Mythbusting: Understanding Mortgage Myths and Why They Shouldn’t Hold You Back

Mythbusting: Understanding Mortgage Myths and Why They Shouldn't Hold You BackWith 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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8701 E Highland Avenue Scottsdale, AZ 85251

$2,200,000 - 4Br/2Ba -  for Sale in Caballo Ranchos No. 2a, Scottsdale
New
$2,200,000
4 Beds
2 Baths
2,289 SqFt
Status Active
MLS # 6787504
Property Type Single Family Residence
Price Type --
ULTRA-LUXURY BUYERS WANT EVERYTHING AT THEIR FINGERTIPS & ARE LOOKING FOR PROPERTIES THAT ARE DISTINCT & USUALLY 'ONE-OF-A-KIND'!! ONLY ONE SAVVY DEVELOPER... ''SCOTTSDALE'S PREMIER LUXURY BRAND'' HAS RESPONDED BY DESIGNING A 'UNICORN' RESIDENCE WHOSE UNIQUENESS BEGINS WITH ITS SPRAWLING 22,798 Sq.Ft. IRRIGATED LOT, DISTINGUISHED BY A 3-CAR GARAGE & AN ''IN-GROUND, GLASS-FLOOR AQUARIUM'' THAT GIVES THE IMPRESSION OF 'WALKING ON WATER' MAKING THIS HOME A 'UNICORN...SOMETHING THAT IS HIGHLY DESIRABLE, BUT DIFFICULT TO FIND, TYPICALLY UNUSUAL, RARE OR UNIQUE!' This is ambitious from an architectural perspective, it's not just a FISH TANK, it's an immersive feature that brings tranquility & nature right into your daily routine, from the laundry right into the center of the home you'll be greeted by the peaceful sight of colorful tropical fish swimming right beneath your feet!! Imagine stepping into a home where the indoors seamlessly flow onto an entertainers dream space, Adjacent to the BRAND NEW HEATED POOL is a 'ONE-OF-A-KIND OUTDOOR KITCHEN' designed to be the centerpiece of your outdoor living space which opens up to the expansive backyard with plenty of room to roam. Whether you're sipping a cocktail while watching the sunset, enjoying the view from your ROOFTOP DECK.... 'SCOTTSDALE'S PREMIER LUXURY BRAND' has created another unique space... this is not just your standard BBQ setup. It's a 'STATE-OF-THE-ART BUILT-IN KITCHEN' with grill, separate smoker, wood paneled bar, 2 TV's, beverage fridge, and when you're not using it, just magically close it up until the next Sunday Funday!' Step inside Into the majestic vaulted open Living/ Dining spaces with exposed wooden beam, a 6 foot WINE GALLERY lines the one wall & focal point brick wood burning fireplace the other. The Signature 'two-tone' Designer Kitchen' is fully integrated with KitchenAid appliances with gas cook has 10 ft kitchen island and is Flanked on both sides by 2 bedrooms and 2 bathrooms. The primary suite has beverage bar and 'spa-like' bathroom en-suite and flows beautifully to the outdoors. Beyond the home, the expansive lot offers endless possibilities.... room for a casita, create your own garden or vegetable farm, DO YOU HAVE TOYS?? Trailers, RV's, Boats with NO HOA, this is your own playground! Car enthusiasts will be awed by the 3 car garage with E-V charging station, designer lighting, & built in cabinetry, and with Inside Laundry with Washer/dryer FINALLY A HOME THAT EXCEEDS ANY & ALL EXPECTATIONS!! FEATURING: RARE 1/2 ACRE Irrigated Lot - Minimal Water Bill, 3 CAR GARAGE That Rarely Exists in South Scottsdale, Floor to Ceiling Custom Designed Cast Iron/Glass Pivot Front Door, Brand New Heated Pool, New Electrical, New Plumbing, All New Landscaping & Ambient Solar Lighting, Thousands of SQ. FT of Pavers, Double Insulated Garage Doors, New Tile & Metal Roof, New HVAC System & Ducts, Engineered Hardwood Floors Throughout, Vaulted Ceilings, Dual Pane Windows & Sliders Throughout, Custom Designed Drapery & Hardware, Handpicked Chandeliers, Lighting & Fans, Signature Pewter & Brass Hardware Throughout, Top-of-the-line KitchenAid Appliance Package, Ample Off-Street Parking.

3330 S Sycamore Village Drive Gold Canyon, AZ 85118

$2,200,000
4 Beds
4.5 Baths
4,129 SqFt
Status Active
MLS # 6760787
Property Type Single Family Residence
Price Type --
BEAUTIFUL REMODELED HOME overlooking the 12th hole green of the Prospector Golf Course-although a distance from the cart path for privacy. . Views of the 11th fairway and green are also visible. Four bedrooms/4.5 baths. Primary suite with fireplace includes a second room for an office or work out room and his/her closets. Guest bedrooms all ensuite. A separate guest Casita is the fourth bedroom located just inside the gated front courtyard with its own sitting area. Your guests will never want to leave! Open great room/kitchen/dining room floor plan. All new flooring, paint bathrooms and kitchen. HIDEAWAY SLIDERS OPEN TO A REDESIGNED PATIO. NEW POOL WITH NEARLY A 50' LAP LANE AND AN ADJOINING SPA. Outdoor patio has a large sitting and dining area. Great for entertaining. ROOF DECK FOR SEEING INCREDIBLE SUNSETS AND CITY LIGHT VIEWS! TWO JACK NICKLAUS GOLF COURSES! Not a golfer? Enjoy pickle ball, bocce, tennis, hiking and many other activities. Country Club living at its best! Club amenities under a separate agreement. Buyer and/or buyer's agent to verify all pertinent information, including square footage.

36482 N Boulder View Drive Scottsdale, AZ 85262

$2,200,000
5 Beds
4.5 Baths
4,180 SqFt
Status Active
MLS # 6769105
Property Type Single Family Residence
Price Type --
This beautifully remodeled home features a new roof, new garage doors, and a newly remodeled pool. Fresh exterior paint gives it great curb appeal. Inside, you'll find custom accent beams, a redesigned fireplace and bar, and a 500-bottle, temperature-controlled wine cellar. The kitchen, primary, and guest baths feature new cabinets and granite countertops. The split floor plan and detached casita with kitchenette are perfect for guests. Enjoy sunsets over Black Mountain from the backyard or relax by the fire pit and waterfall pool. Explore the nearby McDowell Sonoran Preserve with over 175 miles of trails.

4455 E Quail Brush Road Cave Creek, AZ 85331

$2,200,000
4 Beds
4.5 Baths
3,652 SqFt
Status Active
MLS # 6766062
Property Type Single Family Residence
Price Type --
Extraordinary home that combines elegance and comfort! Beautiful 4 bedrooms plus den with split design. All secondary bedrooms with ensuite baths! Luxurious primary suite with his & hers vanities, separate soaking tub & large walk-in shower! Top of the line appliances enhance the chef kitchen with large island, pot filler, wine bar & large walk-in pantry. Cook outdoors too! In the fully appointed kitchen with grill, gas stove, ice maker, & dual beverage/condiment refrigerators! Embrace the carefree lifestyle of RV life with the 50 foot RV garage & workshop. Plenty of room for other toys/boats with dual RV gates! (one on each side of home) Telescopic doors from great room to patio unveils the backyard oasis with sparkling pool, putting green, citrus trees & low maintenance landscaping. Dis Discover the meticulous extra details that add to your comfort level such as, Whole house water filtration system, Entertainment system throughout, California closets in every bedroom closet, Solid wood doors throughout, Digital door locks & pool controls & Security camera. You'll appreciate the LOW utility bills with the 68 Panel owned Solar system! Pre-wired for electric infrared ceiling heaters on patio, pre-wired for electric shades on patio, and pre-plumbed for air compressor on patio (for misting system) and in the garage! Paved Circle driveway allows for extra guest parking. Rare opportunity to call this home YOURS!

9915 E San Salvador Drive Scottsdale, AZ 85258

$2,200,000 - 5Br/4Ba -  for Sale in Andalusia 2, Scottsdale
New
$2,200,000
5 Beds
3.5 Baths
3,700 SqFt
Status Active
MLS # 6786813
Property Type Single Family Residence
Price Type --
Welcome to your dream home in one of the greatest Scottsdale neighborhoods. Completely remodeled from top to bottom this turn key home is a sophisticated and modern retreat that reflects that magical merging of inspiration and design. This home is a masterpiece of craftsmanship featuring a great entertaining dream, large open floor plan, high ceilings, contemporary statement wood fireplace, stainless steel appliances, double ovens, oversized quartz island. Kitchen is a dream come true! Master bedroom is the ultimate retreat complete with a generous size room a sleek ensuite bath with a modern tub, premium finishes and fixtures. Plenty of natural light flows throughout the home's open, airy layout. .Enjoy gatherings in the entertainer's resort style backyard. LARGE LOT BEST DEAL IN TOWN!

8170 E Kalil Drive Scottsdale, AZ 85260

$2,200,000
3 Beds
3.5 Baths
3,888 SqFt
Status Active Under Contract
MLS # 6782637
Property Type Single Family Residence
Price Type --
outstanding golf course water and mountain views one of the best view lots in Scottsdale Country Club East 9

4150 E Dynamite Boulevard Cave Creek, AZ 85331

$2,200,000
3 Beds
3 Baths
1,378 SqFt
Status Active
MLS # 6664797
Property Type Single Family Residence
Price Type --
Seller-Financing Available! A very rare ''RU-43'' zoned Ranch to purchase in the absolutely best possible location of the Valley (a Hop & Skip from the Dynamite Roping Arena). And the Seller will consider ''Carrying the Paper'' on the financing. By the way, the ''U'' designation of the RU-43 affords additional privileges for equestrian purposes, and there is ''NO HOA''. This property is loaded with features. A Modern Barn with: Office, Ranch Hand Living Quarters, Fourteen (14) Stalls/Pens (7 in barn), Grooming Bay, Horse Drawn Carriage Garage, and Tac Room; Bull Pen, Walker, Multiple Corrals, Multiple Arenas, Breeding Facilities and a 'Hay Barn'' that would be difficult to get a permit to build these days. This ranch just went through a major renovation. Modern steel fencing was installed on the complete perimeter to help secure the property and keep unwanted animals from entering. A New Arena and Updated Corrals, were updated as well in the same way. And the house and barn were detailed throughout. The home was inspected as if the present Seller was a buyer, and items found to be an issue were repaired. And lastly, this Seller will consider owner financing for the right Buyer.

1775 S 131st Street Gilbert, AZ 85233

$2,200,000
5 Beds
7 Baths
5,343 SqFt
Status Active
MLS # 6714697
Property Type Single Family Residence
Price Type --
Experience unparalleled luxury in this meticulously designed Tuscan-inspired home. As you approach the grand front entry, custom old-world wood/metal doors welcome you into enchanting front courtyard. Step inside to discover a huge foyer and open interior that epitomize grandeur.Key Features*5400 Sqft Layout, Spacious and open, perfect for both relaxation & entertaining*Lush 1.38 Acre Lot:*A sprawling estate offering ample outdoor space for recreation*Gourmet Kitchen w granite counter tops/ designer cabinetry, a culinary haven ideal 4 entertaining *High-End Finishes, Meticulous attention to detail w/ luxurious finishes throughout*Resort-Style Outdoor Oasis: Heated pool & spa, gas fire pit, outdoor grill, putting green, & multiple covered entertaining areas. 8-Car Gar

38646 N 104th Place Scottsdale, AZ 85262

$2,200,000
3 Beds
3.5 Baths
2,544 SqFt
Status Active
MLS # 6739325
Property Type Townhouse
Price Type --
Golf Membership available & Furnished~Remodeled Hacienda in a fresh ''Cala Lily'' soft white palette with new flooring, countertops, backsplash, primary suite walk-in shower, electrical and new plumbing. This is a GEM as a lock and leave or easy primary residence with less maintenance in mind. Dual generous entertaining patios both covered and uncovered lounge/dining areas featuring an exterior fireplace and BBQ patio showcasing a new bar with more conversation space. Primary suite has been completely redone; elegant white hexagon tile flooring, dual sided zero entry shower with new hardware and 2 walk in closets. Bright farmhouse style kitchen opens to the great room and dedicated dining with a very convenient and civilized service bar. En-Suite casita with kitchenette, sitting area and views of Pinnacle Peak, Tom's Thumb and all the ranges that surround. Please see features sheet in documents tab for a complete list of all updates/upgrades regarding this just finished remodel.

12209 N 66th Street Scottsdale, AZ 85254

$2,200,000
5 Beds
3.5 Baths
4,266 SqFt
Status Active
MLS # 6762109
Property Type Single Family Residence
Price Type --
Back on market. Buyer couldn't perform. Dream backyard on over a flat acre. Quiet and minimally traveled street. Front door flows open to large bifolds creating a beautiful indoor outdoor environment. Custom white oak kitchen w quartzite countertops. Walk in pantry. Showcase wine cooler. Separate dining space with bar. 3 fireplaces. Two primary suites, # Separate living rooms with options for convertible space. 1300sf garage with tremendous ceilings and workshop space. Every inch of this house has been completely gut renovated. AC and ductwork is brand new. Brand new roof and stucco. All plumbing is new. Resort like backyard, the exterior showcases a brand new pool with heater, oversized outdoor kitchen, water feature, bocce ball, putting green, fire pit, new fence. List goes on and on

9590 E Altadena Avenue Scottsdale, AZ 85260

$2,200,000
4 Beds
3.5 Baths
4,632 SqFt
Status Active
MLS # 6686677
Property Type Single Family Residence
Price Type --
Nestled behind the gates of an exclusive Scottsdale neighborhood, this stunning contemporary home epitomizes luxury living. Boasting clean lines and sophisticated design, this residence is conveniently located near premier shopping, dining, and esteemed schools. Upon entering, you're greeted by soaring ceilings and newly installed wood flooring, creating an inviting atmosphere flooded with natural light. The expansive walls of glass seamlessly blend indoor and outdoor living, offering a tranquil retreat from the bustling city life. The meticulously crafted layout includes a master suite boasting a comforting fireplace and a lavish bathroom equipped with heated floors, a multi-person Jacuzzi jetted tub, and a stunning glass wall opening onto a secluded courtyard. Four extra guest rooms, one with a steam shower, offer generous areas for unwinding and work alike. The updated white kitchen is a chef's delight, boasting a large island with custom lighting and top-of-the-line appliances. It effortlessly flows into the spacious family room, featuring a fireplace, surround sound, and wet bar, making it the perfect spot for entertaining guests. This home is a equipped with a smart home system and has network wiring with multiple access points. Outside, the resort-style backyard beckons with its expansive covered patio, outdoor kitchen, and built-in BBQ island. Framed by lush grassy grounds and majestic mountain views, the heated pool with rock waterfall and super sports court provide endless opportunities for recreation and relaxation.

11812 N 142nd Street Scottsdale, AZ 85259

$2,200,000
5 Beds
4.5 Baths
5,863 SqFt
Status Active
MLS # 6732175
Property Type Single Family Residence
Price Type --
Enchanting Hidden Hills home nestled amongst the McDowell Mountains with views of Camelback Mountain! Custom finishes throughout with new interior paint and carpet. Open floor plan..Great Room with Dining & Living Room ,wet Bar area that has a 300 bottle wine room. and your own Kegerator! Split floor plan ... MBR has its own wing with FP, sitting and patio areas. Bonus rooms include an Excercise area and furnished Media room. Ample parking and storage with a 4 car garage. Low maintenance back yard that is perfect for entertaining. Heated Pool with /waterfall, Spa,FP, Built in BBQ,Electric sun shades and artificial turf. Large laundry room with its own craft area! LOADS of Room to roam in this beauty......

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