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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25528 N 160 Lane Surprise, AZ 85387

$458,590

4 Beds

3 Baths

2,049 SqFt

Status Active

MLS # 6669076

Property Type Single Family Residence

Price Type --

Brand new, energy-efficient home available by Mar 2024! Large great room and dining space. The kids can create their own play space in the included flex space. White cabinets with white granite countertops, modern gray tile flooring with greyish brown carpet in our Distinct package. Come tour our five brand-new models at Paloma Creek. Envision your next chapter by experiencing the exclusive amenities including a clubhouse, pool, and future fitness center. Pick from a variety of floorplans featuring walk-in closets and flex spaces. Each energy-efficient home comes standard with features that allow your whole family to live better and breathe easier too.* Visit Paloma Creek today. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings.

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8219 E Mcdonald Drive Scottsdale, AZ 85250

$458,500

2 Beds

2 Baths

1,248 SqFt

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MLS # 6641453

Property Type Townhouse

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Stunning full industrial modern townhome renovation! No expense spared on this one. Brand new kitchen with ceiling raised to 8'. Shower added to convert to 2 full bathrooms. Laundry moved upstairs. Polished concrete flooring on 1st floor with exposed CMU block wall. LED accent strip lighting throughout. WIFI light switches so you can control your lighting from your devices. The backyard was also updated. New wood fencing to create a warm ambiance, along with new cacti and rocks against a black accent wall. This home will not disappoint!

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20323 N 273rd Avenue Buckeye, AZ 85396

$458,400

2 Beds

2 Baths

1,961 SqFt

Status Active

MLS # 6668685

Property Type Single Family Residence

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Embrace Southwestern living in this luxurious turn-key 2-bed, 2-bath home. A custom landscaped courtyard welcomes you into a fully furnished retreat featuring an open floor plan, chef's kitchen with SS appliances, cabinets with rollout shelves, and a charming breakfast area. Flexibility is found in the office/den with French doors. Enjoy the convenience of an insulated 2-car garage and additional 3rd car garage. The primary suite boasts an en-suite bathroom w/dual sinks, a soaking tub and shower alongside a spacious walk-in closet. Custom interior and exterior features abound. Relax on the outdoor covered patio with a natural gas BBQ grill, creating the perfect space for entertaining. Your dream home is move-in ready plus a new HVAC & HW Heater!

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39302 N Kaden Lane San Tan Valley, AZ 85140

$458,018

2 Beds

2 Baths

1,645 SqFt

Status Active

MLS # 6692754

Property Type Single Family Residence

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Up to 2% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6692754 May Completion! Explore the Kaibab floor plan within the vibrant 55+ community of Ovation at Meridian. This charming single-story design spans 1,645 sq. ft. and features 2 bedrooms, 2 bathrooms, and a 2-car garage. As part of the Adventure Series, it prioritizes privacy with distinct owner's suite and bedroom zones. Upon entry, you're greeted by a welcoming foyer leading to a generous kitchen and gathering space. An optional flex room adds versatility, ideal for a dining area or third bedroom. Perfect for individuals seeking seamless room-to-room privacy. Structural options include: upgraded square corners, 5' baseboards, backyard turf.

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