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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2527 W Brookhart Way Phoenix, AZ 85085

$558,000

3 Beds

2.5 Baths

2,446 SqFt

Status Active Under Contract

MLS # 6736947

Property Type Single Family Residence

Price Type --

Wake up to beautiful mountain views from the primary suite of your new home, where convenience meets natural beauty! There are 3 spacious bedrooms upstairs and an office conveniently located downstairs—perfect for work-from-home days or a hobby space. Don't forget the fantastic pool out back complete with a calming water feature. There's easy access to the AZ Canal Trail System, Deem Hills Rec Area, and the Sonoran Nature Preserve. On the filp-side you're close to shopping and entertainment with the Norterra Entertainment District just two miles away. Dive in, relax, and enjoy the sunny side of life in this wonderful home!

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16412 W Avenida Del Sol -- Surprise, AZ 85387

$557,995

3 Beds

2.5 Baths

2,260 SqFt

Status Active

MLS # 6686256

Property Type Single Family Residence

Price Type --

3 Bed 2.5 bath Elevation C Approximately 2,260 SQ FT. Gourmet kitchen with 42'' white upper Cabinets with 2-1/2'' molding and Quartz counter tops Gas cook top Range. Master bath Walk-in Shower, 3 Car Garage and garage Service door, 10Ft Tray Ceiling at extended entry. Has Tile Wood Laminate through out and Carpet in Bedrooms.

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16371 W Avenida Del Sol -- Surprise, AZ 85387

$557,995

3 Beds

2.5 Baths

2,262 SqFt

Status Active

MLS # 6702055

Property Type Single Family Residence

Price Type --

Discover the essence of luxury in this home featuring an upgraded gourmet kitchen with quartz countertops, 42-inch cabinets, & walk-in pantry. The spacious design includes 10-foot ceilings, upgraded modern floor tile, and multi-slide patio doors that enhance the open, airy feel. The Primary suite bathroom features an upgraded shower with an added secondary rain shower head. Practicality meets style with a primary, 2-car garage, secondary side turn single car garage, 8-foot garage doors & paver driveway, offering ample space for storage and vehicles.

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17684 W Pierson Street Goodyear, AZ 85395

$557,990

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6784018

Property Type Single Family Residence

Price Type --

BRAND NEW, energy-efficient home available in GATED COMMUNITY! The showstopper single-level Bailey floorplan boasts a charming front porch, 5 bedrooms each with a spacious walk-in closet and a 3-car garage! This home has white cabinets featuring a white backsplash, quartz countertops in kitchen, wood look tile flooring and beige carpet. ALREADY INCLUDED - washer, dryer, window blinds (except slider), refrigerator, soft water loop and MORE!!!! Enjoy EXCLUSIVE amenities right at your doorstep including parks, pickleball, soccer, play area, walking trails, basketball court, ramada with outdoor kitchen, gas grill and fireplace, and more!!! Each home is built with innovative, energy-efficient features designed to help you ENJOY more SAVINGS!

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20994 S 231st Street Queen Creek, AZ 85142

$557,990

5 Beds

3 Baths

2,232 SqFt

Status Active

MLS # 6784390

Property Type Single Family Residence

Price Type --

Brand new phase!. Our Clark 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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1521 W Saddle Run Apache Junction, AZ 85120

$557,990

4 Beds

2 Baths

2,432 SqFt

Status Active

MLS # 6750824

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Avelino floor plan offers a refined single-story design with four bedrooms, including an AllGen suite, and a spacious flex area ideal for an office, TV room, or study. Featuring front yard landscaping, this home will be ready for occupancy in October or November. Conveniently situated near community parks, grocery stores, and dining options.

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5839 E Jensen Street Mesa, AZ 85205

$557,900

3 Beds

2 Baths

2,031 SqFt

Status Active

MLS # 6766663

Property Type Single Family Residence

Price Type --

This Charming three-bedroom home with a three-car garage and bonus room that can be used as a media room, exercise or playroom. This home is nestled in the golf course community of Alta Mesa. Upon entering the home, you will be greeted , by light bright walls and vaulted ceilings. Coupled with a two-way fireplace that leads to a spacious and cozy family room. The heart of the home is the kitchen. A haven for a culinary enthusiast. Large granite island counters for eating and entertaining. The backyard epitomizes comfort relaxation. Three mature fruit trees synthetic grass, gravel a privacy wall and so much more . Brand new AC unit just installed in September 2024

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3131 N Central Avenue Unit 6013 Phoenix, AZ 85012

$557,768

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6606900

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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1056 N Miller Road Tempe, AZ 85288

Open House

$557,500

2 Beds

2.5 Baths

1,835 SqFt

Status Active

MLS # 6783305

Property Type Townhouse

Price Type --

Welcome to this delightful 2-bedroom townhome in Bella Vita! Fall in love with the inviting great room with high ceilings, recessed lighting, a soothing palette, and wood-look flooring. Cook delicious meals in the gourmet kitchen, equipped with granite counters, abundant cabinetry with crown moulding, a mosaic tile backsplash, chic pendant lighting, stainless steel appliances, a handy pantry, and an island with a breakfast bar for quick meals. Double doors lead to the main bedroom, offering soft carpeting, an ensuite with double vanities, and a walk-in closet. You'll also find a cozy loft ideal for an office or a reading nook. Venture onto the balcony and enjoy a breath of fresh air. Grab your favorite drink and unwind on the open patio. Make it yours!

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422 N Calle Largo Street Mesa, AZ 85207

$557,000

4 Beds

2 Baths

1,883 SqFt

Status Active

MLS # 6771071

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bedroom, 2-bathroom home located in Mesa's sought-after northeast area! Situated on a 1/3 acre and tucked away in a quiet neighborhood. Inside, you'll find a bright, open floor plan with plenty of natural light, highlighting the well-maintained finishes throughout.Highly updated primary bathroom with dual rainfall shower heads, additional 6 head shower with a handheld extension. The private bath boasts a deep relaxing Jacuzzi tub to melt your worries away. Designer security doors both front and back and large RV gate with concrete pad for storing all your toys. Complete with a whole house filtration system and additional R/O system in the kitchen. With easy access to parks, schools, and shopping, this home is a rare find. Don't miss your chance to make it your

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20701 W Minnezona Avenue Buckeye, AZ 85396

$556,900

2 Beds

2.5 Baths

1,872 SqFt

Status Active

MLS # 6750121

Property Type Single Family Residence

Price Type --

Welcome home to your 1,872 SF spacious retreat nestled on a generous 9,000 SF lot within the tree-lined streets of Victory; this home is perfect for embracing an active lifestyle tailored for those 55+. This charming home features stunning mountain views throughout that you can enjoy. Relax from the comfort of your spacious front porch, ideal to enjoy your peaceful neighborhood or socializing. Step inside to discover hardwood floors, complemented by upgraded carpet in the main living area as well as the bedrooms and loft. The heart of the home, the kitchen, boasts upgraded cabinetry and countertops, along with stainless steel appliances that make cooking a pleasure. You'll appreciate the ample storage space with the extended cabinetry. The home is bathed in natural light, creating a warm and inviting atmosphere that enhances the spacious and airy feel. The primary suite is complete with a large walk-in closet and generous sized bathroom. Down the hall you will find the additional bedroom and bathroom perfect for guests. An upstairs loft provides additional flexible space, perfect for a home office, craft room, or cozy retreat. The backyard, with its stunning mountain views, has mature landscaping that includes fruit trees and drought resistant plants. This home is thoughtfully designed to accommodate both comfort and functionality, making it the perfect choice for enjoying a vibrant and active lifestyle.

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362 Ancora Drive Litchfield Park, AZ 85340

$556,500

3 Beds

2 Baths

1,614 SqFt

Status Active

MLS # 6775129

Property Type Single Family Residence

Price Type --

Within the highly desirable Old Litchfield Park you will find this tastefully updated 3 bedroom 2 bath home with Pool and No HOA. Upon arrival you will notice the block construction, mature shade trees and large patio/seating area. At entry the vaulted ceilings, wood plank style floor tile and sunlight shining through upgraded dual pane windows with real wood plantation shutters will invite you in. Remodeled kitchen boasts granite countertops, stainless steel appliances, a farmhouse sink and backyard pool view. Owner's suite includes walk-in closet, built in vanity and large slider door with direct backyard access. Other interior features include multiple living areas, neutral paint throughout and inside laundry. Outback you will find a desert oasis ready for relaxation and... entertainment with newly resurfaced pool, refinished cool decking, covered patio, multiple seating areas and plenty of grass for pets or play. Other exterior features include storage shed, on roof solar and north/south exposure. Area features and activities in and around Old Litchfield Park include Wigwam Resort, golf, neighborhood lake, multiple parks with playgrounds, restaurants, tennis courts, basketball courts, library, community pool and recreation center.Welcome Home!

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