Planning to Get a Mortgage in 2017? 4 Reasons Why It’s Time to Start Paying Down Other Debts Now

Buying a home is an ideal investment for many people because not only is it a place that belongs to them, it can also be very beneficial financially. While you may be strongly considering buying a home for these reasons, it’s also important to be in good financial health so that your ideal home purchase is within reach. If you’re currently perusing the market for prospects, here are some reasons you should pay down debt before taking the leap into home ownership.

Good Credit History

The amount of your debt load and whether or not you’re paying off your minimum monthly payments has a considerable impact on your mortgage approval, so ensuring that you have good credit history going into the process is important. If you’ve had hiccups with your credit, make sure you go through your credit report prior to submitting your application to determine where you’re at.

Lowering Your Debt-to-Income Ratio

Whether or not you’ve heard the term, your debt-to-income ratio (DTI) has a significant impact on how much house you can afford. Made up of the amount of your monthly debt payment and current house payment, your DTI should be below a certain percentage as this will enable you to afford a higher home payment each month.

Shifting Interest Rates

Getting a mortgage is one thing, but interest rates add more to the monthly amount you’ll owe. A fixed-rate mortgage can seem like a good idea, but if interest rates are low you may end up paying more than you would on a variable rate, which can be hard to predict. As interest rates are a part of home ownership, having lower debt will enable you to deal with these additional costs.

Finding The Right Home

Putting your money into a home can be one of the best purchases you’ll make, but if you’re unable to afford the home you love, it can be a disappointing fact to face. While there are no assurances that paying down debt will enable you to afford your dream home, it can go a long way towards giving you more options that will fit your budget.

Buying a home can be a money saver in the long run, but if you’re struggling to keep up with your debt payments buying into the market can be more of a burden than anything else. If you’re currently paying down debt and considering a home purchase, give me a call and let me help start the planning process – J.P. Cook – 602-320-4253.

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25057 N 172nd Lane Surprise, AZ 85387

$450,000

2 Beds

2 Baths

1,666 SqFt

Status Active

MLS # 6671352

Property Type Single Family Residence

Price Type --

BETTER THAN NEW! Stunning Lennar home. The sellers have already taken care all of the extras - Fully landscaped back yard with watering system and custom Arizona panoramic wall mural. Upgraded window coverings throughout. Privacy doors added to master bathroom and den. Custom cabinetry was added to master bath toilet room and laundry room. Natural Gas stub in the kitchen and the back yard. Ceiling fans inside and out. Stunning upgraded Kitchen Cabinets, Counters and 12''x 24'' tile flooring. Extended length garage with room for golf cart parking. Asante Heritage is a gated, active adult community with a resort style pool, club house with lake and event center, fitness center, bocce ball, pickle ball, dog park, walking trails and more. Must see!

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8615 W Alvarado Road Phoenix, AZ 85037

$450,000

5 Beds

3 Baths

2,193 SqFt

Status Active

MLS # 6672619

Property Type Single Family Residence

Price Type --

Cul-de-sac, Spacious 5 bed 3 bath with decent sized back yard and Rv gate. Come see it. Home will need some TLC, updating and repairs. Open to giving credit. Home won't last long.

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1113 E Glendale Avenue Phoenix, AZ 85020

$450,000

3 Beds

2 Baths

1,318 SqFt

Status Active

MLS # 6673459

Property Type Single Family Residence

Price Type --

Welcome to this recently updated 3-bedroom home with NO HOA! Ideal for a owner occupant or short term rental investor with the possibility of being rezoned for multi-family. Displaying a 1-car garage, RV gate, and a welcoming front porch. Enter to discover a perfectly flowing layout paired with a neutral palette, abundant natural light, and tile flooring throughout. The kitchen features SS appliances, quartz counters, recessed lighting, and white cabinetry w/crown moulding. The primary bedroom provides a mirrored closet and private bathroom for added convenience. Conveniently located close to Hwy 51 and in proximity to some of Phoenix's top award winning restaurants. Identical house next door with different flooring is for sale by same owner

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1107 E Glendale Avenue Phoenix, AZ 85020

$450,000

3 Beds

2 Baths

1,289 SqFt

Status Active

MLS # 6673470

Property Type Single Family Residence

Price Type --

Two nearly identical, recently renovated homes both for sale by the same owner, with the possibility of being rezoned to multi-family on a half-acre lot if combined. Versatile options abound, from owner-occupancy to investment or short-term rentals. Modern upgrades include a stylish kitchen, en-suite primary bedroom, and designer bathrooms. Infrastructure updates ensure efficiency along with brand new appliances. The property's location in the Madison School District, proximity to the 51, and walking distance to Phoenix's awarding winning restaurants add to its allure. With potential for commercial rezoning, this property presents a unique blend of style and opportunity for any occupant or investor. Explore the myriad possibilities at 1107 E Glendale today.

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