Buying a home is an ideal investment for many people because not only is it a place that belongs to them, it can also be very beneficial financially. While you may be strongly considering buying a home for these reasons, it’s also important to be in good financial health so that your ideal home purchase is within reach. If you’re currently perusing the market for prospects, here are some reasons you should pay down debt before taking the leap into home ownership.
Good Credit History
The amount of your debt load and whether or not you’re paying off your minimum monthly payments has a considerable impact on your mortgage approval, so ensuring that you have good credit history going into the process is important. If you’ve had hiccups with your credit, make sure you go through your credit report prior to submitting your application to determine where you’re at.
Lowering Your Debt-to-Income Ratio
Whether or not you’ve heard the term, your debt-to-income ratio (DTI) has a significant impact on how much house you can afford. Made up of the amount of your monthly debt payment and current house payment, your DTI should be below a certain percentage as this will enable you to afford a higher home payment each month.
Shifting Interest Rates
Getting a mortgage is one thing, but interest rates add more to the monthly amount you’ll owe. A fixed-rate mortgage can seem like a good idea, but if interest rates are low you may end up paying more than you would on a variable rate, which can be hard to predict. As interest rates are a part of home ownership, having lower debt will enable you to deal with these additional costs.
Finding The Right Home
Putting your money into a home can be one of the best purchases you’ll make, but if you’re unable to afford the home you love, it can be a disappointing fact to face. While there are no assurances that paying down debt will enable you to afford your dream home, it can go a long way towards giving you more options that will fit your budget.
Buying a home can be a money saver in the long run, but if you’re struggling to keep up with your debt payments buying into the market can be more of a burden than anything else. If you’re currently paying down debt and considering a home purchase, give me a call and let me help start the planning process – J.P. Cook – 602-320-4253.
Click Here to See What Your Home is Worth
18214 W Medlock Drive
Litchfield Park, AZ 85340
$600,000
4
Beds
2.5
Baths
3,031
SqFt
Status
Active
MLS #
6769264
Property Type
Single Family Residence
Price Type
--
Beautiful 4-bedroom home in Azure Canyon! Its charm starts with a mature landscape, 4 car garage, & a private courtyard. Home exudes elegance with chic light fixtures, a neutral palette, tons of natural light, and tile & plush carpet t/out. Just off the front entry, you'll find a formal dining room & a versatile den. The large living room perfectly flows onto the gourmet kitchen, making entertaining a bliss! Granite counters, a walk-in pantry, a large island, espresso cabinetry, a cozy nook, and SS appliances w/cooktop gas make up the culinary space. Primary bedroom has an ensuite with dual sinks & a walk-in closet. Laundry room with cabinetry & storage closet. You'll LOVE the north-facing backyard with a covered patio, well-laid pavers, artificial turf, & mountain views! Just WOW!
220 N Nielson Street
Gilbert, AZ 85234
$600,000
5
Beds
3
Baths
2,357
SqFt
Status
Active
MLS #
6751130
Property Type
Single Family Residence
Price Type
--
Step into this inviting home, where the journey begins in the bright and airy living room, bathed in natural light streaming through the sliding door. The heart of the home is the beautifully designed kitchen, where stunning walnut cabinets, sleek stainless-steel appliances, and a versatile movable island create the perfect space for cooking and entertaining. As you explore further, you'll find the floors are a tasteful mix of travertine tile, engineered hardwood, and other quality materials, all contributing to the home's elegance. Descending four steps, you'll discover two additional bedrooms, a den or potential theater room, and a full bath—ideal for guests or a private retreat. Ascend to the second story to find two more bedrooms sharing a full bath, along with the tranquil master suite, complete with its own bath for ultimate relaxation. Stepping outside, the property continues to impress with a sparkling pool, an outdoor barbecue area, and an upgraded AC unit installed in 2020, ensuring year-round comfort. The garage offers convenience with a new door and opener, while significant updates like roof plywood replacement, enhanced insulation, and a newly dual-pane windows throughout the home ensure energy efficiency and comfort. Every corner of this home blends modern updates with thoughtful design, creating a perfect balance of style and comfort. PLEASE ADD TO THE CONTRACT: ITEMS THAT DO NOT CONVEY: Outdoor Security Cameras, refrigerator in the garage.
4338 E Foundation Street
Gilbert, AZ 85234
$600,000
4
Beds
2.5
Baths
2,195
SqFt
Status
Active
MLS #
6730209
Property Type
Single Family Residence
Price Type
--
Welcome to Morrison Ranch, where even the cows are contemplating moving in for the sheer charm of this place. With an assumable loan option, a lower interest rate is possible. Gilbert's quirkiest and most delightful enclave has just what you're looking for - and probably a few things you didn't know you needed. As you step onto Foundation St, you're greeted by a 2-car garage that says, ''Yes, I can fit two cars, and maybe even a unicycle if you're feeling adventurous.'' This stunning 4-bed, 2.5-bath palace of practicality offers a whopping 2200 sq ft of living space, ensuring you have all the room you need for activities you'll never get around to. Click on ''more'' for additional fun!! With high ceilings that practically scrape the sky, a neutral palette that's the Switzerland of color schemes, and durable tile flooring that can survive everything from toddler tantrums to your clumsiest adult moments, this home has it all. The kitchen is the heart of the home, or in this case, the granite-countered, recessed-lit, stainless steel-applianced wonderland. The pantry is so spacious it could moonlight as a hide-and-seek champion, and the island with a breakfast bar is perfect for those mornings when you just can't decide if you're a cereal or a toast person. Upstairs, you'll find a quaint loft with a built-in desk for all your home office needs, or as we like to call it, the procrastination station. The main bedroom offers new carpeting that feels like walking on a cloud and a large walk-in closet where you can store your hopes, dreams, and an impressive collection of mismatched socks. The backyard boasts a refreshing pool that's just begging for a cannonball contest. And with the house just two doors down from the neighborhood park, it's the perfect spot to unleash the kids or the dogs - or the kid that thinks they're a dog. Location-wise, you're within walking distance to Cactus Yards Sports Complex, where you can watch local heroes hit home runs or possibly just hit the ground. Commuting is a breeze with proximity to Loop 202 & US 60, making your travel time as smooth as your favorite morning coffee. Now, for the nitty-gritty: this house has appraised at list price, because of course it has! Roof & AC inspections have been performed and given a clean bill of health, so you can sleep soundly knowing your new abode isn't about to spring a surprise leak or turn into a sauna. Why just read about this gem when you could be living in it? Schedule a visit today and see why Foundation St is the foundation of your next great adventure. Don't wait - homes like this are snatched up quicker than free samples at Costco!
22630 E Mewes Road
Queen Creek, AZ 85142
$600,000
3
Beds
2
Baths
2,243
SqFt
Status
Active
MLS #
6743388
Property Type
Single Family Residence
Price Type
--
Beautiful Crimson Model with North Facing Backyard. Barely Lived in, Super Clean. 3 Bedrooms Plus Bonus Room/Den. Kitchen includes White Cabinets, Granite Counters, Huge Island with Breakfast Bar, Stainless Steel Appliances and Walk-in Pantry. Open and Bright with 10 Foot Ceilings and Wood Plank Tile Floors. Primary Suite has a Large Bedroom, Double Sinks, Walk-in Shower, Soaking Tub, Large Closet and is Split from the other Bedrooms. Secondary Bedrooms have Walk-in Closets. Backyard includes an Extended Covered Patio, Lots of Paver Work, Synthetic Grass, Built-in BBQ and Raised Planter. 3 Car Tandem Garage has an 8 Foot High Door for Taller Vehicles and Epoxy Floors. Community Amenities: Two Pools, Splash Pad, Large Lake, Large Park Area, Children's Playgrounds, Fire Pits & so much More
7007 W Escuda Drive
Glendale, AZ 85308
$600,000
5
Beds
3
Baths
2,573
SqFt
Status
Active
MLS #
6769914
Property Type
Single Family Residence
Price Type
--
* NEW ROOF * NEWLY REMODELED BATHROOMS * NEW INTERIOR PAINT * HUGE LOT W/ RV GATE * RECENTLY UPDATED KITCHEN * Welcome home to your Arrowhead Lakes paradise with a massive backyard and sparking blue pool! Space is no shortage in the expansive living areas and 5 spacious bedrooms! This turn key house is ready for your personal touch as brand new neutral paint shows off in the ample amount of natural lighting throughout! Modern touches have been added in the bathroom remodels and lighting! If outdoor entertainment is a big part of your lifestyle, you will adore the lush green landscape that covers the sprawling backyard! Large shade trees help with keeping your home energy efficient while you cool down in your pool!!! Don't forget to check out the parks and golf courses that make Arrowhead lakes one of the most desirable communities in the valley!
15244 N 7th Place
Phoenix, AZ 85022
$600,000
4
Beds
2
Baths
1,932
SqFt
Status
Active
MLS #
6755157
Property Type
Single Family Residence
Price Type
--
Retro Beauty with Mountain View! Step into this charming 4-bedroom, 2-bathroom home, nestled on a spacious cul-de-sac with a large backyard, shed, and expansive covered patio for ultimate privacy. Enjoy stunning mountain views while relaxing in this serene setting. Inside, you'll find a cozy fireplace, formal living and dining rooms, and timeless old-world charm throughout. The master bathroom features a luxurious Steammist steam bath, transforming your daily routine into a personal spa experience. Located in a prime location, just a short distance from downtown, this home offers both convenience and character. A must-see for anyone seeking a blend of retro style, comfort, and modern luxury!
5940 S Cobalt --
Mesa, AZ 85212
$600,000
4
Beds
3
Baths
2,373
SqFt
Status
Active
MLS #
6754737
Property Type
Single Family Residence
Price Type
--
Offered for sale is this beautiful and well maintain 4 bedroom 3 bath home in Cadence. This home features 10 foot ceilings, and large living areas, gas plumbed for backyard BBQ, Tankless water heater, RO water goes to the fridge, carpet in the bedrooms and LVP in high traffic areas. Amazing Cadence community has many nice amenities including pool, club house and fitness center. Clear view of sunsets in the winter. This home is close to Arizona Athletic Grounds, grocery stores, gyms and freeway access.
71 Lake Patagonia Road
Nogales, AZ 85621
$600,000
4
Beds
3.5
Baths
2,962
SqFt
Status
Active
MLS #
6759683
Property Type
Single Family Residence
Price Type
--
Welcome to Patagonia Lake Subdivision. Enjoy the luxury lifestyle afforded with this 4 bed 3.5 bath residence nestled on a 4.4 acre lot with panoramic views. The soaring ceilings create a feeling of great space and security. This residence will make a great winter residence or a terrific year around home. Well maintained, this concrete block/stucco home boasts 6'' thick walls, Anderson Windows, R27 walls & R50 ceilings for comfort and energy efficiency in every season. 8' solid mahogany doors add a touch of elegance. Other features include, granite counters, bonus room (5th bedroom?), walk in closets, jetted bathtub, solar heated swimming pool, covered patio, private well, 2 car garage and fenced back yard. Seize this opportunity to call this masterpiece home
9514 E San Carlos Way
Globe, AZ 85501
$600,000
4
Beds
4
Baths
2,689
SqFt
Status
Active
MLS #
6764529
Property Type
Single Family Residence
Price Type
--
Charming Country Home Coming Soon Discover your dream retreat in this beautiful 4-bedroom, 2 full 2 half-bathroom country home, boasting an expansive 2,689 sq. ft. of living space on a serene 1.43-acre lot. Enjoy the beauty of nature with multiple fruit trees and a convenient watering system. Relax and unwind as you take in the stunning views of Apache Peak from your own backyard. This property also features a detached garage, providing ample storage and workspace. Don't miss the opportunity to own this perfect blend of comfort and tranquility!
3431 E Fairview Street
Gilbert, AZ 85295
$600,000
3
Beds
2
Baths
1,862
SqFt
Status
Active
MLS #
6770358
Property Type
Single Family Residence
Price Type
--
Location, location, location! Beautifully upgraded single-level home in the highly sought-after Pecos Park community of Gilbert! Offering 3 bedrooms and 2 baths, this residence boasts new interior paint, elegant light fixtures and fans, plantation shutters throughout, and more! The vaulted ceilings and seamless open floor plan allow for ample natural light, creating a bright and airy ambiance throughout the home. The gourmet kitchen is a chef's dream, featuring granite countertops, a spacious island with breakfast bar, stainless steel appliances, and recessed lighting. The primary suite offers dual vanities, a soaking tub, step-in shower, and a walk-in closet. Outside, enjoy your private oasis with mature trees and landscaping, and a large covered patio.
1145 E Del Rio Street
Gilbert, AZ 85295
$600,000
4
Beds
2.5
Baths
2,395
SqFt
Status
Active
MLS #
6768818
Property Type
Single Family Residence
Price Type
--
Original owners! This well taken care of home. Home has 4 bedrooms (one bedroom downstairs) plus a loft and 2.5 baths. Downstairs bedroom has a minisplit AC unit in it. Bedroom #2 and #3 upstairs have walk-in closets. 2 car garage with epoxy floor, roll down screen door and side service door. Over 8,000 sf north/south lot has an easy maintenance front yard, grass backyard and play pool with removeable fence and variable speed motor/pump. Extra bonus is the RV gate with plenty of storage space on the east side of the house. 2 storage sheds in backyard will convey. Roof approximately 2 years old. NOTE: The section of the roof where the solar panels are was not reroofed. 5 year old AC units and air handlers. 7 yr. old water heater. Water softener. Solar is a prepaid lease.
22788 E Orion Way
Queen Creek, AZ 85142
$600,000
4
Beds
3
Baths
2,634
SqFt
Status
Active
MLS #
6767865
Property Type
Single Family Residence
Price Type
--
Welcome to the Harvest Community in Queen Creek! This welcoming community has multiple parks, a children's playground, scenic lake, community pools and more. You can't miss Food Truck Wednesdays!You'll love the layout of this new construction home - four bedrooms PLUS a den/office, and 3 full bathrooms. The kitchen has been designed with Tahoe Maple Stained ''Coffee'' cabinets with 42' Uppers and a 4 1/2'' crown detail. Vahalla granite countertops, a 30'' gas cook top and large walk in pantry paired with an impressive great room. Upgraded flooring with EMS Baccarat 12x24 tile and Level 9 Cedar Grove berber carpet. Step into your primary retreat - great space, with a large en suite bathroom and walk in closet. Top it off with a 3 car tandem garage for plenty of storage. MUST see in person!