With the fluctuations in real estate and the increasing cost of home ownership, many people are entering the market with more trepidation these days. Fortunately, there are a number of myths associated with buying a home that may not adversely affect potential home buyers. If you’re interested in purchasing a home but are unsure about whether it will get approved, here are a few things you may want to dispel.
No Approval With Less Than 20 Percent
While putting 20 percent down can help you avoid having to pay private mortgage insurance, this down payment percentage is still just a suggestion when it comes to mortgages. It’s necessary to put a certain percentage down and be able to drum up the money on your own, but if getting into the market is your priority, buying now may be worth the investment over time. It’s just important to remember that the cost of your monthly payment should be affordable for the long term.
Home Ownership Is Too Expensive
It’s certainly the case that the real estate market is always fluctuating and prices can go up or down, but generally speaking, a home will increase in value over time and that means your monthly payment will be something you can consider an investment. While monthly rent disappears as soon as the calendar month is over, the money you invest into a home month after month builds up your equity and ensures greater stability for your financial future.
You Must Have A Good Credit Report
While it will definitely help your mortgage application if you possess good credit, it’s not necessarily a deal breaker if you don’t. Each mortgage is assessed based on a combination of factors that can include your down payment amount and your debt-to-income ratio, so this means that if you have a higher down payment and a less impressive credit report, you can still be approved. It’s a good idea to pay your bills on time and get your debt down if you’re applying for a mortgage, but there are opportunities for potential buyers who have experienced credit issues.
Home ownership is an important dream for many people, and as a result, there are many myths associated with the mortgage process. However, even if you don’t have 20 percent down or perfect credit, there are still opportunities for improving your financial well-being and investing in a home. If you’re currently looking for a new home, give me a call for more information – J.P. Cook – 602-320-4253.
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18300 N Shimmer Lane
Surprise, AZ 85374
$465,000
2
Beds
2
Baths
1,627
SqFt
Status
Active
MLS #
6654095
Property Type
Single Family Residence
Price Type
--
Desired Madera model with great room floor plan, and heated salt water pool! Lush landscaping backyard provide plenty of privacy when frolicking in the salt water pool. Home has been professionally modified to a large open great room, ideal for a larger table and game area. Inside features plantation shutters throughout, GE profile kitchen appliances, additional kitchen cabinets with built-in desk, a bay window in the primary bedroom, two sinks in primary bath, and inside laundry with utility sink. Garage has built-in and workbench. The pebble-tec pool pool with its attractive water feature is heated and self-cleaning. Your tropical backyard has an extended covered patio with pull-down shades and strategically planted foliage that provide privacy.
3789 E Yorkshire Circle
San Tan Valley, AZ 85140
$465,000
4
Beds
2
Baths
2,134
SqFt
Status
Active
MLS #
6658819
Property Type
Single Family Residence
Price Type
--
PRICE ADJUSTMENT -This delightful property is nestled on a premium corner lot! Immaculate interior boasts vaulted ceilings, tons of tile flooring, fresh/new carpet in all the right places, graceful archways, & a spacious living/dining room w/French doors to the custom AZ room. The kitchen was update w/newer appliances, recessed lighting, granite counters, & ample white cabinetry w/crown molding. Super island w/a breakfast bar & a breakfast nook is ideal for casual dining. The generously sized AZ Room is bathed in sunlight with ceiling fans, excellent for year-round entertainment. Retreat to the main suite, w/ AZ room access, a full ensuite w/dual sinks, & a walk-in closet. Delightful backyard has artificial turf landscape & looks like a beautiful park!
3841 Turkey Trail
Lakeside, AZ 85929
$465,000
4
Beds
2.5
Baths
2,072
SqFt
Status
Active
MLS #
6659919
Property Type
Manufactured Home
Price Type
--
Welcome to this stunning 4-bedroom, 2.5 bathroom home that seamlessly blends comfort, style, and functionality. With an open concept lies a kitchen, which boasts recent upgrades, providing both modern aesthetics and practicality. Stainless steel appliances, sleek countertops, and ample cabinet space make this kitchen a haven for both aspiring chefs and busy families. The home features a thoughtful layout, with a spacious living room perfect for hosting gatherings and a separate family room that provides a more intimate space for relaxation. The family room opens up possibilities for cozy movie nights or quiet evenings with loved ones. Newly installed heating and cooling systems ensure year-round comfort, allowing you to enjoy every season without compromise. The large windows throughout the home allow natural light to flood in, creating a bright and airy ambiance. Outside, the expansive fenced backyard offers a private retreat. With an RV gate and hook-ups, it's a dream for adventure enthusiasts looking to hit the open road. For those with a penchant for hobbies or extra storage space, the property comes complete with a spacious 3-car garage and 2 additional outbuildings. Whether you're a car enthusiast, DIY enthusiast, or simply need extra space, these structures provide endless possibilities.
43317 W Wallner Drive
Maricopa, AZ 85138
$465,000
5
Beds
3
Baths
3,401
SqFt
Status
Active
MLS #
6663086
Property Type
Single Family Residence
Price Type
--
Your dream home is finally here! You'll LOVE to own this one-of-a-kind two-story residence in Rancho El Dorado! Starting with a 3-car garage, low-care front yard, and stone accents. Be delighted by an inviting interior showcasing a combined living/dining room and a formal family room paired with tile flooring in all the right places. The impeccable kitchen is equipped with recessed lighting, stainless steel appliances, quartz counters, mosaic backsplash, white cabinetry, a peninsula with a breakfast bar, and a breakfast nook. Head upstairs, to discover the HUGE loft offering endless possibilities! The bright main bedroom boasts plush carpet and an ensuite with dual sinks. The expansive backyard provides a covered patio and pavers. A rare find like this will surely impress you!
