If you’re just jumping into the game of home purchasing, you are likely considering all of your loan options and may even have heard the term mortgage rate lock. For those who don’t like to gamble, a mortgage rate lock can offer a bit of reassurance, but there are also some downsides to this type of protection. Before signing off on this, here are the details on rate locks so you can make an informed decision.
What Is A Rate Lock?
For many people who are buying a home in such a tumultuous market, the idea of interest rates can make the heart race a little faster, but this is the purpose of rate locks which offer consistency in a market in flux.
Instead of having to deal with day-to-day fluctuations of the rate which increases or decreases what you owe a rate lock is a lender promise that you will be held to a specific rate or your rate will not rise above a certain number.
Easy Balancing Of The Budget
The easy thing about utilizing the rate lock, especially for a buyer who is less familiar with the market, is that it will enable you to instantly determine your monthly payments based on that rate. Instead of having to pay more per month, you’ll be able to estimate exactly what your payment will be and it won’t rise above the limit you’ve set for yourself. While daily fluctuations can be a drag, a mortgage lock takes the guesswork out of the day-to-day.
The Added Cost Of Security
It might seem like a rate lock is an option that everyone would utilize, given the stability, but lenders charge for this type of offer because of the risk factor. While lenders can certainly stand to gain if your rate lock is higher than the interest rates, in the event that they rise beyond this point, they will end up losing money. So, while a 30-day rate lock may not end up costing you, this type of lock stretched over a longer period may actually end up costing you more than fluctuating rates.
If you’re not familiar with the world of investing and interest rates, a mortgage rate lock can sound like a great idea; however, there are downsides to this offer and they’re worth considering before getting locked in. If you are currently on the hunt for a home, give me a call for more information – J.P. Cook – 602-320-4253.
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9147 N Kober Road
Paradise Valley, AZ 85253
$7,650,000
6
Beds
9
Baths
8,522
SqFt
Status
Active
MLS #
6758594
Property Type
Single Family Residence
Price Type
--
Welcome to this privately gated modern luxury estate, set on 1+ acres in the heart of Paradise Valley. Designed for the discerning buyer, this residence offers expansive ceilings & abundance of natural light throughout. Featuring a 30'+ pocket door for true indoor/outdoor living open to the huge covered patio. Wide open floor plan leads to a secluded primary retreat with a private office, steps from sparkling pool & spa. An entertainer's dream, the home boasts an impressive kitchen with a separate prep kitchen, plus an outdoor kitchen & bar for alfresco dining. Spacious ensuite guest bedrooms, large upstairs great room/game room area, a private theatre, a separate guesthouse with garage, pool house, workout room & multi-sport court offering tennis, pickleball & full court basketball.
6809 E Doubletree Ranch Road
Paradise Valley, AZ 85253
$7,645,000
6
Beds
6.5
Baths
7,424
SqFt
Status
Active
MLS #
6777658
Property Type
Single Family Residence
Price Type
--
Introducing a residence which combines the beauty of mediterranean design with the elegance of transitional styling. Total remodel just completed at huge expense featuring the finest finishes, fixtures and craftsmanship available. The home is accessed by a large inner courtyard and immense double front doors lead you into a home of immense quality. The dramatic juxtaposition of modern and traditional is evident with carved stone fireplaces and exposed beam ceilings sitting on new hardwood and tile floors. Featuring formal and casual spaces the heart of the home is a bright open plan living room, dining and stunning sleek gourmet kitchen. The exceptional primary bedroom boasts unique venetian plaster walls along dual bathrooms and closets. The main home includes 4 additional bedroom suites all with bathrooms and one currently used as an office. The rear yard offers outdoor cooking, dining and relaxing around the classic swimming pool and spa. The residence is complete with a spacious guest house beside the pool. Updated without compromise, this home delivers a luxurious lifestyle.
11155 E Honda Bow Road
Scottsdale, AZ 85262
$7,600,000
5
Beds
6.5
Baths
7,527
SqFt
Status
Active
MLS #
6779792
Property Type
Single Family Residence
Price Type
--
Experience unparalleled luxury with this extraordinary property—a masterpiece of worldly design and artistry. Nestled at the top of an elevated panoramic site in The Reserve at Apache Peak, this home is a true showpiece crafted by elite artisans, master craftsmen, and expert metal forgers. Sprawling over an expansive 7,500 square feet of living space every detail is a work of art, from the hand-carved wood, custom tile and stonework, and intricate mosaic art to forged metal accents, sparkling crystal chandeliers, and unique hand-painted murals. Stunning Venetian plaster walls, bespoke ceiling treatments with custom lighting, and whimsical touches create an elegant yet inviting Alcazar-inspired haven. Breathtaking vistas surround you from every corner of the property, while a thoughtful split floor plan offers privacy and comfort. The luxurious primary suite lies on one side, with two guest suites on the other, each designed with exceptional care. A separate guest house includes two additional ensuite bedrooms, a cozy den, a well-appointed kitchen, and a private patio, accessible by elevator from the garage or via a garden path. For leisure and entertainment, indulge in the billiards room with a wet bar or unwind by the tranquil fountain in the gated courtyard. A grand theater, complete with velvet curtains, surround sound, and oversized seating for eight, brings cinematic experiences to life. An elegant office nearby provides a quiet space for business needs. The formal living and dining areas invite relaxation with breathtaking views, a sunken wet bar, and a hand-carved Cantera stone fireplace. Step outside to the expansive patio, where you can enjoy alfresco dining, a heated pool, spa, and a soothing rock water feature. As evening falls, a softly illuminated desert path guides you to a secluded vantage point perfect for stargazing over the mountains and city lights as well as an in-ground fire feature with ample seating. Exclusive membership is available to the Desert Mountain Club and enhances the allure of this one-of-a-kind residence. Discover the ultimate blend of artistry, comfort, and mesmerizing scenery in a home that truly has it all.
7678 E Whisper Rock Trail
Scottsdale, AZ 85266
$7,595,000
4
Beds
4.5
Baths
6,094
SqFt
Status
Active
MLS #
6781913
Property Type
Single Family Residence
Price Type
--
Newly completed custom home sited on over 1.5 acres in Whisper Rock Estates * Exquisite execution by the dream team of Salcito Custom Homes and PHX Architecture * Mediterranean modern design with 4 bedrooms, 4.5 bathrooms, office, exercise room and a 4-car garage * This single-level home offers an open, great room floor plan with seamless indoor/outdoor living connected by a vanishing wall of glass * Enjoy panoramic views of Black Mountain from the heated outdoor living room * Finish details include wood plank flooring, marble and quartzite counter surfaces, custom cabinetry, custom wine wall, 5 fireplaces and custom lighting and plumbing fixtures * The outdoor living area includes a heated pool and spa, fire pit, covered living room with fireplace and built-in heaters, and an outdoor kitchen with a built-in barbecue and pizza oven * A gated, paver driveway and motor court completes the residence *
19920 W Verde Hills Drive
Wickenburg, AZ 85390
$7,500,000
3
Beds
3.5
Baths
5,339
SqFt
Status
Active
MLS #
6527404
Property Type
Single Family Residence
Price Type
--
Wickenburg's Premier Equestrian Estate on over 100 Acres of lush high Sonoran Desert with Views in all directions. A magnificent custom designed (by Bill Otwell) and built (by Joe Culhane) Main Residence w/Five Patio's and Extensive Landscaping including s custom built Rock Driveway. Custom designed & built detached Garage w/RV Bay. Guest Home, Horse Facilities.
15 Biltmore Estates Drive
Phoenix, AZ 85016
$7,500,000
7
Beds
10
Baths
13,366
SqFt
Status
Active
MLS #
6636402
Property Type
Single Family Residence
Price Type
--
This world-class 1-Owner residence at the Arizona Biltmore Estates was designed by Vernon Swaback, Architect/apprentice to Frank Lloyd Wright and is located on a 1.67 AC view lot on the Estates Course/formerly Adobe. The majestic and timeless home on its resort-like grounds features an extraordinary 2,100+ SF Great Room, recessed wet bar, Kitchen created for event catering, custom limestone columns and surfaces, copper details throughout, 2-powder rooms, Brazilian hand-scraped cherry floors, exceptional millwork, an outstanding Master Suite & spa room, wonderful study, workout room, tv/game. Meticulously built of metal stud walls, steel, topped with a distinctive copper roof and includes a live-in/nanny wing. Main house / 12,503 SF, Guest house / 863 SF or Total living area of 13,366 SF.
5915 E Arcadia Lane
Phoenix, AZ 85018
$7,500,000
6
Beds
7.5
Baths
8,005
SqFt
Status
Active
MLS #
6747724
Property Type
Single Family Residence
Price Type
--
Stunning 2-level Arcadia estate with Camelback Mountain views located on a quiet street in the Hopi district. Mature landscaping and gorgeous grounds encase this timelessly designed home, perfect for your family. Chef's kitchen includes custom cabinets, high-end stainless steel appliances, butler's pantry, wine room, and large butcher's block kitchen island with open family room, breakfast seating, and additional formal dining room and great room with fireplace. Owner's suite located on main level features seating area, fireplace, private entry to the backyard, dual vanities, freestanding bathtub, oversized shower, and 2 walk-in closets. Second level includes 2 en-suite bedrooms and private lounge. Home features separate guest house and detached media room with full pool bath. Backyard showcases pool and spa, covered patio, large built-in BBQ area with pizza oven and wood burning fireplace, and large grass areas - perfect for entertaining. Enjoy Arcadia and Scottsdale's top resorts, golf, dining, and restaurants just minutes from your new home.
341 E Monte Vista Road
Phoenix, AZ 85004
$7,500,000
6
Beds
10
Baths
8,225
SqFt
Status
Active
MLS #
6766942
Property Type
Single Family Residence
Price Type
--
This unique Estate is one of a kind— showcasing a 100% retrofit and new build with the efficiency, technology and security of a modern 2022 Estate along with the elegance and prestige of a classically charming historic registered 1920's home. With more than 7000 sq feet of finished decks it's a perfect venue for upscale gatherings, grand events and raising your family. Upon entering through a stunning oversized glass pivot door, you're greeted by a chic glass floor walkway above with state-of-the-art custom accent lighting that leads you through expansive living areas. The heart of the home is a chef's kitchen designed for the most discerning culinary enthusiasts, featuring custom Heston refrigerators, a 17-element stove, and a custom wine refrigerator. The adjacent living room equipped with floor to ceiling folding glass doors provides an indoor/outdoor experience that captivates the modern yet timeless elegance of this magnificent estate. The wine bar, cigar/china room and sleek elevator add a touch of new age convenience to the home's historic character. Hand selected imported Burmese wood floors lead you to the dining area adorned with crystal chandeliers, all equipped with lift systems for easy cleaning. Guests may enter through the historic entrance greeting them an impressive backlit opal floor and custom spiral glass staircase. For relaxation, retreat to the master suite, complete with a hot tub on the private patio, a mini kitchen, and a wine room. Each bedroom features its own ensuite bathroom and independent AC zone. The property is also equipped with smart home technology throughout, making it easy to set the perfect ambiance for any event. Outside, the Malibu-style backyard features a vast pool with a swim-up bar, custom waterfall and tanning bubbler platform, white sand lounge areas, and an outdoor kitchen equipped for any occasion. Pool also features a spa and a cold plunge. A spa building with a steam shower, sauna, and locker room complements the lifestyle, while a gym with sliding glass doors offers an indoor-outdoor fitness experience. The guest house provides privacy for visitors, with a fully equipped kitchen, custom tile flooring, and sliding glass doors. Every inch of this home has been redesigned with both luxury and functionality in mind, from the hidden TV in the living room to the automatic wine bar and custom-built closets. With its 800-panel APS installation, all-new commercial-grade utilities, and smart home systems, this estate blends historic appeal with cutting-edge functionality. Advanced soundproofing insulation ensures serenity throughout. Reimagined for modern living, this distinguished estate is a work of art honoring the history of Phoenix, while offering the perfect balance of elegance, technology and comfort.
5942 E Sage Drive
Paradise Valley, AZ 85253
$7,500,000
5
Beds
5.5
Baths
5,505
SqFt
Status
Active
MLS #
6764248
Property Type
Single Family Residence
Price Type
--
The perfect lock and leave. Nestled into the shaded rocks of Camelback Mountain, elevated just above Cameldale in the most valuable land pocket in Paradise Valley lies this one of a kind European Organic. Rich featuring French limestone, marble counters, pearl finish venetian plaster walls, Waterworks burnished nickel soaking tub and natural European oak floors. Timeless elegance combines with all of the most desirable modern elements. 20 speaker sonos sound system, heated pool, dual walk in shower, Wolf appliances, 2 refrigerators, 2 dishwashers, flush inset cabinetry and custom built in wine cabinet. Take in the vast city views through your retractable steel glass windows and enjoy cozy conversation inside or out in front of indulgent chunky stone fireplaces. Curated calm & tranquility.
42820 N Fleming Springs Road
Cave Creek, AZ 85331
$7,500,000
6
Beds
7
Baths
10,159
SqFt
Status
Active
MLS #
6771775
Property Type
Single Family Residence
Price Type
--
Magnificent private 54 acre retreat surrounded by thousands of dazzling saguaros. This iconic European Masterpiece sports top of the mountain breathtaking views provides peace & tranquility. Orchards, florals cascade off stone pillars with verdigris lanterns & exquisite stone detail mixed with timeless architecture nestled among beautiful grounds, resort style diving pool, water fall and slide. Once inside be charmed by the 100 year old barn wood floors, curvilinear walls encased in glass, an Italian inspired kitchen w/everything needed to entertain mightily... Multiple dining areas offer numerous options to all in residence. Generous master suite with private balcony, guest wing has 3 ensuites plus well-appointed main floor study. Take the elevator to lower lever which showcases multiple rooms plus game room, wine cellar, private theater and fitness studio. The paved nature trail is perfect for meditation and inspiration. Unique potential w/access to two 10 acre parcels. Fully fenced backyard with romantic stone walkways that meander throughout the property. This home is being sold with lot parcel 202-18-013-C and lot parcel 202-18-013-D included in the purchase price.
6040 E Lafayette Boulevard
Scottsdale, AZ 85251
$7,500,000
5
Beds
5.5
Baths
5,949
SqFt
Status
Active
MLS #
6778082
Property Type
Single Family Residence
Price Type
--
Custom Arcadia Proper new build sitting on a north facing corner lot with stunning Camelback mountain views. No expense was spared on this high end, fully furnished estate designed by Evon Fig Interiors. A Fig House Project Built to perfection with rich colors, earthy marbles, Roman clay walls, Waterstone plumbing, Kelly Wearstler wallpaper, and elusive finishes not even found in 20 million-dollar homes. Greeted with high ceilings, French oak flooring, and large windows and sliding doors to provide natural lighting in the formal dining, great room with gas fireplace, and kitchen. Wolf and Sub-Zero appliances included in the chef's kitchen with Calacatta marble, rift sewn oak cabinets, Shaw sinks and catering kitchen/pantry with beverage drawers, built-in coffee maker, microwave, and dishwasher. Primary suite includes custom marble fireplace mantle, dual closets, sinks, and enclosed toilets, concrete tub, and oversized walk-in shower. Entertain family and friends in the backyard's pool and spa with attached pool bungalow, built-in BBQ station, and private mountain views and artificial turf. Additional home features include Control4 Smart Home to control lighting, pool, and landscaping, dog run and doggy door, 3-car garage with EV charger, office/den, and 4 additional ensuite bedrooms with walk-in closets. Walk or bike on the canal or drive minutes to reach Phoenix's top resorts, golf, hiking, dining, and shopping.
4723 E Mariposa Street
Phoenix, AZ 85018
$7,500,000
5
Beds
6.5
Baths
6,700
SqFt
Status
Active
MLS #
6752496
Property Type
Single Family Residence
Price Type
--
MOVE IN READY...Discover Arcadia, where Vista General has crafted another gated masterpiece, designed by Matt Thomas Architecture, with interiors by NoMad Design and landscaping by Berghoff Design Group. This modern ranch home epitomizes luxury living, showcasing the stunning beauty of Camelback Mountain from its serene cul-de-sac location. Walls of glass, meticulous finishes, and lush grounds create an inviting atmosphere for you and your family. With 5 en-suite bedrooms, 6.5 baths, an office, game room, kids hangout, and bonus room, there's space for every lifestyle. Whether you're relaxingin the private heated pool/spa, BBQ and indoor/outdoor bar or entertaining guests, this brand new construction offers the ideal retreat in Arcadia. Do not miss out on this opportunity!