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

13128 W Avenida Del Rey -- Peoria, AZ 85383

$469,000

3 Beds

2 Baths

2,213 SqFt

Status Active

MLS # 6678584

Property Type Single Family Residence

Price Type --

Gorgeous former model home, clean and move in ready! Upgraded carpet and tile flooring. Kitchen is equipped with granite countertops , large island, gas range, pantry, and extended cabinetry. Living/formal room and Office! Split floor plan, large Primary suite and 3 car Tandem Garage. Refrigerator, washer and dryer convey. Large covered patio and beautifully landscaped front and backyard with great Privacy.

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20100 N 78th Place Scottsdale, AZ 85255

$469,000

2 Beds

2 Baths

1,116 SqFt

Status Active

MLS # 6614306

Property Type Apartment

Price Type --

This 2-bedroom 2 bath home features 1116 sqft of living space and is located on the 3rd floor for great views! Nestled the gated community of Edge at Grayhawk, this property boasts a carport space for your convenience. Inside you'll discover stainless steel appliances, NEW Quartz countertops, and gorgeous custom dark blue cabinets. The bathrooms have been updated and there is an electric fireplace that you can luxuriate by on those chilly nights. You'll simply fall in love when you take in the large balcony with sweeping mountain and pool views. Amenities include 2 pools, lounge, theater, tennis, fitness center and more! Enjoy access to the amenities to the Venu at Grayhawk as well! Live like you're always on vacation!

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17923 W Porter Lane Goodyear, AZ 85338

$469,000

3 Beds

2 Baths

1,735 SqFt

Status Active

MLS # 6621309

Property Type Single Family Residence

Price Type --

Large Corner lot on a Cul De Sac with RV gate. Open floor plan, vaulted ceilings, covered patio, irrigation system front and back, house is conveniently located a block away from South Lake and close to North Lake. 2 members only club houses, with gyms, libraries, restaurant and bars in both club houses as well as yacht club, water park, basket, tennis and volley ball courts. Plenty of biking and hiking trails plus a Golf Course in the community! Stainless steel fridge, range, microwave and dishwasher (BRAND NEW) OWNER IS A LICENSED ARIZONA REALTOR Owner offers $10k towards closing costs

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8011 S 23rd Drive Phoenix, AZ 85041

$469,000

4 Beds

2.5 Baths

2,527 SqFt

Status Active

MLS # 6633722

Property Type Single Family Residence

Price Type --

Builders Model Home and it has lots of upgrades, including a Premium Elevation. Features: Surround sound speakers/recessed upgraded lighting/ceiling fans. Bedrooms have walk-in closets. Kitchen has beautiful cabinets/a large walk-in pantry/hi end appliances with 2 ovens(Convection feature) & there's an island with brick trim. Primary bedroom has a large deep tub with brick accents & a walk-in shower.The backyard has a mature tree that produces limes & lemons and there is a raised garden planter with sprinklers. The 3 car tandem garage has an 8 ft door to accommodate hi profile vehicles. The energy efficient HVAC system has a unique 3 zone feature for your convenie

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42833 W Mallard Road Maricopa, AZ 85138

$469,000

2 Beds

2.5 Baths

1,945 SqFt

Status Active

MLS # 6636635

Property Type Single Family Residence

Price Type --

Split floor plan, 2 bedrooms with ensuites and a den/office/workout room. Kitchen with under-cabinet lights, gas appliances and gas double oven range. Butler's pantry and walk-in pantry, cabinets have crown molding and dual pull-outs. Granite countertops, oversized island with additional storage. Laundry with counter space and cabinets.10' ceilings and 8' doorways. Primary bedroom has an extended bay window bump-out for additional space. Tile flooring throughout the home. Backyard has gated side yards with bunny fencing. Extended pergola patio, with outdoor BBQ. Extended patio with pavers. The home has foam insulation, energy-efficient windows with sun-screens, and a powered attic ventilator. Ceiling fans in all rooms. A 25' extended and insulated garage with sink and 5' storage extension Items to convey - back patio TV, cabinet under back patio TV, covers for both, garage TV and sound bar, King platform bed with mattress in Primary bedroom, and desert scape artwork above bed.

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25615 N Bolero Bend Rio Verde, AZ 85263

$469,000

3 Beds

2 Baths

1,718 SqFt

Status Active

MLS # 6635756

Property Type Townhouse

Price Type --

FURNISHED turn-key townhome with spectacular view of the Mazatzal Mtns.-Four Peaks and the 4th hole of the White Wing golf course. This end unit has great space with 2 bedrooms and 3rd bedroom/Den/Office. Kitchen with casual dining and front patio access. Great room with dining, wood burning fireplace, vaulted ceiling and sliding door access to the back patio and views. Primary suite has walk in shower, soaking tub, dual vanities and walk in closet. Guest bedroom is spacious, guest bath has shower/tub. Den/Office/3rd bedroom gives you options! Back patio with Saltillo Tile and plenty of space to enjoy the views. Wooden shutters in all rooms. 2 car garage and roof recoated Nov. 2023! Move right in and start enjoying the Rio Verde life!

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374 S Verdad Lane Casa Grande, AZ 85194

$469,000

5 Beds

3 Baths

2,725 SqFt

Status Active

MLS # 6655302

Property Type Single Family Residence

Price Type --

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18134 W Maui Lane Surprise, AZ 85388

$469,000

4 Beds

2 Baths

1,737 SqFt

Status Active

MLS # 6645154

Property Type Single Family Residence

Price Type --

Explore this splendid 4-bedroom, 2-bathroom energy-efficient home, boasting impressive curb appeal with a 2-car garage, extended driveway, additional RV parking space, and low-maintenance landscaping. Step inside to find a luminous interior adorned with high ceilings and stylish wood-like flooring throughout. The kitchen is a chef's delight, outfitted with chic countertops, a mosaic tile backsplash, fine wood cabinetry, a central island, and stainless steel appliances. Each bedroom is carpeted for comfort and includes a ceiling fan, with the primary suite boasting a walk-in closet and an en-suite bathroom. The backyard is an oasis, featuring a covered patio, a a shimmering swimming pool, well-maintained landscaping, grass, and an expansive patio ideal for sunbathing.

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5603 N Wilshire Drive Williams, AZ 86046

$469,000

3 Beds

2 Baths

1,590 SqFt

Status Active

MLS # 6656887

Property Type Single Family Residence

Price Type --

Energy efficient mountain home on a treed acre with views, just North of I-40 on the way to the Grand Canyon. Temperature controlled 2 car garage, huge loft bedroom, large kitchen and two more bedrooms and a great room complete the house. Vaulted ceilings, clerestory windows up top. Grounds include a deck shaded in the summer, patio, even a play house for little ones. Passive heating and dual paned windows make this super efficient in the Winter. 7000 foot elevation makes it cool in the summer. Small changes will make it your own! Make it your retreat, or make it your vacation rental to help pay for it. Call for more information.

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13137 W Stella Lane Litchfield Park, AZ 85340

$469,000

4 Beds

2 Baths

2,040 SqFt

Status Active

MLS # 6662083

Property Type Single Family Residence

Price Type --

Check out this great 4-bedroom, 2-bath home situated in a welcoming community with an excellent location. This well-maintained property showcases a low-maintenance backyard, a newer AC unit, and water heater. Smoke/Pet Free, with a spacious 3-car garage, the residence offers both practicality and style. Its proximity to schools, restaurants, and shopping centers enhances the convenience of modern living, making it an ideal choice for homeowners seeking comfort and accessibility.

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6919 E Boise Street Mesa, AZ 85207

$469,000

3 Beds

2.5 Baths

2,220 SqFt

Status Active

MLS # 6670863

Property Type Single Family Residence

Price Type --

Embark on suburban magic in Mesa, AZ, with this 3-bed, 2.5-bath solar-powered gem! Spanning 2200 sq ft, revel in sleek tile on the main floor, a chef's kitchen, and a master suite fit for royalty. Step into an eco-luxury paradise inside and a solar-powered sanctuary outside. Seize the keys to this stylish, sustainable dream in the heart of suburbia!

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5414 W Desert Cove Avenue Glendale, AZ 85304

$469,000

3 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6680434

Property Type Single Family Residence

Price Type --

Beautiful remodeled home in a great neighborhood! Home comes with an Open floor plan with a spacious kitchen with all new cabinets. Stunning remodeled master bathroom with beautiful vanities and large walk in shower. New Carpet in the bedrooms and new Luxury vinyl throughout high traffic areas of the house. Upgraded fixtures along with Delta Faucets throughout! Large, beautiful backyard with a pool and new grass area. Property comes with a two car garage and a new roof. Must see home!

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