Planning to Get a Mortgage in 2017? 4 Reasons Why It’s Time to Start Paying Down Other Debts Now

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.

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3536 N Snead Drive Goodyear, AZ 85395

$577,000

3 Beds

3 Baths

2,466 SqFt

Status Active

MLS # 6748270

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated home + casita w/ full bath surrounded by a private backyard oasis featuring multiple entertaining areas, covered patio & gorgeous water feature. Charming courtyard entrance with pavers. Elegant Great Rm with vaulted ceilings & French doors to patio, game table or dining area & entertainment area with media cabinet. Rich wood cabinets, granite counters, stylish tile backsplash, SS appliances incl gas stove (new in 2012), portable prep-bar, walk in pantry & breakfast bar. The primary suite offers a cozy sitting area, patio access, bathroom with dual sinks, shower & walk-in closet. Addtl guest bdrm, full bath, home office/den. Travertine tile throughout home. Re-imagined laundry/craft room with extra storage. GORGEOUS HOME!

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11938 W Parkway Lane Avondale, AZ 85323

$576,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6759753

Property Type Single Family Residence

Price Type --

Explore this dynamic Townsend home, ready for quick move-in! Included features: a covered front porch; a quiet study and convenient powder room off the entry; an expansive great room with center-meet patio doors; a gourmet kitchen showcasing 42'' cabinets, quartz countertops, stainless-steel appliances, a large island, a walk-in pantry and an adjacent nook; a formal dining room; an eye-catching primary suite offering additional windows, a walk-in closet and a private bath with double sinks; two secondary bedrooms; a shared hall bath; a convenient laundry and a welcoming covered patio. This home also boasts dramatic 10' ceilings, a tray ceiling at the entry, wood laminate flooring, cultured marble bath countertops, front yard landscaping and concrete pavers at the driveway and walkway.

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823 W Overland Road Payson, AZ 85541

$576,000

3 Beds

2 Baths

1,806 SqFt

Status Active

MLS # 6779437

Property Type Single Family Residence

Price Type --

Location, Location, Locating! House is nestled on 0.33A, hidden by beautiful trees and foliage. 1806 sqft, 3BR, 2BA, split floor plan. Vaulted ceilings, living room has gas fireplace. New Vinyl Plank flooring throughout. Awesome kitchen and dining area with newer appliances, double oven -- fit for a cook at heart. Master suite has two walk-in closets. The back yard is a retreat --- so very private. This is a MUST SEE!

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3355 Rising Sun Ridge Wickenburg, AZ 85390

Open House

$575,950

2 Beds

2 Baths

1,543 SqFt

Status Active

MLS # 6745962

Property Type Single Family Residence

Price Type --

Amazing off-the-grid, very well-maintain cozy house, sitting on a premium lot. Features: high tech appliances, walk-in pantry, spacious master bedroom, built-in vacuum system, solar panels with bird proofing, inverter and storage batteries. House has an extended length garage with beautiful epoxy floor and installed shelves on the walls. House stays attached to the grid in order to sell excess electricity to APC. House is energy efficient in many ways. A Trane XV20i Variable Speed Heat Pump (20 SEER) with 4-ton Hyperion Air Handler was installed in 2022. In 2023 the complete exterior of the house painted, windows and seams caulked. Deal includes an EZ-GO RXV (golf cart) with replaced batteries.

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13602 S Garnet Road Buckeye, AZ 85326

$575,555

3 Beds

3 Baths

2,718 SqFt

Status Active

MLS # 6757813

Property Type Single Family Residence

Price Type --

Move in ready custom home sitting on 1.2 acres with huge garage , remodeled primary bath with tiled shower & tub, new vanity, lighting, & fixtures. Nicely remodeled kitchen with QUARTZ counters, tall cabinets, pantry & trash compactor. Breakfast bar, eat-in kitchen + a formal dining room. Living room with cozy fireplace & large bay window seat flows nicely into billiard room, bar, & office. There is a large craft room with outside exit door & an enclosed AZ room off the primary + a nursery & walk-in closet. Vaulted ceilings, fans, plant shelves, french doors with inset blinds, dual pane windows. 3.5 car extra tall garage with plenty of storage, newer water softener. Grass yard, 2 RV gates, fully fenced. And a sun deck to enjoy 300* MOUNTAIN VIEWS! Live Rural with shopping only 4 miles awa

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8552 W Sierra Street Peoria, AZ 85345

$575,500

4 Beds

2 Baths

2,228 SqFt

Status Active Under Contract

MLS # 6727723

Property Type Single Family Residence

Price Type --

**BUYER FINANCING HELP AVAILABLE**Step into this freshly painted home featuring a spacious living and dining area that provides ample space for entertainment. The large kitchen boasts stainless steel appliances, a kitchen island, extended cabinetry, a breakfast nook, and opens to a huge family room with a cozy fireplace. The expansive primary suite offers a walk-in closet and a luxurious bath. Three additional bedrooms share a well-appointed bathroom. Outside, enjoy a perfect backyard oasis complete with a heated pool featuring a soothing waterfall. Situated on a huge lot ideal for entertaining or personal enjoyment, the property includes a gazebo and storage shed for added convenience. RV gate and ample parking space, plus a three-car garage and new AC unit

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20923 S 231st Street Queen Creek, AZ 85142

$575,490

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6786619

Property Type Single Family Residence

Price Type --

Brand new phase!. Our popular Sage plan is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill. A public report is available on the Arizona Department of Real Estate website.

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10262 W Columbus Avenue Avondale, AZ 85392

$575,279

4 Beds

2 Baths

2,587 SqFt

Status Active

MLS # 6761862

Property Type Single Family Residence

Price Type --

MLS#6761862 November Completion! Welcome to the 45-3 at Parkside Almeria, a spacious single-story home spanning 2,567 square feet with 4 bedrooms. The heart of the home is the expansive great room, effortlessly blending with the dining area to create an open, inviting space perfect for gatherings. The primary suite offers a private retreat with plenty of space to unwind. The smart floorplan also includes a flexible room, ideal for a home office, creative space, or even an additional bedroom. The primary bathroom adds a touch of luxury with its super shower, transforming daily routines into spa-like experiences. This home combines thoughtful design with luxurious living for ultimate comfort and style. Structural options include: soft water loop, gas line outdoor kitchen, garage service door, and paver porch and walkway.

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16029 E Rancho Laredo Drive Scottsdale, AZ 85262

$575,000

4 Beds

2 Baths

1,795 SqFt

Status Active

MLS # 6781610

Property Type Single Family Residence

Price Type --

Welcome home to your brand new 4 bedroom 2 bath 2024 new build! This spit open floor plan features quartz countertops, wood cabinets, custom tile showers and synthetic stucco finish. With NO HOA and an acre of land, your backyard is a blank canvas for outdoor serenity. This home is signed up with Epcor for water to ease your mind. Don't miss out on this great opportunity.

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31344 S Eastview Road Marana, AZ 85658

$575,000

3 Beds

2 Baths

1,959 SqFt

Status Active

MLS # 6787390

Property Type Single Family Residence

Price Type --

Beautiful home on 10 acres of land! This rare find is remote, yet very nicely finished. At 1,959 sqft, this 3 bed, 2 bath 2014 custom build has plenty of space. It is entirely off-grid, with a private well and solar power with battery bank. The mountain views are breathtaking, and can be seen from nearly every window and both balconies. The lot is also uniquely situated with enough room for another dwelling. Enjoy the views and abundant wildlife during the day, and the fireplace, outdoor firepit, and stars in the evenings. This home is in a private, gated, and fenced community with very few neighbors, lots of space, and no HOA. The home is down a long dirt road, and downtown Marana and the comforts of city living are about 35-45 minutes away, making this a true getaway.

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35938 N 138th Place Scottsdale, AZ 85262

$575,000

3 Beds

2.5 Baths

2,138 SqFt

Status Active

MLS # 6782719

Property Type Single Family Residence

Price Type --

Nestled on a spacious 1.25-acre lot, this charming 2,138-square-foot home offers the perfect blend of comfort, tranquility, and outdoor adventure. Surrounded by natural beauty, the property provides ample space for relaxation and recreation, while being just moments away from scenic hiking trails that wind through breathtaking landscapes. The home's inviting floor plan features generous living spaces with large windows that frame stunning views of the surrounding countryside and sky. Whether you're enjoying the crisp air from the patio, stargazing under the expansive night sky, or exploring the nearby trails, you'll feel a sense of peace and connection with nature at every turn.

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1 E Lexington Avenue Unit 1101 Phoenix, AZ 85012

$575,000

2 Beds

2 Baths

1,261 SqFt

Status Active

MLS # 6720258

Property Type Apartment

Price Type --

Urban luxury living at your oasis in the city with million dollar views from the 11th floor of One Lexington, the premier high rise community in downtown Phoenix. This loft style contemporary is spacious and bright with floor to ceiling glass that capture dramatic views of the Phoenix City scape, along with picturesque surrounding mountain views. The kitchen is sleek and opens onto the main living space with custom cabinetry, stainless steel appliances and ample storage space. The primary bedroom windows frame the city beyond and the spa like bath has dual vanities, a soak tub, walk in shower and roomy closet space. The secondary bedroom offers flexibility and additional opportunities for endless sunsets and desert night skies.Amenities include front desk staff, a heated resort style pool and spa, built in outdoor grills, a full gym facility with free weights and a club lounge for special events, along with a dog run for your urban city furry friend. The unit has 2 assigned gated parking spaces, as well as a separate lockable storage locker. Walk or ride the light rail to sporting events, dining, theater, opera and museums: all within walking distance of your desert city oasis. Go to our website for more information.

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