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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35795 W Cartegna Lane Maricopa, AZ 85138

Open House

$467,000

5 Beds

3 Baths

3,332 SqFt

Status Active

MLS # 6694840

Property Type Single Family Residence

Price Type --

Introducing a stunning property. An alluring neutral color paint scheme creates the perfect canvas to add your personal touch. The kitchen features a kitchen island for easy meal preparation and accent backsplash adds a chic touch to this space, while an abundant amount of cabinet storage provides practicality. The primary bedroom as a generous walk-in closet, reflecting all your storage needs. The primary bathroom, boasting double sinks and separate bathtub and shower contribute to its spa-like ambiance. Step outside for a private in-ground pool glistens under the sun. A fenced-in backyard ensures privacy for relaxation or friendly gatherings on the covered patio. The freshness of newly painted interiors adds touch for beauty. Make this house your life your vision of a comfortable.

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19139 W San Miguel Avenue Litchfield Park, AZ 85340

$466,990

4 Beds

2.5 Baths

1,943 SqFt

Status Active

MLS # 6673444

Property Type Single Family Residence

Price Type --

Surrounded by the White Tank Mountains and featuring a front porch perfect for taking in the breathtaking views. An open-concept kitchen includes ample countertop space, a center island, and an expansive walk-in pantry. The true heart of the home is the open-concept great room, amazing for your next movie or game night. Granite kitchen countertops, a powder room addition, soft water loop with drain, upgraded interior doors, and a tile kitchen backsplash are just some of the additional highlights. Located within the IronWing masterplan offers breathtaking mountain views and top-notch amenities. Our homeowners enjoy walking trails, a community park and a BBQ gathering area.

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3353 S 156th Avenue Goodyear, AZ 85338

$466,990

5 Beds

3 Baths

1,968 SqFt

Status Active

MLS # 6689589

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!! This single-story home design features everything families need to live in comfort with three secondary bedrooms, a study and a spacious owner's suite. The foyer leads into the open living area where the dining room, kitchen, Great Room and covered patio are all connected.

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16048 W El Cortez Place Surprise, AZ 85387

Open House

$466,990

4 Beds

2 Baths

2,139 SqFt

Status Active

MLS # 6594475

Property Type Single Family Residence

Price Type --

Brand new, energy-efficient home available NOW! This single-story features a split floorplan with the primary suite tucked away in the back of the home. Umber cabinets with white/grey granite countertops and multi-tone carpet in our Elemental package. Paloma Creek is now pre-selling in Surprise. There's fun for the whole family at the community clubhouse, pool, outdoor kitchen, and fitness center. Each energy-efficient home comes standard with features that allow your whole family to live better and breathe easier too.* Visit Paloma Creek today. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

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19617 W Cambridge Avenue Buckeye, AZ 85396

$466,638

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6675995

Property Type Single Family Residence

Price Type --

Discover this ranch-style Agate home, ready for quick move-in! Included features: a covered entry; a large flex room; a corner kitchen boasting an alternate layout, 42'' cabinets, stainless-steel appliances, an island and an adjacent dining room; an inspired great room; a serene primary suite showcasing a sizable walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms; a full shared bath and a charming covered patio. This home also offers 7'' x 22'' stone tile flooring, cultured marble bath countertops, ceiling fan prewiring and additional windows in select rooms, coach lights, front yard landscaping and concrete pavers at the driveway and walkway.

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16036 N 11th Avenue Phoenix, AZ 85023

$466,000

4 Beds

3 Baths

2,270 SqFt

Status Active

MLS # 6616050

Property Type Single Family Residence

Price Type --

GREAT SPACE! This is an amazing opportunity for a 4 bedroom 3 bath with a community pool! This move in ready home is over 2,200 square feet! This is the home you have been dreaming of finding...

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634 N 48th Street Phoenix, AZ 85008

$466,000

5 Beds

2 Baths

1,715 SqFt

Status Active

MLS # 6655149

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Phoenix! Located only minutes from the freeway, this stunning 5-bedroom 2-bathroom home offers the perfect blend of modern luxury and desert charm. As you step inside, you'll be greeted by an open and spacious floor plan that's ideal for both comfortable family living and elegant entertaining. The living room boasts ample natural light creating a warm and inviting atmosphere. The gourmet kitchen is a chef's delight, featuring granite countertops, stainless steel appliances, and ample counter space. Enjoy the Arizona sunshine in your large backyard with endless potential. Perfect for family gatherings and outdoor relaxation. Spacious laundry room with washer and dryer included!

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3702 W Hearn Road Phoenix, AZ 85053

$466,000

4 Beds

2 Baths

1,551 SqFt

Status Active

MLS # 6659367

Property Type Single Family Residence

Price Type --

Your dream home is here! Don't miss this recently remodeled 4-bedroom property situated on a corner lot. Make yourself feel at home with the inviting interior showcasing wood-look tile floors, recessed lighting, and a bright living/dining area. Delightful great room is perfect for creating cherished memories. Lovely kitchen boasts white cabinetry, SS appliances, glossy granite counters, and a center island with a breakfast bar. Sizable main bedroom lets you relax, including a private bathroom and a walk-in closet. Chill in the charming backyard, offering a covered patio, sitting area, and a refreshing pool. What's not to like? Come and experience this gem's convenience and style for yourself!

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17798 W Running Deer Trail Surprise, AZ 85387

$465,995

4 Beds

3 Baths

2,040 SqFt

Status Active

MLS # 6658921

Property Type Single Family Residence

Price Type --

This single level Saphire is so inviting and well thought out. The home features 4 Beds, 3 Baths with a bonus den/teen room and a 3-car garage. The Sapphire floor plan welcomes guests with pavers and a covered entry. Off the foyer, you'll find two bedrooms and a full bath. Heading towards the great room you will find the fourth bedroom and den/teen room with a dedicated bath. The home features 9 ft ceilings, 8'6'' paneled interior doors and an extended entry which leads to an open layout kitchen featuring a large upgraded center island, 42-inch upper cabinets, gas SS oven range and a convenient dining area. The great room is nicely sized with a center-meet double sliding door giving the space a light and open feel gracefully leading to the covered patio. The split floor plan features an owner's suite with two walk-in closets and an attached bath. Located in the fantastic community of Desert Oasis features parks, playgrounds and a community pool. Close to the new Frys marketplace with convenient access to the Loop 303 and US-60, nearby Lake Pleasant, Surprise Stadium, Wildlife Zoo, Aquarium & Safari Park in the fast-growing NW Valley. This beautiful home is done right and has so much to offer!

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40930 W Agave Road Maricopa, AZ 85138

$465,990

4 Beds

3 Baths

2,142 SqFt

Status Active

MLS # 6641288

Property Type Single Family Residence

Price Type --

START PACKING... It's the Castellano.. This home has 4 bedrooms, 3 baths and 3 car garage. Large walk-in shower at owner's bath. Multi slide door that leads out to the covered patio perfect for entertaining. Gas range for the cook in the family. Benton painted white cabinets with 42'' kitchen uppers and pull out trash drawer with two bins. DT One Quartz Evening Gray countertops in the kitchen and at the enhanced kitchen island. DT Marble Attache Matte kitchen backsplash and stainless steel undermount kitchen sink. 8' tall interior doors throughout the home. Upgrade flooring includes MZ Norwood Oak 6x24 tile in all areas of the home except bedrooms/closets. Gas drop to dryer, gas stub for BBQ, 8' garage door, garage service door and so much more.

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12565 N 175th Drive Surprise, AZ 85388

$465,900

3 Beds

2 Baths

1,836 SqFt

Status Active

MLS # 6688259

Property Type Single Family Residence

Price Type --

Beautiful property nestled on a desired corner lot! This gem displays a well-maintained front yard and a 2-car garage for your vehicles. The delightful interior features a spacious open floor plan, highlighting tall ceilings, a soothing palette, tile flooring, and soft carpet in all the right places. The kitchen is fully equipped with ample counter space, a walk-in pantry, rich wood cabinetry, recessed lighting, and an island with a breakfast bar, great for morning conversations. Double doors reveal a generous main retreat, offering a private bathroom with dual sinks and a large walk-in closet. Out the back, you'll find a covered patio for relaxing evenings after a busy day. Conveniently situated near schools, shopping, and parks. Stop searching!

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505 W Stanley Avenue San Tan Valley, AZ 85140

$465,500

3 Beds

2 Baths

1,999 SqFt

Status Active

MLS # 6689220

Property Type Single Family Residence

Price Type --

Welcome Home!! This beautiful 3 bedroom, Plus Den, 2 bath, 2 car garage home is located in the desirable and established Ironwood Crossing neighborhood. Large kitchen with granite counter tops, beautiful crown molding on cabinets, custom tile back splash, and stainless steel appliances. Open and spacious floorplan with 8' doors throughout. Ceiling fans in all rooms. Water softener and RO water system. Enjoy relaxing under your extended covered patio with sunshades or under the stars next to your gas fire pit. Exterior was repainted in 2020. This is a must see! Owner has access to Mary Lou Fulton & Ira Fulton Aquatic center. Great community features include parks, basketball courts, pickleball courts and much much more. **Some Furniture is Available on a Separate Bill of Sale*

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