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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

4856 S Tune -- Mesa, AZ 85212

$530,000

4 Beds

3 Baths

2,589 SqFt

Status Active

MLS # 6705734

Property Type Single Family Residence

Price Type --

Now Short Sale Approved! Highly motivated seller! Fantastic chance to join the Eastmark community with this low-maintenance, move-in ready home. This home features absolutely stunning finishes. Bright open kitchen with a large island, gas range, stainless appliances, and crisp white cabinets. Two sliding glass doors open up to this beautifully done backyard with pavers, artificial turf, and privacy. The first floor includes a spacious bedroom with full bathroom. Upstairs, the bedrooms and loft are generous and inviting. Primary bedroom is a retreat with a large bath and walk-in closet connecting to the upstairs laundry. Abundant storage throughout. Award-winning schools. Minutes to the freeways, airport, dining options and medical care. Don't let this one get away!

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9613 N Central Avenue Phoenix, AZ 85020

Open House

New

$530,000

3 Beds

2 Baths

1,825 SqFt

Status Active

MLS # 6707451

Property Type Single Family Residence

Price Type --

RARE Central Avenue custom home under the shadow of North Mountain. This gleaming 3- bedroom, 2 bath home with 9 foot ceilings, has an open floorplan with spacious family room and dining area . A gorgeous kitchen with wide central granite island with bar seating, self-closing cabinets and drawers, stainless steel appliances, walk-in pantry and accent lighting and breakfast nook. Luxurious primary suite with large, tiled, walk-in shower and 12'' over-head rain shower along with steam panel with shower wand. Dual vanities and spacious walk-in closet. Fully landscaped front yard with low water use plants and trees. Grass back yard with garden and fruit trees with an automatic watering system to decrease water use and allows for an easy harvest.

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9100 E Raintree Drive Scottsdale, AZ 85260

$529,999

3 Beds

2 Baths

1,448 SqFt

Status Active

MLS # 6662238

Property Type Apartment

Price Type --

Immaculate home in North Scottsdale with breathtaking MOUNTAIN VIEWS! 3 bed, 2-bath condo in the private community of Raintree Resort Casitas. Boasting wood-look tile flooring, custom shutters, & a private balcony. The kitchen offers ample cabinetry, granite countertops, pantry, peninsula with ample seating, & reverse osmosis system. Primary suite complete with an ensuite bathroom & walk-in closet. This unit also includes 2 additional bedrooms, a 1-CAR GARAGE, plenty of guest parking, & a newer HVAC. Take advantage of community amenities like a pool, spa, & scenic hiking/biking paths - endless options for outdoor enjoyment. Convenient Scottsdale location at Frank Lloyd Wright & Raintree with access to top schools, & shopping/dining at Kierland Commons, The Promenade, & Old Town Scottsdale

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22913 E Roundup Way Queen Creek, AZ 85142

$529,990

3 Beds

2 Baths

1,803 SqFt

Status Active

MLS # 6695246

Property Type Single Family Residence

Price Type --

Step into the Marigold, a contemporary floorplan crafted for modern life. This home boasts a spacious great room, integrated with a large kitchen and central island, perfect for both entertaining and daily living. With 3 bedrooms, 2 bathrooms, a versatile den, and a generous backyard, the Marigold expertly combines functionality with comfort. Experience premium finishes throughout, featuring elegant 6 x 24 tile planks and plush carpeting in the bedrooms and den. The kitchen offers a culinary retreat with sleek Fairview Gray 42'' shaker cabinets, Black Bronze hardware, and Quartz Slate Gray countertops, enhanced by a sophisticated 4 x 8 horizontal brick pattern tile backsplash. The grandeur extends with 8' doors and a striking 4-panel slider in the great room, creating a seamless blend of indoor and outdoor spaces. Madera, nestled in Queen Creek, provides a perfect balance of tranquility and convenience, close to the 24 Freeway and shopping. This vibrant community includes a pool, pickleball and bocce ball courts, playgrounds, BBQ areas, and ramadas. Explore the possibilities at Madera by scheduling a tour of our model homes today. Embrace the lifestyle you deserve.

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5520 W Thurman Drive Laveen, AZ 85339

$529,990

3 Beds

2.5 Baths

2,507 SqFt

Status Active

MLS # 6679501

Property Type Single Family Residence

Price Type --

Welcome to this stunning newly constructed single-story home offering a perfect blend of modern convenience and classic design. There's plenty of curb appeal with a Craftsman Elevation, boasting 2,507 square feet of meticulously designed living space. This home features a spacious foyer, split floor plan, and open concept with 8 foot interior doors. There are three bedrooms, two and a half bathrooms, and a den. The wood look tile floors are throughout for a stylish look and easy maintenance with plush carpet in the bedrooms. The kitchen features a large island, granite countertops, gas range, and 36 inch upper white cabinets and Gray front on the cabinets. The great room features a beautiful 4 panel sliding glass door perfect for indoor/outdoor living! 3 car tandem garage.

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7916 W Sands Road Glendale, AZ 85303

$529,990

4 Beds

3 Baths

2,432 SqFt

Status Active

MLS # 6685182

Property Type Single Family Residence

Price Type --

Beautiful two-story home that's conveniently located in desirable Glendale minutes to shops, restaurants and entertainment! This home offers our LOFT LOOK interior selections with 42'' Light stained Shaker cabinets, quartz countertops, Brushed nickel hardware, beautiful upgraded faux wood 6x24 Light gray flooring with carpet in bedrooms. The home includes GE appliances with a French Door Refrigerator, front load washer/dryer, and window blinds! See this amazing home today! ^^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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3352 S 177th Drive Goodyear, AZ 85338

$529,990

3 Beds

3.5 Baths

2,621 SqFt

Status Active

MLS # 6691135

Property Type Single Family Residence

Price Type --

MOVE IN READY- This breathtaking single story 2621 sq ft home is a MUST SEE! 3 bedrooms, 3 1/2 bathrooms, Study and 3-car garage! Open Kitchen, Dining and Great Room area. Perfect for entertaining and gatherings! Includes 9ft ceilings, 8 ft doors, stainless steel appliances, white shaker cabinets, quartz countertops, tile floor throughout and carpet in bedrooms. An immense amount of storage space all in a single level! Conveniently located near shopping and dining options. This community is all single story homes!!

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2399 E Cy Avenue San Tan Valley, AZ 85140

$529,990

4 Beds

3.5 Baths

3,020 SqFt

Status Active

MLS # 6705475

Property Type Single Family Residence

Price Type --

''New Construction!! Nestled perfectly in the sought after city of San Tan Valley. Adorable 2-story home with 4 bedrooms, 3.5 bathrooms, large den, large loft and a 3 car tandem garage. Ashton Woods offers a spacious owner's suite, stainless steel appliances, quartz kitchen countertops and classic shaker style cabinets. This home has been upgraded with our newest Timeless Collection and boasts gorgeous finishes, 42 inch upper cabinets, silver hardware and a beautiful white backsplash in the kitchen. This home also includes washer, dryer, fridge, and blinds to make moving in a breeze!

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14108 W Lisbon Lane Surprise, AZ 85379

$529,990

5 Beds

3 Baths

3,675 SqFt

Status Active

MLS # 6620969

Property Type Single Family Residence

Price Type --

Priced to sell! Rare find gorgeous large 3,675 sqf 5 bed/3 bath home w/ 3 car garage & a RV gate in quiet community. The whole exterior is just freshly painted. Updated gourmet kitchen boasts beautiful wood cabinets, new access lights, granite countertop & backslash, ss appliances, a walk-in pantry. Ceramic tiles at kitchen and living room, brand new carpet in family room, loft and and all bedrooms, all new vanity lights and shower heads in all bathrooms. Expensive wood shutters on most windows. Huge loft on 2nd floor for office /family entertainment. Master bath has large garden tub and a huge walk-in closet . Owners upgraded this home with extra insulation, sound barrier, Low E tinted du pan windows when built, soft water loop & a natural gas line in the backyard for BBQ...

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6856 E Windsor Avenue Scottsdale, AZ 85257

$529,990

3 Beds

2 Baths

1,328 SqFt

Status Active

MLS # 6672688

Property Type Single Family Residence

Price Type --

Introducing a prime investment in Old Town Scottsdale! Featuring 3-bed, and 2-baths, this gem boasts a unbeatable location minutes from Fashion Square Mall, Old Town Scottsdale, Spring Training facilities and so much more. This value add opportunity in an up and coming neighborhood is the perfect addition to your portfolio and one of the most affordable single-family homes in 85257!

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33575 N Dove Lakes Drive Cave Creek, AZ 85331

$529,900

2 Beds

2 Baths

1,702 SqFt

Status Active

MLS # 6664008

Property Type Apartment

Price Type --

This amazing updated condo adjacent to Dove Valley Golf Course shows immaculately. Open floor plan featuring spacious rooms w/9 ft ceilings & oversized windows. Luxurious wood look tile flooring, upgraded carpet & padding, granite counters, subway tiled kitchen backsplash, reverse osmosis system, water softener and Maytag washer/dryer. Master bathroom has a wonderful large shower with glass walls. Nice sized covered patio. All rooms are spacious and comfortable. Tons of storage throughout the unit and a storage room outside as well. Villagio offers 2 heated pools & spas & 2 Fitness Rooms, tranquil walking paths, hiking, walk to Dove Valley Golf Course, Fry's grocery, restaurants & services, Sprouts and other services including Abrazo Hospital. yet tucked away for comfort & privacy

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7541 N 35th Drive Phoenix, AZ 85051

$529,900

4 Beds

2 Baths

2,535 SqFt

Status Active

MLS # 6682446

Property Type Single Family Residence

Price Type --

Here's your chance to own a private oasis nestled on a third-acre cul-de-sac lot, just in time for summer. Lots of room for family or a home business. 4 bdr, 2 bath, plus den, and great room. GORGEOUS KITCHEN! Family room w/fireplace and exit to pool. Primary suite w/sitting area, walk-in closet. Both bathrooms completely remodeled in 2022 with stone/tile. Distinctive land- and hardscapes include mature trees, 8-car paver driveway AND extra concrete slab BEHIND security RV gate w/extra electrical panel. Travertine walkways in side/backyards. Gorgeous diving pool w/ waterfall, large hot tub, exterior shower, flagstone. Potting hut off back patio for gardening or storage. 2-car garage with large tile floors. NO HOA. Light rail access close by.

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