, window coverings and pendant lighting with a December completion date.

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15394 W Cottontail Lane Surprise, AZ 85387

$554,990

5 Beds

3 Baths

2,734 SqFt

Status Active

MLS # 6786000

Property Type Single Family Residence

Price Type --

2,743 SQ FT SINGLE LEVEL - 3 CAR GARAGE Quick CLOSE! This beautiful 4 bedroom with a study + 3-bathroom single story is AMAZING !!! the perfect home, upgraded convenient electrical package, prewired for pendant light over the island, gorgeous tile flooring, Burlap Cabs, Quartz Slab, stainless steel appliances, gas range and dryer gas hookup, TANKLESS WATER HEATER, window coverings oversized sliding door, Smart Home and Energy Star Certified, garage door openers included just to mention a few, come see!

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9857 S Los Picos Drive Apache Junction, AZ 85120

$554,990

4 Beds

3 Baths

2,164 SqFt

Status Active

MLS # 6779392

Property Type Single Family Residence

Price Type --

3 car garage!! The Fairfield floorplan offers a spacious and well-designed single-level living experience, encompassing 2,164 square feet. you are welcomed into an open-concept living area that seamlessly connects the kitchen, dining, and family rooms. The kitchen is a chef's delight, equipped with modern gas appliances, ample counter space, and a large island that serves as the heart of the home, ideal for meal preparation and casual dining. wood look tile throughout, tankless water heater, 8 foot slider! This community features resort like amenities including a large pool, splashpad, park & clubhouse with fitness center!

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32001 N 117th Avenue Peoria, AZ 85383

$554,990

3 Beds

2 Baths

1,486 SqFt

Status Active

MLS # 6755152

Property Type Single Family Residence

Price Type --

It's the Acacia being built at our newest community of Mystic in Peoria. Barnett Maple Latte cabinets throughout with 42'' kitchen uppers soft close drawers and doors in the kitchen. Wood laminate floor Casita Court with 5'' baseboards and 3 1/4'' door casings in all areas of the home except beds/closets. Large walk in shower at owner's bath with tile on the surrounds and floor. Stainless steel gas appliances including a 30'' cooktop and glass canopy hood. Pavers at drive, walk and entry. Tile in tub & shower surrounds in Bath 2. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop 303.

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15992 N Gil Balcome Street Surprise, AZ 85374

$554,990

5 Beds

2 Baths

1,955 SqFt

Status Active

MLS # 6724780

Property Type Single Family Residence

Price Type --

HUGE PRICE REDUCTION!! Stunning Fully Remodeled 5-Bedroom Home w/ Luxurious Features This remodeled, move-in-ready home boasts 5 bedrooms & 2 baths on an oversized lot backing to a serene Greenbelt. The gourmet kitchen features custom cabinetry, chef's kitchen appliance package, pot filler, large granite sink, quartz countertops and an oversized island. Wood tile flooring t/o, 10 ft ceilings, upgraded paint, 5 1/2 in baseboards, new doors, and dual-pane windows provide style and efficiency. Luxury baths with dual sinks and floor to ceiling tile. Master Suite features a custom master closet. Laundry room with new GE washer/dryer and cabinetry storage. Outdoors, enjoy a landscaped yard, Pebble Tech Pool, 12x43 covered patio, 12ft RV Gate and 5 car driveway. Move in ready & waiting for you!

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5054 N 183rd Drive Litchfield Park, AZ 85340

$554,990

3 Beds

2.5 Baths

2,275 SqFt

Status Active Under Contract

MLS # 6765735

Property Type Single Family Residence

Price Type --

Welcome to your dream home! Why choose this home over a new build? This exquisite property features an open-concept layout perfect for entertaining. The gourmet kitchen boasts high-end appliances, and the ensuite laundry room is conveniently attached to the primary bedroom closet. Enjoy over $20,000 in beautiful landscaping, ready for you from day one, while new builds often require additional landscaping investments.The luxurious primary suite includes dual sinks in the ensuite bathroom and a well-designed Jack and Jill bathroom for added convenience.With premium upgrades, plantation shutters, and a versatile extra room ideal for an office or bonus space, this home is move-in ready. The spacious three-car tandem garage offers plenty of storage. Don't miss the chance to make this yours!

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242 S 165th Avenue Goodyear, AZ 85338

$554,990

4 Beds

2.5 Baths

2,229 SqFt

Status Active

MLS # 6739790

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME! MOVE INTO YOUR NEW HOME BEFORE THE HOLIDAYS! SPECIAL FINANCING WITH BELOW MARKET INTEREST RATES AVAILABLE! MOVE-IN PACKAGES AVAILABLE! PLEASE INQUIRE ABOUT THESE SPECIALS ON THIS QUICK MOVE-IN HOME AND OTHERS. ACT SOON BEFORE IT IS TOO LATE! It's the stunning Crimson floor plan with 4 bedrooms, 2.5 bath. Large storage area in garage. 12'x8' sliding glass door off the extended covered patio. Stainless steel gas appliance package with a 30'' cooktop, wall oven, microwave and canopy hood. Barnette Maple slate (Gray) cabinets throughout the home. AZT Della Terra quartz Linen countertops in kitchen and owner's bath. White single bowl undermount sink in kitchen. Satin nickel hardware. Upgrade flooring includes EMS Riverside Firenza 20x20 in all areas of the home except for beds/closets. Dual sinks in bath 2. Soft water loop, 8' tall garage door opener with two remotes and so much more. Please verify all information with onsite agent. Thank you!

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31381 N 130th Avenue Peoria, AZ 85383

Open House

$554,990

4 Beds

2 Baths

1,958 SqFt

Status Active

MLS # 6745460

Property Type Single Family Residence

Price Type --

The Kendrick features a quaint, covered front porch ideal for welcoming guests. Walk through the spacious foyer and gallery hall to the grand open concept dining and great room ideal for hosting and entertaining. A centralized laundry room makes access easy from any room in the home. While a dedicated office is perfect for students and hybrid workers. A back covered patio perfect for taking in the surrounding Peoria mountains and Southwest landscape is the cherry on top! Located in the highly desirable Vistancia masterplan, resident will enjoy access to the 3.5 mile Discovery Trail, and two state of the art recreation centers.

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1024 N Moccasin Trail Gilbert, AZ 85234

$554,900

4 Beds

2 Baths

2,063 SqFt

Status Active Under Contract

MLS # 6731571

Property Type Single Family Residence

Price Type --

Make your home in the heart of Gilbert! This beautiful 4 bed, 2 bath home on a premium lot is looking for only it's second owner. A newly painted exterior, manicured front yard, a 2-car garage with built-in cabinets, and a welcoming porch are just the beginning. Inside you will find large dining & living areas w/newly installed wood-look flooring in all the right places, vaulted ceilings w/skylight, and a neutral palette w/fresh interior paint. The kitchen is comprised of white cabinetry, ample counter space, a prep island, a large pantry, and recessed lighting. Enjoy brand-new stainless-steel Whirlpool appliances including a gas range. Soak in the sun or enjoy entertaining on cooler evenings with a backyard that includes a covered patio, extended seating areas w/pavers, a lovely gazebo, and mature citrus trees. Finally, end your busy day in the primary bedroom with a charming bay window, a walk-in closet, and a full bath with dual sink. Near every amenity the Valley has to offer, is it time for you to discover the joy of Gilbert living?

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