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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19700 N 76th Street Scottsdale, AZ 85255

$469,900

2 Beds

2 Baths

1,403 SqFt

Status Active

MLS # 6619446

Property Type Apartment

Price Type --

Welcome to Amazing Grayhawk! Beautiful 2 Bedroom, 2 Bath Condo with a One Car Garage. Spacious Open Kitchen with New Appliances and Corian Counters opens to an Expansive Great Room Floorplan with a Romantic Fireplace and Custom Built in Cabinets and large Balcony. Other Features include Ceiling Fans, Recessed Lighting, 6 Panel Doors. Washer, Dryer and Refrigerator! Appliances and Carpet only 1 year old. The Resort Like Village at Grayhawk has 3 Pools and a Fitness Center. Amazing Location near Shopping, Golf and Fantastic Restaurants. Just minutes from The Scottsdale Quarter, Kierland and the 101.

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8603 N 45th Avenue Glendale, AZ 85302

$469,900

4 Beds

2 Baths

2,460 SqFt

Status Active

MLS # 6620920

Property Type Single Family Residence

Price Type --

Step into your dream home with this stunning 4-bedroom, 2-bathroom gem. As you enter, you'll be greeted by freshly painted walls, both inside and out, giving the home a vibrant and inviting feel. The beautiful vinyl flooring throughout adds a touch of elegance to every space. Each room is equipped with brand new ceiling fans, providing a cool breeze on warm summer days. The spacious backyard, bordered by a sturdy block fence, offers the perfect sanctuary for relaxation and entertainment. Need extra storage? No problem! This home comes complete with 2 convenient storage sheds. Got toys? the RV gate provides easy access and parking options. Best of all, there are no HOA restrictions. Don't miss out on this incredible opportunity to make this house your home.

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8743 E Greenview Drive Gold Canyon, AZ 85118

$469,900

2 Beds

2 Baths

2,115 SqFt

Status Active

MLS # 6658769

Property Type Townhouse

Price Type --

This residence epitomizes perfection and is prepared for immediate occupancy! Featuring 2 bedrooms, 2 bathrooms, and an additional den, this home is nestled in the scenic Gold Canyon area. The kitchen boasts quartz countertops, upgraded cabinets, and top-of-the-line stainless steel appliances. Gorgeous ceramic plank tile throughout the living spaces, complemented by plush carpeting in the bedrooms. The master bathroom is adorned with custom tile in the shower & includes a spacious walk-in closet. Fairway Views stands out as Gold Canyon's exclusive newer gated townhomes, a well-kept secret that ensures a tranquil living experience. This gated community comes complete with a pool, clubhouse, and open common areas, providing the perfect setting to savor the splendid Arizona weather!

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914 Leisure World -- Mesa, AZ 85206

$469,900

2 Beds

2 Baths

1,964 SqFt

Status Active

MLS # 6659938

Property Type Single Family Residence

Price Type --

You are going to love this completely remodeled, modern home, in Leisure World. The private covered front courtyard is perfect for entertaining or a relaxing cup of coffee in the morning. The moment you open the front doors, you will be impressed by the open concept living with a huge kitchen with tons of cabinets for storage and an enormous island you could have a party around. Both bathrooms are tastefully updated, and the 2 bedrooms are enormous with huge walk in closets. The bonus room has a Murphey bed plus room for an office or workout area. All this in the Premiere Active Adult Community of Leisure World with 36 holes of private golf, new tennis complex, pickle ball, swimming pools, library, state of the art fitness center, theater, arts and crafts, billiard room, and much more!

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19777 N 76th Street Scottsdale, AZ 85255

$469,900

3 Beds

2 Baths

1,438 SqFt

Status Active

MLS # 6665830

Property Type Apartment

Price Type --

Great community! Enjoy heated pools, work out center, movie theater, biking trails, etc! Lock and leave. This 3 bedroom condo is loaded with upgrades; beautiful crown moulding, eat-in kitchen with plenty of cabinet space. Spacious family room, very open and bright! Balcony complete with stunning mountain views.

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306 W Rim View Road Payson, AZ 85541

$469,900

3 Beds

3.5 Baths

2,798 SqFt

Status Active

MLS # 6662934

Property Type Single Family Residence

Price Type --

Exceptional opportunity to own a beautifully renovated home perfect for families or investors. Numerous upgrades incl. fresh paint, new flooring, cabinets, fixtures, HVAC, etc. Conveniently located just a mile from Green Valley Park and Lakes this 3-bedroom property (with an optional 4th BR that can be used as a den) also features 3.5 baths. Versatile downstairs space for 2nd living area or game room. One master BR on main level, along w/kitchen and living room and basement too. Spectacular mountain and town views from balconies. Just 1.5 hrs. from the city, this home offers a peaceful escape while providing investment potential. Come see this gorgeous home to experience all its possibilities.

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2310 W Stella Lane Phoenix, AZ 85015

$469,900

3 Beds

2 Baths

1,131 SqFt

Status Active

MLS # 6684168

Property Type Single Family Residence

Price Type --

Looking for a remodeled home to call your own? Check out this charming 3-bed, 2-bath with new Renewal by Andersen windows, New HVAC with a 10-year transferable warranty, white shaker cabinets, and quartz countertops—beautifully updated bathrooms. Stainless steel appliances. Corner lot w/ a relaxing covered patio. Large covered storage area/workshop. The seller is willing to help buyers with concessions for closing costs or to buy down their rate!! This location offers swift access to Uptown, entertainment arenas, and the lively downtown scene

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17219 N 19th Run Phoenix, AZ 85022

$469,900

3 Beds

2.5 Baths

1,568 SqFt

Status Active

MLS # 6685710

Property Type Single Family Residence

Price Type --

Welcome to this gorgeous 3 bedroom, 2.5 bathroom home in the desirable Desert Winds community! As you enter, a flood of natural light illuminates the open floor plan, perfect for entertaining guests. This spacious kitchen will be the heart of your parties, boasting granite counters, sleek appliances, and a breakfast bar overlooking the living room and dining room. Escape to the spacious primary bedroom complete with an enter-in closet and an en suite bathroom boasting double sinks. Relax on the covered patio and enjoy the fenced-in backyard. So Many upgrades!This beautiful home provides convenience to parks, schools, and more!

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1363 W Highland Road San Tan Valley, AZ 85143

$469,900

4 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6686037

Property Type Single Family Residence

Price Type --

Welcome to Magnolia Grove! Nestled on the border of San Tan Valley & Queen Creek, our community offers the perfect blend of convenience and tranquility. Immerse yourself in the vibrant dining and shopping scene just minutes away. Discover our gated enclave, a haven of charm with sprawling green spaces and winding walking trails spanning miles. Three inviting park areas invite leisurely strolls and outdoor relaxation. Step into the Palo Verde, a luxurious 4-bedroom, 2-bathroom retreat boasting a spacious layout and a chef's dream kitchen. Adorned with sleek white shaker cabinets, quartz countertops, and stainless steel appliances, including a sprawling kitchen island perfect for entertaining. Step outside onto a covered patio & enjoy your private backyard with artificial grass.

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18767 W Solano Drive Litchfield Park, AZ 85340

Open House

New

$469,900

4 Beds

2 Baths

1,842 SqFt

Status Active

MLS # 6696034

Property Type Single Family Residence

Price Type --

This stunning 4-bed, 2-bath residence is perfectly located on a corner lot with N/S exposure in Zanjero Trails. Step inside and be captivated by the open layout featuring high ceilings, 8' doors, plenty of natural light, and tile flooring in all the right places. The kitchen is a chef's dream with granite counters, recessed lighting, beautiful cabinetry, stainless steel appliances, ample storage and a large kitchen island! Additionally, there is a versatile den that can be used as an office or bedroom. The primary bedroom offers plush carpet, a large walk-in closet, and a private ensuite with dual sinks. Outside, enjoy breathtaking sunsets over the White Tank Mountains from your back yard complete with a covered patio and beautiful synthetic turf.

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14851 S 179th Avenue Goodyear, AZ 85338

$469,778

3 Beds

2 Baths

1,845 SqFt

Status Active

MLS # 6661915

Property Type Single Family Residence

Price Type --

Absolutely beautiful 3 bedroom 2 bathroom home on corner lot in the exclusive master planned community of Estrella Mountain at Vidrio. Step into this open concept home, entertaining kitchen with lots of counter space, walk in pantry and SS appliances. The 9ft ceilings and abundance of windows makes this home bright and spacious! The home has been designed by our professional design team. Come in today and see why this home really does stand apart from all the rest!! Gourmet kitchen with a separate gas cook top, and white quartz counter tops, 42 inch cabinets with decorative back splash. Primary bathroom has a large walk-in shower and large walk-in closet. Two guest bedrooms and a full bathroom complete the home. Builder is offering closing costs incentive to buy down interest rate

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27421 W Pontiac Drive Buckeye, AZ 85396

Open House

$469,700

2 Beds

2 Baths

1,625 SqFt

Status Active

MLS # 6617757

Property Type Single Family Residence

Price Type --

START LIVING THE DREAM! This Like New Hideaway Model Has It All! Enter the open concept, split floorplan w/wood plank like tile flooring, designer lighting features & custom window treatments througout. Inviting gathering space offers plenty of room for dining & entertaining. Chefs kitchen features upgraded cabinets, stylish quartz counters, SS appliances, walk-in pantry, island w/seating & pendant lighting. The master bedroom has a private bath w/quartz counters, dual sinks, vanity, walk-in, tile surround shower & large walk-in closet. Charming guest bedrrom w/adjacent bath. Den is perfect for office or hobbies. Extended Utility room has additional storage cabinets. Enjoy outdoor living on the expansive, paved patio overlooking this oversized, low maintenance private, walled backyard.

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