The 4 Most Common Mortgage Questions, Answered

The 4 Most Common Mortgage Questions, AnsweredMaking 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.

12926 W Beechwood Drive Sun City West, AZ 85375

$449,000
3 Beds
2 Baths
2,454 SqFt
Status Active
MLS # 6635070
Property Type Single Family Residence
Price Type --
Don't miss this desirable Castillo model now on the market. This 3-bedroom, 2 bath split bedroom floor plan has a great deal to offer. Laundry has been moved in from garage adding square footage and an office/craft area. No popcorn ceilings and no carpet in this house! There's plenty of outdoor living space with the front courtyard and the back covered patio. Back yard provides exercise & relaxation in one with its ''Endless Pool'' & Hot Tub combination! Located in the heart of Sun City West, this home is close to shopping, restaurants, golf and Rec Centers! Own this great home and begin enjoying all the amenities of Sun City West!

4685 N Sheridan Lane Prescott Valley, AZ 86314

$449,000
3 Beds
2 Baths
1,554 SqFt
Status Active
MLS # 6636206
Property Type Single Family Residence
Price Type --
Welcome to your new home in Prescott Valley's sought-after Unit 20! This 3-bedroom, 2-bathroom gem offers ultimate privacy, set back from the road, and has no HOA!! Recent exterior paint adds a fresh look. Inside, you'll find a spacious and comfortable living space, ideal for family gatherings. The kitchen is well-equipped, and the three bedrooms provide the perfect comfort. The master bathroom has been completely remodeled to include a walk-in shower. Enjoy the tranquility of the backyard and the great views of Mingus Mountain. Don't miss this opportunity because it will not last long. Contact us now!

7009 E Acoma Drive Scottsdale, AZ 85254

$449,000
2 Beds
2 Baths
972 SqFt
Status Active
MLS # 6636670
Property Type Apartment
Price Type --
Location, location...Beautiful end unit with Private Garage. The Exclusive Plaza Residences offers resort style living in the upscale Kierland Quarters area of Scottsdale. Walking distance to Kierland shopping, fine dinning, parks, walking/biking paths, golf, Scottsdale Airpark & much, more...Condo is close to well appointed club house, fitness center, game room, lap pool & spa. New flooring & A/C unit installed within the last few years. Located in a very quiet area. Condo offers 2 spacious split master bedroom suites. inside laundry, fabulous open floor plan, fireplace, large Balcony with storage area. Modern well appointed kitchen with granite counter tops, stainless appliances. The condo also has one of limited garages. ''Keep car out of the hot sun and protecte 2 hours notice for showing.....occupied condo

515 W Atlanta Avenue Phoenix, AZ 85041

$449,000
4 Beds
2 Baths
1,780 SqFt
Status Active
MLS # 6641462
Property Type Single Family Residence
Price Type --
Back on Market! Minutes from Downtown Phoenix! Beautiful new 2023 Build with no HOA, RV Gate and an inside laundry room! Home was built in 2023 and is a true Gem. This home has an open floor plan with a large kitchen that has an oversized island and breakfast nook. This home has 4 spacious bedrooms with all the bells and whistles. There are several new builds being built in area and area is going through a gentrification process. Location is perfect just minutes to downtown, airport and all the great restaurants south Phoenix has to offer. this home will not last bring your buyers today! There are multiple new builds being built in surrounding area. Act Fast! Easy to show!