The 4 Most Common Mortgage Questions, Answered

Making the decision to purchase a home is one of the most significant investments most people will make in their life, and this automatically means there are a lot of questions that need to be answered before putting any money down. If you’re considering making the leap, here are some insights into some of the common questions you might have.

How Much Should You Put Down?

While many homebuyers have the option of putting as little as 3% down in order to purchase a home, there are benefits to saving up for a down payment and putting in 15 or 20%. Because your interest rate will be higher on a lower down payment, putting more down can mean a lower overall price tag and monthly payment.

Fixed or Variable Rate Mortgage?

While a fixed rate mortgage can be good for homeowners who are new to the market due to its stability, a variable rate can be hard to rely on because it can change all of the time. Fixed rates can end up costing more than variable rates in the event of low interest rates, but it’s important to determine your comfort level with the market is before deciding on your mortgage type.

How Will The Lender Assess You?

There are a number of different factors that lenders will assess you on including your income, personal debt load, employment and credit history. While it’s important to be in the good books for these reasons, a lower credit score does not mean you will not be able to qualify for a mortgage; it simply means that you may need to provide a higher down payment.

What Will The Monthly Payment Be?

One of the conundrums of home ownership is being able to determine what you’ll actually be paying per month to purchase your home, but this number is dependent on the size of your mortgage, your interest rate, and the frequency of your payments. There are also many handy online tools you can use to provide some estimates but it’s best that you consult your mortgage specialist about this.

Most homeowners, particularly those that are new to home ownership, have many questions when it comes to purchasing a home, but by being aware of what a lender looks at and what you should put down, you’re well on your way to a healthy attitude towards ownership. If you’re currently considering buying a home, give me a call today – J.P. Cook – 602-320-4253.

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9551 E Redfield Road Scottsdale, AZ 85260

$465,000

2 Beds

2.5 Baths

1,111 SqFt

Status Active

MLS # 6675877

Property Type Townhouse

Price Type --

Welcome to this inviting property with a calming natural color palette that creates a serene atmosphere throughout. The home boasts other rooms for flexible living space, allowing you to customize the layout to suit your needs. The primary bathroom features good under sink storage, keeping your essentials organized and easily accessible. With fresh interior paint, the home feels bright and airy, ready for you to move in and make it your own. Don't miss the opportunity to make this peaceful retreat yours!

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2421 W Turtle Hill Drive Anthem, AZ 85086

$465,000

2 Beds

2 Baths

1,344 SqFt

Status Active

MLS # 6680748

Property Type Single Family Residence

Price Type --

Welcome to this beautifully upgraded home nestled in the prestigious Anthem Country Club. Featuring 2 bedrooms, 2 bathrooms, this home boasts a meticulously open airy floor plan. Enjoy the elegance of new flooring throughout, a refreshed kitchen with a new large island, granite countertops, stainless steel appliances, and remodeled bathrooms with custom tile, double headed walk-in shower in the master and a custom bathtub shower. Outside, a covered pergola that offers a perfect spot to enjoy the scenic views. With fresh paint inside and out, this home exudes sophistication. Residents also enjoy access to Anthem Country Club's prestigious amenities, including two golf courses, fitness centers, tennis courts, and more. Experience comfort, style, and resort-style living in this move-in ready

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4854 W Turquoise Avenue Glendale, AZ 85302

$465,000

4 Beds

2 Baths

2,371 SqFt

Status Active

MLS # 6680575

Property Type Single Family Residence

Price Type --

Whatta beauty! New paint, new quartz counter tops, new flooring, new bathroom vanity quartz! Your new spacious 4 bedroom home has a pool situated perfectly in a low-maintenance backyard oasis!

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3134 E Mckellips Road Mesa, AZ 85213

$465,000

3 Beds

2.5 Baths

1,414 SqFt

Status Active

MLS # 6683963

Property Type Single Family Residence

Price Type --

Charming 3 bdrm, 2.5 bath 2 car garage home in sought after Homestead on an oversized lot with lg. private pool and nicely designed backyard! Ideal for entertaining or everyday living -- with living and dining rooms, vaulted ceilings, and a formal family room with wood burning fireplace. Open concept kitchen overlooks the family room and features granite countertops, smooth-top range, built-in microwave, and LG stainless steel refrigerator with water dispenser/ ice maker. The primary suite includes dual closets, a spacious layout, soaring high ceilings, and an ensuite bath. Additionally, the home features newer paint, newer carpet, laminate flooring, and a top of the line Trane HVAC unit,. Enjoy your backyard with one of the only private sparkling swimming pools in the community. Conveniently located with easy access to the Loop 202 (and Gilbert Rd.) and plenty of shopping, dining, & restaurants nearby. A must see!

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