The First-Time Home Buyer’s Guide to Getting the Best Possible Mortgage Rate

The First-Time Home Buyer's Guide to Getting the Best Possible Mortgage RateWhether they’re found online or heard from family and friends, there are so many mortgage tips out there that it can be hard to know exactly how to proceed. But, if you’re new to the market, there are a few surefire things you can do to get a mortgage rate you’ll feel good about. For some of the best tips on getting a great loan, look no further than the following.

Know Your Credit History

It’s a simple fact that one of the most important factors in your mortgage application is your credit history, so good or fair, it’s important to be aware of where you stand. While the acceptable credit score for mortgage approval can fluctuate, the best rates are often available to those with a score that is higher than 760. In order to improve your chances, get a copy of your credit report and pay attention to any discrepancies that might be in it. These can have a negative impact on your score and your application, so you’ll want to have them revised if they’re incorrect.

Save Your Down Payment

It’s not a requirement of mortgage approval to put 20% down, but a down payment of this size will lower your debt-to-income ratio and will make you a more solid bet for the lender. By having 20% in the bank to go towards your home investment, you will also be able to qualify for a lower rate. Not only this, you will not be required to pay mortgage insurance which means a lowered monthly payment and a higher disposable income in the event of market fluctuations.

Consult With A Mortgage Professional

You may want to pursue a mortgage on your own, but having a professional to help you with the process can be beneficial for a number of reasons. A mortgage expert will not only be aware of market conditions, they will have a relationship with the lenders that means they may be able to get you a rate you wouldn’t be offered on your own. While you may want to go it alone, there are benefits to consulting a professional.

There’s a lot involved in the mortgage process, but by putting 20 percent down and having a good credit history, you’ll be well on your way to a great rate.

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6418 E Joshua Tree Lane Paradise Valley, AZ 85253

$8,200,000
4 Beds
6 Baths
8,244 SqFt
Status Active
MLS # 5966675
Property Type Single Family - Detached
Price Type --
One of PV's largest renovation projects is making the impossible, possible. Nearly $3 million in renovations creates the definition of a luxury master bedroom inside and out. Incredible location, Incredible Views, Privacy, Modern redesigned floor plan, remodeled by Cullum Homes, National Custom Builder of Yr. NEW 4th garage space and easier entry being completed. NOW is the time to buy this home, before the remodel is complete. Incorporate your touch in this multi-million-dollar vision. Plans previously approved to add 2nd floor make this home as magnificent as the Valley can offer. READ MORE FOR ADDITIONAL INFORMATION

19920 W Verde Hills Drive Wickenburg, AZ 85390

$8,000,000
3 Beds
3.5 Baths
5,365 SqFt
Status Active
MLS # 5839589
Property Type Single Family - Detached
Price Type --
Powell Ranch sits on a plateau providing 360 views, with 105 deeded acres. Designed by architect Bill Otwell, the 5,365 SF Santa Fe style main house with 3BR/3.5BA, office and media room is constructed of 18'' thick adobe walls covered with cement plaster. 9'+ ceilings are unique - stripped Aspen poles above giant pine beams, 4 fireplaces, 3 fountains & lush landscaping. 1,066 SF guesthouse is 2BR/1BA; detached garage/workshop fits 3 cars, RV, storage and 1/2 BA. Equestrian facilities include 4 outdoor stalls/corrals w/auto water (3 shaded), covered hay storage, tack room, hot walker, horse wash, and 60' round breaking pen. Listing SF/Ac and taxes includes 6 parcels (201-08-008V; 201-08-008T; 201-08-008U; 201-08-023H; 201-08-023E; 201-08-023A).

10412 E Robs Camp Road Scottsdale, AZ 85255

$7,995,000
6 Beds
7 Baths
10,975 SqFt
Status Active W/contingency
MLS # 6258412
Property Type Single Family - Detached
Price Type --
An iconic Silverleaf estate, reborn with a modern style. Built by Geitz Master Builders on one of the best pure, southern exposure view lots, this formal Mediterranean home was renovated by Salcito Custom Homes. At 10,975 SF, this 6 bed (w/detached guest suite), 7 bath home has it all, including 4 en-suite guest bedrooms, beautifully updated chef's kitchen, master suite with spa, sauna, steam, private patio and a closet extraordinaire. Entertain lavishly with a well-appointed open air wine room, game/party room, theater, and outdoor living with 10-top bar and drop down TV, firepit, large spa and stunning zero edge pool that rivals a 5-star resort. The interior seamlessly leads you outside to enjoy the stunning golf, sunset and city light views, whether with family or large groups.

5000 E Sky Desert Lane Paradise Valley, AZ 85253

$7,995,000
6 Beds
8 Baths
8,900 SqFt
Status Active
MLS # 6212254
Property Type Single Family - Detached
Price Type --
Look no further than this enchanting Santa Barbara inspired custom gated estate nestled on ~ 2 acres with endless sophisticated charm and breathtaking views of Four Peaks, Phoenix, and Mummy Mountains. This one-of-a-kind estate boasts 5 bedrooms, including a guest suite/casita, that would make a sensational separate office, a guest house and kitchen and 7+ car garage. Between the black and white Carrara marble flooring, gas lit lanterns and soaring beams, this home will leave you feeling mesmerized. Gourmet kitchen with large island, imported quartzite countertops, custom cabinetry and Wolf/Asko appliances. Beautiful master suite with his/hers walk-in closets, separate workout space and lovely sitting room with gas fireplace.

6836 N 36th Street Phoenix, AZ 85018

$7,950,000
3 Beds
3 Baths
3,095 SqFt
Status Active
MLS # 6132108
Property Type Single Family - Detached
Price Type --
The ''Circular Sun House'' was designed by Frank Lloyd Wright and was his FINAL DESIGN, and known as the Norman Lykes House, built in 1967. Designed to blend in with the curves of the surrounding desert mountain, this iconic masterpiece was the last home designed by Wright and one of only 14 circular homes by the master architect. Overlapping concentric circles create a floorplan that flows seamlessly from one room to another while every room takes in unobstructed majestic views of Palm Canyon and the city below. Curved walls, clad in golden-hued Philippine mahogany cover the three bedrooms and hallway, reflecting the natural light of Palm Canyon. Sprawling entertaining spaces flow outside to ample patios and a crescent-shaped pool. See video on Architectural Digest!

7800 N 65th Street Paradise Valley, AZ 85253

$7,800,000
6 Beds
6.5 Baths
7,949 SqFt
Status Active
MLS # 6249079
Property Type Single Family - Detached
Price Type --
Amazing build to suit opportunity! Modern Mediterranean/Santa Barbra Style Estate by Regal American Homes. Fully customizable, interior selections have not been made. Tucked away with sweeping mountain views, off a cul-de-sac. Home is 7,949 sqft livable with 5 car garage, 6 bedrooms and 6.5 bathrooms. Resort style backyard, checks all the boxes!

5959 E Hummingbird Lane Paradise Valley, AZ 85253

$7,750,000
7 Beds
12 Baths
13,300 SqFt
Status Active W/contingency
MLS # 6229566
Property Type Single Family - Detached
Price Type --
First time on the market! This remarkable gated, Mediterranean Estate looks out over an unending sea of mountain and city light views! Captivating with its' quality and location, this property was built under the design consultation of Lash McDaniels and Architecture Plus, Mark Fredstrom and has high ceilings and open living spaces, 5 ensuite bedrooms, exercise room, sauna and wood paneled office. The 2 bedroom casita has a full kitchen, family room, patio with firepit and separate private entrance for guests. A 6 car garage with detailed workroom is an easy access with large motor court and antique French gated entry drive. Fabulous negative edge heated pool and spa with pool bath and outdoor shower span the hillside patio and drink in the sunsets and views! ...

8115 N 75th Street Scottsdale, AZ 85258

$7,750,000
6 Beds
7 Baths
8,500 SqFt
Status Active
MLS # 6229155
Property Type Single Family - Detached
Price Type --
Simply put, the most desirable family street anywhere in Arizona. This oversized lot is located on a tree lined street in the coveted Paradise Valley Farms. MDF Development, Lauren Wallace Interiors, Berghoff Designs and Architect Matt Thomas are planning nothing short of a showstopper house on this property. Simply driving past this home site will tell you everything you need to know. *Photos are examples of previous work by the architect and the build team. They are an indication of the style of house planned on the lot but not the actual house.

5120 N Casa Blanca Drive Paradise Valley, AZ 85253

$7,685,000
5 Beds
5 Baths
7,693 SqFt
Status Active
MLS # 6213855
Property Type Single Family - Detached
Price Type --
UNDER CONSTRUCTION - The Casa Blanca north residence is a union of design and material, set against the backdrop of an iconic Arizona landmark, Camelback Mountain. The home is comprised of two stone clad ''wings'' flanking a great room of panoramic glass between, the arrangement perfectly frames dramatic mountain vistas. Upon arrival, the front entry walk opens to a generous front garden under a lattice of light and shadow. Stone and sunlight extend into the home, blurring the sense of inside/outside, a common theme throughout. The great room is the heart of the home, under a floating butterfly wing roof. Its palette of natural wood millwork and slatted ceiling, paired with large format porcelain floor, brings an organic warmth to the house. Home has

42535 N 108th Street Scottsdale, AZ 85262

$7,500,000
4 Beds
6.5 Baths
7,806 SqFt
Status Active
MLS # 6240252
Property Type Single Family - Detached
Price Type --
Desert Mountain Contemporary Estate! A timeless Bing Hu with Top of the World views featuring Frank Lloyd Wright design elements throughout... incorporating natural materials of stone, wood, glass and steel to create a stunning contemporary desert retreat. Expansive and unencumbered valley and mountain views by day and vast array of city lights by night. Artisan-crafted glass details, and custom white oak cabinetry found throughout the home, including built-in office/library, entertainment center, wine cellar and ceiling details. Spacious master suite features soaring hearth, spa bath and gorgeous views. Resort living at its finest includes, home theater, cigar& wine lounge, 2-stall shooting range w/ bullet trap, and resort patio. Luxurious great-room-plan casita to pamper your guests!

5717 E Via Los Ranchos -- Paradise Valley, AZ 85253

$7,500,000
6 Beds
6.5 Baths
7,700 SqFt
Status Active
MLS # 6266159
Property Type Single Family - Detached
Price Type --
Incredible lot in the best family neighborhood in Paradise Valley! 3 C's and you can walk to Cherokee Elementary. (House on the property will be torn down.) MDF Development, Lauren Wallace Interiors, and Berghoff Designs team up once again to bring a gorgeous new home to the town. *Photos are of previous work done by the design/build team. They are an indication of the style of house planned on the lot but not the actual house. Customer can buy now and work with their own designers and architect to create their dream home!

4925 E Red Rock Drive Unit 43 Phoenix, AZ 85018

$7,500,000
5 Beds
5.5 Baths
5,800 SqFt
Status Active
MLS # 6255545
Property Type Single Family - Detached
Price Type --
2018 NEW, Mid Century Modern Camelback Mountain Residence to include sweeping views, classic look and epic design. This Trophy residence lives on one level, conveniently located at the intersection of easy access and commanding views. The home is a work of Art in every way, simple yet timeless, built on the ICONIC Red Rocks of the Camelhead. At this elevation, your front and back yards privacy should be secured. Welcome to hikers paradise.

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