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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11220 S Obispo Drive
Goodyear, AZ 85338
$475,000
3
Beds
2
Baths
1,869
SqFt
Status
Active
MLS #
6699660
Property Type
Single Family Residence
Price Type
--
POOL home nestled in a serene master planned community of Estrella Mountain Ranch. This residence exudes an air of elegance and comfort. The sellers have spared no effort in upgrading and maintaining every aspect of this home, and the results speak for themselves. Fresh paint, new carpet and updated kitchen await the fortunate new owners! The heart of this home resides in its impeccably appointed kitchen, boasting granite countertops and cabinetry that provides ample storage. Adjacent to the kitchen, a charming breakfast nook offers serene views of the backyard oasis. Just a block away from Estrella Lake, beachfront and parks. Estrella Mountain Ranch offers miles of mountain hiking paths, parks, community pools, clubhouse, shopping and entertainment including 18 holes of championship golf Step outside to discover a haven designed for both relaxation and entertainment. A pristine pool glistens in the sunlight, complete with a spacious baja step and a soothing water feature. Come and experience the luxurious lifestyle that Estrella Mountain has to offerit's a true embodiment of refined living!
10812 N Dogwood Road
Florence, AZ 85132
$475,000
5
Beds
3
Baths
2,016
SqFt
Status
Active
MLS #
6699971
Property Type
Manufactured Home
Price Type
--
4+ acre property with NO HOA and private well is hard to find but including 5 bedrooms & 3 baths makes it even more special * Tons of storage with workshop attached to carport + tack rm/storage + permitted out building that can be finished to be a casita or office * Full length covered patios front & back for some added charm * Sunscreens all around for cooler interior temps * Extended length attached 2 car carport * Fenced in pipe & top rail, double RV gate with auto opener * Design your landscape to make this your dream home * Plenty of room to build an arena, barn, stalls, turn-out area, RV garage or whatever your heart desires * Enjoy all the charm of Historic Florence * Close to town but far enough away you can enjoy all the open space *
450 W Cherrywood Drive
Chandler, AZ 85248
$475,000
2
Beds
2
Baths
2,123
SqFt
Status
Active
MLS #
6700053
Property Type
Single Family Residence
Price Type
--
Located in Sun Lakes, this 2 bedroom, 2 bathroom home with a den is ready for a new owner! This home features over 2,000 livable square feet. Enjoy the granite countertops and stainless steel appliances in the updated kitchen and the spacious living room. The bedrooms feature large walk in closets. The 2garage features a separate entrance for a golf cart! This community of Sun Lakes features a golf course, club house, pools, tennis courts and much more! Come and see what this beautiful home and community has to offer!
1166 E Caribou Road
Munds Park, AZ 86017
$475,000
3
Beds
2
Baths
1,402
SqFt
Status
Active
MLS #
6700391
Property Type
Manufactured Home
Price Type
--
Your mountain retreat awaits you! This 2023 Cavco Munds Park model with an extended porch comes fully furnished. The home features 3 bedrooms, 2 bathrooms on a stem wall foundation with fenced in back yard.. The kitchen has an large island, upgraded stainless steel appliances and granite counter tops. The primary bathroom has double sinks and a glass enclosed shower. The home is great for full or part time, featuring central heat and air conditioning, 2X6 exterior walls and upgraded insulation. A new shed and golf cart garage are located at the end of a long driveway offering plenty of parking for you and your guests. Don't miss this beautiful, lightly lived in home.
2302 W Flower Street
Phoenix, AZ 85015
$475,000
3
Beds
2
Baths
1,766
SqFt
Status
Active
MLS #
6700712
Property Type
Single Family Residence
Price Type
--
Assumable 2.75% rate* 3 bedroom, 2 bathroom Mid-Century Home in Historical Westwood village. One of the largest lots in the neighborhood. Updated modern accents in the right places while keeping the original historical charm. The remodeled kitchen with updated appliances, quartz countertops and breakfast nook with the original built in bar. Large primary suite with spacious closet, and backyard access. The large backyard features fruit bearing peach, lemon, and orange trees, storage shed that could be easily converted to a playhouse with an RV gate and Chicken Coop! This home is close to the city's best restaurants, entertainment, and art districts. You don't want to miss it!!
3899 E Frances Lane
Gilbert, AZ 85295
$475,000
3
Beds
2.5
Baths
1,767
SqFt
Status
Active
MLS #
6700809
Property Type
Single Family Residence
Price Type
--
Welcome to the perfect home in Gilbert's highly sought-after neighborhood - Pecos Manor! From the moment you arrive, you will be captivated by the stunning paver driveway leading you to your new dream home on a corner lot! As you step inside, you will be greeted with a flood of natural light and a neutral color palette, fresh interior paint, and new carpet, creating a warm and inviting atmosphere. This 3 bedroom, 2.5 bathroom home has been meticulously maintained and updated, making it move-in ready for you and your family. The kitchen boasts an island, stainless steel appliances, granite countertops, and an abundance of cabinets- perfect for the aspiring chef in your family. Retreat to the spacious master suite, complete with a luxurious en-suite bathroom featuring double sinks, a separate tub and walk-in shower, and a large walk-in closet. The perfect oasis to relax and unwind after a long day. But the perks don't stop there! Step outside to your own private backyard retreat, complete with a covered patio and low maintenance gravel yard- making it the perfect space for entertaining guests and enjoying the beautiful Arizona weather. Conveniently located near everything you could want or need- including easy access to the 202, shopping, dining, entertainment, and more! This home truly has it all. Don't wait, make it yours today!
2032 W Rancho Drive
Phoenix, AZ 85015
$475,000
4
Beds
2
Baths
1,604
SqFt
Status
Active
MLS #
6700849
Property Type
Single Family Residence
Price Type
--
MOVE-IN READY SOLIDLY BUILT CHARMER in Bethany Villas, a quiet, friendly, and walkable neighborhood in West Central Phoenix. Absolutely turn key, the owners went above and beyond the fully remodeled condition in which they bought it in 2022, and added even more upgrades! Features include all major systems updated, including newer electrical, plumbing, HVAC, roof, dual paned windows, flooring, exquisitely upgraded kitchens and baths, with newer appliances, including washer, dryer, and fridge (with newly installed water line), matte finish quartz countertop island with storage (including deep drawers), recessed canned lighting, newer plumbing and lighting fixtures t/o, newer water heater, lush and attractive front and rear landscaping (AZ Ash and Pistache shade trees, and ficus bushes), newer rear yard perimeter block wall fencing, RV gate with alley access, and newer cellular blind window coverings t/o. If you want to live in a true community with neighborhood gatherings, a community Facebook group (the Simpson neighborhood association), neighborhood newsletter, coordinated yearly garage sales, potluck, neighborhood happy hours, holiday events, luminaria lightings, and hot chocolate gatherings, in a house that is completely ready to move in, this is it!!
19869 W Cheery Lynn Road
Buckeye, AZ 85396
$475,000
3
Beds
2
Baths
2,098
SqFt
Status
Active
MLS #
6701086
Property Type
Single Family Residence
Price Type
--
Introducing an exceptional home in Top Rated School District! This home features 3 bedrooms, 2 bathrooms, plus an office, all on a desirable corner lot. Notable features include a 2-car garage and an additional single car garage perfect for a studio or workshop, equipped with temperature controlled mini split, extra insulation, 220v, toilet room and sink. Inside, you'll find a cozy family room with a built-in electric fireplace, and a well-appointed kitchen with a pantry, island, and New stainless steel appliances. The master suite offers a luxurious 5-piece bathroom and a spacious walk-in closet. Outside, the generous backyard presents opportunities for outdoor living, with 7,438 s/f lot there is plenty of space for adding a pool. Enjoy the community amenities, including parks, playgrounds, and basketball courts, all conveniently located near shops and restaurants. This home offers the perfect blend of comfort, convenience, and potential - don't miss out!
248 E Sky Hi Drive
Pinetop, AZ 85935
$475,000
2
Beds
2
Baths
1,650
SqFt
Status
Active
MLS #
6701134
Property Type
Single Family Residence
Price Type
--
Crafted with meticulous attention to detail, this hidden gem in the tall pines of Sky-Hi Retreat will be sure to fulfill all your long-lost dreams! Come relax in the gorgeous deep soaking bath and then cozy up to one of the woodburning fireplaces in either the Living room or Family room! Turnkey and fully furnished all-ready to move in today! An oversized lot perfect for plenty of parking your RV, trucks and toys! Huge back deck with plenty of seating, ready for all the fun summer entertainment and activities with your family! So peaceful, secluded, comfort in the woods is your thing, you finally found the right home away from home! Come see it today, before it's gone!
1839 W Utopia Road
Phoenix, AZ 85027
$475,000
3
Beds
1
Bath
1,161
SqFt
Status
Active
MLS #
6701569
Property Type
Single Family Residence
Price Type
--
Welcome home! This delightful 3-bedroom residence features a practical RV gate and a low-maintenance yard. The living room has a neutral palette and contemporary wood-look flooring. The eat-in kitchen comes with quartz counters, white shaker cabinets, stainless steel appliances, a stylish tile backsplash, and sliding doors that open to the backyard for seamless indoor-outdoor living. Each cozy, well-sized bedroom offers plush carpeting and ample closet space. Enjoy breathtaking sunsets in the enchanting backyard, which offers an open patio, artificial turf, and a sparkling pool for cooling down on hot summer days. This value won't disappoint! *Sellers are willing to assist with 5k credit toward buyers closing costs
1316 W 9th Street
Tempe, AZ 85281
$475,000
3
Beds
2
Baths
1,290
SqFt
Status
Active
MLS #
6701923
Property Type
Single Family Residence
Price Type
--
LOCATION & NO HOA! Do not miss out on this beautiful residence which features open concept living, neutral colors, custom mud room from the garage, a large backyard and so much more. Chef's kitchen with quartz counters, tile back splash, SS appliances, gas range, pantry and lots of cabinet space. Tiled bathrooms with private ensuite master. Spacious back yard with a covered patio and shaded trees. Newer plumbing, wiring, and HVAC. All within easy access of Tempe, downtown Phoenix, and Old Town Scottsdale with access to the 202 & 10. Come and see this gem today!
