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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17199 W Elaine Drive Goodyear, AZ 85338

Open House

$465,000

3 Beds

2.5 Baths

1,918 SqFt

Status Active

MLS # 6689110

Property Type Single Family Residence

Price Type --

Home, sweet home! This fantastic 3 bed, 2 bath residence now on the market is looking for its new owners! A beautiful facade w/stone accents, easy-care front yard, a 2 car garage w/built-in cabinets, and an RV gate are just the beginning! Inside you'll find a spacious dining & living area w/elegant wood-look flooring, dazzling light fixtures, upgraded ceiling fans, custom palette throughout, outdoor access w/stylish French doors, and a warm fireplace. The gorgeous kitchen is comprised of wood cabinetry w/granite counters, a pantry, stainless steel appliances, stone backsplash, and a lovely island. Discover a cozy loft where you can spend a relaxing Sunday evening! The primary bedroom boasts vaulted ceilings, private balcony access, a walk-in closet, and a full ensuite w/dual sinks. Also including a wonderful backyard w/a covered patio, a quaint pergola, and a sparkling blue pool, this home simply has it all! Act now before it's gone!

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10823 W Sarabande Circle Sun City, AZ 85351

$464,999

3 Beds

2 Baths

1,957 SqFt

Status Active

MLS # 6640061

Property Type Single Family Residence

Price Type --

Explore the charm of this newly renovated residence in Sun City, featuring a modernized kitchen and bathrooms, as well as upgraded flooring and fresh paint throughout. This home is designed to leave a lasting impression and is truly a must-see. Come and discover the myriad offerings of this exceptional property for yourself.

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40243 W Michaels Drive Maricopa, AZ 85138

$464,995

4 Beds

3 Baths

2,220 SqFt

Status Active

MLS # 6630712

Property Type Single Family Residence

Price Type --

Explore this impressive Raleigh home. Included features: an inviting covered entry; a guest suite with a bathroom in lieu of a study; an open dining area; a gourmet kitchen offering a double oven, quartz countertops, tile backsplash, stainless-steel appliances, a center island and a walk-in pantry; a spacious great room boasting center-meet doors leading onto a relaxing covered patio; a convenient laundry; a lavish primary suite showcasing a generous walk-in closet and a deluxe bath with double sinks; a teen room in lieu of a bedroom; a storage area; a mudroom and a 2-car garage. This home also offers ceramic tile flooring in select rooms.

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10830 W Grant Street Avondale, AZ 85323

New

$464,995

3 Beds

2 Baths

1,860 SqFt

Status Active

MLS # 6693990

Property Type Single Family Residence

Price Type --

Discover this stunning Sunstone home, ready for quick move-in! Included features: a private study; a spacious great room overlooking a serene covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a walk-in pantry, a center island and stainless-steel appliances, including a gas range; a central laundry; and a lavish primary suite showcasing dual walk-in closets and an attached bath. This home also has upgraded stone tile flooring, cultured marble bathroom countertops, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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