The 4 Most Common Mortgage Questions, Answered

Making the decision to purchase a home is one of the most significant investments most people will make in their life, and this automatically means there are a lot of questions that need to be answered before putting any money down. If you’re considering making the leap, here are some insights into some of the common questions you might have.

How Much Should You Put Down?

While many homebuyers have the option of putting as little as 3% down in order to purchase a home, there are benefits to saving up for a down payment and putting in 15 or 20%. Because your interest rate will be higher on a lower down payment, putting more down can mean a lower overall price tag and monthly payment.

Fixed or Variable Rate Mortgage?

While a fixed rate mortgage can be good for homeowners who are new to the market due to its stability, a variable rate can be hard to rely on because it can change all of the time. Fixed rates can end up costing more than variable rates in the event of low interest rates, but it’s important to determine your comfort level with the market is before deciding on your mortgage type.

How Will The Lender Assess You?

There are a number of different factors that lenders will assess you on including your income, personal debt load, employment and credit history. While it’s important to be in the good books for these reasons, a lower credit score does not mean you will not be able to qualify for a mortgage; it simply means that you may need to provide a higher down payment.

What Will The Monthly Payment Be?

One of the conundrums of home ownership is being able to determine what you’ll actually be paying per month to purchase your home, but this number is dependent on the size of your mortgage, your interest rate, and the frequency of your payments. There are also many handy online tools you can use to provide some estimates but it’s best that you consult your mortgage specialist about this.

Most homeowners, particularly those that are new to home ownership, have many questions when it comes to purchasing a home, but by being aware of what a lender looks at and what you should put down, you’re well on your way to a healthy attitude towards ownership. If you’re currently considering buying a home, give me a call today – J.P. Cook – 602-320-4253.

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3221 W Kristal Way Phoenix, AZ 85027

$599,950

4 Beds

2.5 Baths

2,306 SqFt

Status Active

MLS # 6752650

Property Type Single Family Residence

Price Type --

This beautiful home has a North/South orientation on a large corner lot in the all-one-story Country Ridge neighborhood. A delightfully green back yard features a large covered patio and an open patio adjacent to a Pebble Tec play pool. The family room/kitchen/breakfast area is the center for entertaining friends. .A very large granite counter provides lots of serving space for indoor/outdoor parties. The formal living room and dining room give you that special location for holiday fun. You will be comfy cozy on those chilly winter evenings and you will have No Problem with those ''no burn days'', because the fireplace has a gas log set and an owned propane tank. The walk-in pantry has full shelves and is a room of it's own. The kitchen is a gourmet's delight with pull-outs in the base cabinets and loads of luxurious granite counter space. There is a High Definition Broadcast TV Antenna installed and ready to receive local channels for FREE. An extended Three Car Garage has two garage door openers, an epoxy coated floor, painted walls & ceiling shelf & cabinet storage AND Air Conditioning and Heat from a mini split system. The carport provides covered parking for a fourth car. The deep garage gives you lots of shop space and when you combine this with the bonus covered work area that is adjacent to the car port, you have a dream setup for hobbies, gardening, auto maintenance/restoration or whatever your heart desires. There are multiple Charter, Private and Public educational choices for your children within walking distance. The neighbors are great, the street has very little traffic and the freeway is just a few minutes away. Commuting to downtown Phoenix, the Scottsdale Airpark Area or the Taiwan Semi Conductor Campus are all within easy reach. Welcome Home!

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600 S Wilson Street Tempe, AZ 85281

$599,900

2 Beds

2.5 Baths

1,795 SqFt

Status Active

MLS # 6772249

Property Type Townhouse

Price Type --

Just Listed at the Brownstones at Hyde Park. Beautifully updated 3 story property located within quiet tree lined streets, with great walkability to all Downtown, ASU, and Tempe Town lake. The home boasts 2 bedroom suites, each with large walk in showers. The mail level great room has vaulted ceilings and new light plank flooring. Minka ceiling fans with 99'' fan in the main living area. Large front bay window for morning sun. Lots of room for dining space, and kitchen with granite counters, custom cabinets and new fridge 2021. The lower level has tile and new carpet. 2 car garage with wall storage for your bikes. RO System, and whole home water softener. Updated Lutron smart lights, Nest thermostats, smoke alarms and Nest doorbell too. Large community Pool! All here in the heart of Tempe

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13567 N 142nd Avenue Surprise, AZ 85379

$599,900

5 Beds

3 Baths

2,859 SqFt

Status Active

MLS # 6779114

Property Type Single Family Residence

Price Type --

''ELEGANT & METICULOUS'' HIGHLY UPGRADED LIGHTLY LIVED IN NEWER HOME IN HOMESTEAD AT MARLEY PARK!'' *GOURMET CHEF'S KITCHEN ''HUGE'' GRANITE ISLAND BAR, STAINLESS APPLIANCES & TURBO GAS RANGE *A FULL BEDROOM & BATH DOWNSTAIRS PERFECT FOR GUEST SUITE OR OFFICE/DEN! *NEWLY INSTALLED FAUX WOOD FLOORS IN LOWER LEVEL! *HUGE BONUS/GAME ROOM W/SPLIT 5 BEDROOM FLEX FLOOR PLAN! *GET ENERGIZED IN YOUR ONE & ONLY PRIVATE SPARKLING 'HEART SHAPED' SWIMMING POOL & WATER FEATURE! *LOW MAINTENANCE BACKYARD W/FAUX GRASS & PAVERS! 3 CAR GARAGE *YOUR FAMILY WILL 'LOVE' & ENJOY STATE OF THE ART COMMUNITY POOL & FITNESS CENTER* SPLASH PARK *BBQ PICNIC AREA & GAME ROOM* THIS LOVELY HOME & COMMUNITY HAS IT ALL!* DON'T MISS THIS GEM! *1 OWNER! *CLOSE TO TOWN CENTER SHOPPING AREA ELEMENTARY SCHOOL ON PREMISES!*

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16420 N Thompson Peak Parkway Unit 1127 Scottsdale, AZ 85260

$599,900

2 Beds

2.5 Baths

1,640 SqFt

Status Active

MLS # 6716181

Property Type Townhouse

Price Type --

This super clean and well maintained townhome has never been on the market until now. Updated w/new paint & carpet this Cachet Legacy floorpan is one of there most popular as it has soaring ceilings w/office/bedroom down and master plus a second bed/bath up. Nice sized kitchen family room w/gas fireplace and only one common wall so very private and feels like a detached unit. Add to this a direct entry 2 car garage and an unbeatable location in McDowell Mountain Ranch within walking distance to the Big, Bashas, CVS, etc. McDowell Mountain features parks, walking trails, a great community center w/tennis, pickle ball, basketball, and pool. Cachet features its own community pool/spa plus a small workout center & clubhouse. This unit has been well maintained & iis priced to sell quickly.

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2515 W Minton Street Phoenix, AZ 85041

$599,900

4 Beds

3 Baths

2,795 SqFt

Status Active

MLS # 6755439

Property Type Single Family Residence

Price Type --

Up to $10 GRANT OF PNC BANK. Please check if your client qualifies. A fantastic single-level home with four beds and three full baths awaits you! Offering attractive curb appeal, a three-car garage & RV gate/parking. The double-door entrance leads to a charming interior with a w/carpeted living & dining room, luxurious light fixtures, beautiful pillars, archways throughout, & neutral palette. Well-maintained kitchen is equipped w/SS appliances, double refrigerators, cabinetry w/crown molding, granite counters, mosaic backsplash, walk-in pantry, & a center island w/breakfast bar. The main bedroom has a double-door entry and a spotless bathroom w/dual sinks, a separate tub, & walk-in closet. Host fun barbecues in this spacious backyard with a w/covered patio, pavers, & storage shed.

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25398 S 227th Street Queen Creek, AZ 85142

$599,900

5 Beds

3.5 Baths

2,767 SqFt

Status Active

MLS # 6762278

Property Type Single Family Residence

Price Type --

This beautifully maintained home features a versatile layout with a second master bedroom downstairs alongside another bedroom, perfect for guests or extended family. Upstairs, there are three additional bedrooms, a cozy den, and a generously sized master suite. The homes centerpiece is a stunning oversized kitchen, seamlessly opening to the living area, ideal for entertaining and everyday living. Every inch of this home has been meticulously cared for, ensuring it is in pristine condition, ready for move-in, and perfect for both relaxation and hosting.

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5249 E Hobart Street Mesa, AZ 85205

$599,900

4 Beds

2.5 Baths

2,397 SqFt

Status Active

MLS # 6758446

Property Type Single Family Residence

Price Type --

**1% Free Rate buydown for the 1st 12 months with preferred lender Craig Cusick, ** This beautiful 4-bedroom, 2.5-bathroom home offers 2,397 sq ft of spacious living. The impressive kitchen is perfect for any chef, featuring ample cabinets and generous counter space. Enjoy cozy evenings in the living room with a fireplace, ideal for entertaining. The primary bathroom offers a relaxing retreat with dual sinks, a walk-in closet, and a separate tub and shower. Step outside to your sparkling pool, the perfect spot to host your next gathering. Same floor plan just sold in September for $620,000. This is a great value. DO NOT miss out—make this stunning home yours today!

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8129 W Ross Avenue Peoria, AZ 85382

$599,900

4 Beds

2.5 Baths

2,337 SqFt

Status Active

MLS # 6759468

Property Type Single Family Residence

Price Type --

This amazing fully upgraded home in the heart of Fletcher heights has one of the largest pie shaped private lots in the subdivision. This one offers brand new LVP flooring throughout the entire first level, upgraded stainless steel appliances in kitchen, new quartz countertops, built in custom fireplace in great room, upgraded light fixtures throughout, custom master shower/tub, upgraded bathrooms throughout, and so much more. 4 bedrooms and loft upstairs, large great room floor plan downstairs, and RV Gate with huge slab behind the gate. Take one look at the photos and get your buyers in the car. This home on this lot will go fast!

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1252 E Brentrup Drive Tempe, AZ 85283

$599,900

3 Beds

2 Baths

1,875 SqFt

Status Active

MLS # 6772127

Property Type Single Family Residence

Price Type --

Convenient Tempe location with abundant upgrades throughout. Quartz countertops, refinished cabinetry, remodeled bathroom, laundry and hallways. New flooring in entry, great room, baths, laundry and hallways. New roof (replaced in 2021). New micro-pebble pool surface (2020) and new filter. Pergola covered patio with mist system and electric fireplace in great room. American standard 4-ton heat pump (2019). Insulated front door, French door with dual pane glass, Milgard dual pane windows, owned 6.3KW Photovoltaic solar system. Large lot with private backyard oasis to enjoy!

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9243 E Sector Drive Mesa, AZ 85212

$599,900

3 Beds

2.5 Baths

1,810 SqFt

Status Active

MLS # 6774300

Property Type Single Family Residence

Price Type --

FORMER MODEL HOME! Ready for Quick Move-In. 3 BR + study / 2.5 BA. Kitchen with island and ''Landen Maple'' Burlap cabinetry, white quartz countertops & white-grey herringbone kitchen backsplash with under cabinet lighting. Upgraded tile flooring in all living areas with upgraded carpet in bedrooms, hallways & closets! Dual vanity sinks in both full bathrooms. LED lighting and upgraded light fixtures throughout, smart switches, two-tone paint. This home also features a landscaped backyard with paver patio & washer, dryer, fridge & window treatments included!

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16656 S 13th Street Phoenix, AZ 85048

$599,900

3 Beds

2.5 Baths

2,040 SqFt

Status Active

MLS # 6780667

Property Type Single Family Residence

Price Type --

Beautiful Foothills home on an oversized, cul-de-sac, end lot with numerous upgrades. Nice back/side yards with lots of green landscaping and a large swimming pool. Multiple upgrades including newer kitchen with granite counters and stainless steel appliances (2016), laminate flooring upstairs (2016), hardwood staircase (2016), resurfaced pebble-tech pool with new filtration system (2021), new guest bath (2022), hot water heater (2022) and the master closet organizer (2023). High grade tile bathrooms with tub in master bath. Nice big loft is a great space for an office or bonus room. Move in ready!

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10733 W Swayback Pass Peoria, AZ 85383

$599,900

3 Beds

3 Baths

2,282 SqFt

Status Active

MLS # 6785066

Property Type Single Family Residence

Price Type --

This deal is a steal! Price includes 20k for rate buy down and closing cost, and is still priced below comps. The floorplan is 50 ft wide, nicely upgraded, and features 3 beds, plus a den, 3 full baths, and a 3 car garge, located on a large premium lot. The back yard is finished with pavers, turf, and a large covered patio. The setbacks are large for privacy, and there is a double gate on the east side. Bring your offer today.

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