Mythbusting: Understanding Mortgage Myths and Why They Shouldn’t Hold You Back

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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20599 W Nelson Place Buckeye, AZ 85396

$459,999

3 Beds

2 Baths

1,623 SqFt

Status Active

MLS # 6677655

Property Type Single Family Residence

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You don't want to miss out on this move-in ready beauty. Located in the stunning and sought after subdivision of Verrado in Buckeye. The home is in immaculate condition from ceiling to floor. Wood-like tile flooring though all the main living & walking areas. Your new kitchen offers granite countertops, breakfast bar, contemporary light fixtures, upgraded cabinetry with lots of storage space, and stainless steel appliances. The backyard has no maintenance landscaping, covered patio, and plenty of room to relax and entertain. Don't miss out on this one! It won't last long on the market. Thanks for stopping in.

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40306 W Michaels Drive Maricopa, AZ 85138

$459,995

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6695489

Property Type Single Family Residence

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You'll find plenty to love about the Raleigh plan! The center of the home boasts a large gourmet kitchen with a convenient center island and walk-in pantry, which flows into an open-concept dining room and great room. The owner's suite is adjacent, with a private bath and a walk-in closet. There are three additional bedrooms and a bath off the great room and off the entry is a private study. Outside, enjoy a private backyard that backs up to a green-belt, a large front porch, and a covered patio!

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25803 N 185th Drive Wittmann, AZ 85361

$459,995

4 Beds

3 Baths

2,040 SqFt

Status Active

MLS # 6664207

Property Type Single Family Residence

Price Type --

Explore this exceptional Sapphire home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a bathroom in lieu of two closets; an impressive kitchen offering 42'' cabinets, quartz countertops, a center island; an elegant dining room, a spacious great room, teen room, a lavish primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a covered patio and a 3-car garage. This home also offers additional windows, wood laminate flooring and added pre-wiring through-out.

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11005 W Tonto Street Avondale, AZ 85323

$459,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6634723

Property Type Single Family Residence

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Explore this inspired Agate home, ready for quick move-in! Included features: an alternative layout featuring a fourth bedroom and third bathroom, a covered entry; a corner kitchen boasting an alternate layout, 42'' upper cabinets, stainless-steel appliances, a center island and an adjacent dining room; an inviting great room; an elegant primary suite showcasing a large walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms with a shared bath; a cheerful covered patio and a 2-car garage. This home also offers 12x24'' stone tile flooring, quartz kitchen and bath countertops, ceiling fan prewiring in select rooms, additional window in the dining room, coach lights, front yard landscaping and concrete pavers at the driveway and walkway.

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