The Pros and Cons of Mortgage Rate Locks

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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6836 N 13th Place Phoenix, AZ 85014

$1,694,500

4 Beds

4.5 Baths

3,195 SqFt

Status Active

MLS # 6745366

Property Type Single Family Residence

Price Type --

Opportunity is knocking. *TO BE BUILT Discover the endless possibilities of crafting your dream home in one of Phoenix's most coveted neighborhoods! Located in the prestigious Madison School District, known for its A+ rating, this rare custom build opportunity allows you to design a residence that perfectly reflects your style and aspirations. Imagine creating your own oasis, tailored to your every wish, right in the lively heart of Uptown Phoenix. Whether your vision is a sleek, modern architectural gem or a timeless, classic farmhouse, this prime location serves as the ideal backdrop to bring your dreams to life. Enjoy the convenience of trendy cafes, gourmet dining, and vibrant nightlife, all just steps from your future doorstep. Please note: Photos are of previous builds.

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41893 N Bonanza Lane San Tan Valley, AZ 85140

$1,690,000

3 Beds

2 Baths

2,230 SqFt

Status Active Under Contract

MLS # 6747014

Property Type Single Family Residence

Price Type --

Discover the ultimate rural retreat on this nearly 5-acre horse property in the Queen Creek Ranchos neighborhood! The main house features 3 bedrooms, 2 bathrooms across 1,780 square feet with a stylish kitchen that includes beautiful granite countertops. A 450 sq. ft. casita offers additional accommodations with 1 bedroom, kitchenette, full bathroom and laundry room. In 2023, a new outdoor space was added with a brand new heated pool and spa surrounded by travertine, a built-in grill under a pergola, and a wood-burning fire pit. The property offers extensive equestrian facilities, including a 13-stall barn, a large riding arena, and a metal hay shed. The property also boasts an equine therapy pool, ideal for horse enthusiasts, along with a 1,080 sq. ft. workshop for versatile use.

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7250 E Paradise Drive Scottsdale, AZ 85260

$1,690,000

5 Beds

3 Baths

3,650 SqFt

Status Active

MLS # 6708996

Property Type Single Family Residence

Price Type --

Welcome to the Cactus Corridor. Single level home, Situated on 1/2 acre lot, 3 car garage, & sparkling play pool, mature landscaping & fruit trees. NO HOA. This home features 5 spacious bedrooms PLUS a dedicated office, perfect for remote work. You're greeted by soaring high ceilings and windows that create an open feel. Multiple living spaces are the ideal setting for family gatherings and entertaining guests. Formal dining. Bright and open kitchen with white cabinets, kitchen island, & granite countertops, Oversized garage provides plenty of room for your vehicles and additional storage. Living room with real fireplace. Oversized primary bedroom with French doors to the backyard. Separate soaking tub and walk in shower, dual sinks and large walk-in closet. For those who love to travel, Scottsdale Airport is just a short drive away, making your getaways and business trips incredibly convenient. Shopping enthusiasts will appreciate the close proximity to Kierland Commons and Scottsdale Quarter, where you can indulge in a variety of dining, shopping, and entertainment options. Don't miss out on the opportunity to own this exceptional Scottsdale property, where luxury meets convenience. Experience all that this magnificent home has to offer!

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35267 N 98th Street Scottsdale, AZ 85262

$1,690,000

3 Beds

3.5 Baths

3,517 SqFt

Status Active Under Contract

MLS # 6731879

Property Type Single Family Residence

Price Type --

Surrounded by the beauty of the Sonoran Desert, in the community of Legend Trail, this home is a true masterpiece, combining perfect size, style, and low maintenance for year-round enjoyment. This extraordinary single-level custom home is positioned on a generous corner lot and offers stunning mountain views and natural desert surroundings. Immaculate pride of ownership radiates through every detail of this residence, with over $175,000 in meticulous updates that elevate its luxurious charm. As you step through the custom iron front door, the grandeur of the home unfolds. The great room seamlessly connects to the gourmet kitchen, creating an inviting space for entertaining. Revel in the warmth of a stone fireplace and accent wall in the great room. The culinary gem of a kitchen boasts high-end GE Monogram appliances, granite countertops, a walk-in pantry, and a spacious island with a prep sink. Recent upgrades, including a new range hood vent and island cabinet doors, showcasing a commitment to modernity and functionality. The floor plan is thoughtfully designed, creating an inviting and practical space for both everyday living and special occasions. The primary suite is a haven of tranquility, with ample natural light, a tray ceiling, and a recently updated ensuite bath featuring double vanities, a soaking tub, and separate shower. The custom-built master closet is illuminated by new lighting, and built-ins provide additional storage solutions. Step into the enchanting backyard oasis, where a sprawling covered patio overlooks a heated pool and spa, a built-in BBQ, and a captivating fire pit. Recent landscaping enhancements, including additional trees and strategically placed gravel with drainage systems, elevate the outdoor experience. Legend Trail is a unique, well established, master-planned community in North Scottsdale, home to world famous resorts and upscale shopping, dining and entertainment experiences. Residents of Legend Trail enjoy resort-style amenities, fitness facilities and classes, golf, tennis and pickleball courts and direct access trails to scenic McDowell Sonoran Preserve.

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2912 S 198th Lane Buckeye, AZ 85326

$1,688,000

4 Beds

4 Baths

5,477 SqFt

Status Active

MLS # 6776797

Property Type Single Family Residence

Price Type --

ELEGANT 5477 SF LIVABLE-8596 SF UNDER ROOF CUSTOM HOME ON 3+ IRRIGATED ACRES WITH SEPERATE LIVING QUARTERS. HUGE SHOP AND COVERED CARPORT GOURMET KITCHEN WITH 48'' WOLF STOVE 4 OVENS AND HUGE BUTLER PANTRY, 4 BEDROOM, 5 CAR/RV GARAGE, CENTER COURTYARD WITH 2X6 EXTERIOR WALLS, NEW DUAL PANE BRONZE INSULATED-LOW E WINDOWS, SOLID WOOD DOORS-KNOTTY ALDER, TYPHOON GOLD GRANITE IN MASTER BATH, FOUR PROPANE FIREPLACES, WOOD SHUTTERS 16' CELILINGS AND TO MUCH MORE TO LIST

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1250 E Smokehouse Trail Phoenix, AZ 85085

$1,680,000

4 Beds

4.5 Baths

4,124 SqFt

Status Active

MLS # 6719513

Property Type Single Family Residence

Price Type --

The Sedona, a contemporary open-concept design, soon to be constructed as full spec home. This luxury home features an island kitchen and top-tier Wolfe and Subzero appliances as an option, perfect for culinary enthusiasts. The property includes a paver driveway, oversized three-car tandem garage, and a 49' RV garage, ideal for car collectors and RV enthusiasts. The layout includes 4 bedrooms plus an office, 4.5 bathrooms, grand guest suite with its own living area, and a luxurious owner's suite with a freestanding tub, walk-through double shower, and oversized walk-in closet. Details include 90/10 smooth contemporary wall finishes, 8' doors, & 12 ft. ceiling. 2x6 frame exterior, fully sheathed walls, spray foam insulation and post tension slab foundation. Photos & options are from model.

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6711 E Camelback Road Unit 45 Scottsdale, AZ 85251

$1,680,000

3 Beds

2.5 Baths

2,136 SqFt

Status Active

MLS # 6777548

Property Type Townhouse

Price Type --

Gorgeous immaculate with designer touches throughout! FABULOUS LOCATION in 7/24 gated famous Pavoreal community - across the street from Fashion Square Mall and moments away from all that Downtown Scottsdale has to offer! Move-in and feel like you are on vacation every day. Feel the luxury with over $500,000 of beautiful designer upgrades which include gourmet kitchen, lush master, split floorplan with second master and separate office/bedroom with 1/2 bath. Full 2 car garage with perfect build-in storage with access to wonderful back patio on North side. On private cul-du-sac within steps from resort like community pool, spa and work out facility. Live moments from the finest restaurants, cafes and downtown Scottsdale shopping and still be close to Phoenix Sky Harbor Airport.

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5250 E Deer Valley Drive Unit 158 Phoenix, AZ 85054

$1,679,000

3 Beds

3 Baths

2,319 SqFt

Status Active

MLS # 6759771

Property Type Apartment

Price Type --

Seller financing available. Luxurious fully furnished condo with over $250,000 in upgrades that is move in ready. Great room and gourmet kitchen are ready for entertaining with high-end appliances. Upgraded amenities include a Sub-Zero fridge & dishwasher w/ panel fronts, bar area & 2 beverage refrigerators. Primary bedroom has slider out to deck & chandelier is a white house replica. Each bedroom has a bathroom, private patio off 2nd bdrm. Remote controlled silhouette blinds throughout. Enjoy the wrap around patio with built in BBQ. Two parking spots & storage unit in secure garage. Upscale amenities including a beautiful clubhouse with chef's kitchen, theatre room, an Olympic length pool, large fitness, infrared sauna and fire pits. Across the street from restaurants & shopping.

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6429 Country Road Woodruff, AZ 85942

$1,675,000

2 Beds

1.5 Baths

1,500 SqFt

Status Active

MLS # 6765620

Property Type Single Family Residence

Price Type --

This is a once in a lifetime opportunity to own a working alfalfa farm in rural Arizona! Six neighboring parcels convey with this sale. All parcels combined total 58.06-acres. Every acre comes with Arizona's oldest irrigation rights! Woodruff Irrigation District provides irrigation water. Approximately 54 acres are planted in alfalfa grass. Owners also currently lease and farm a neighboring 60-acre parcel. It is planted in a 4-way grass blend. Buyer to confirm if lease will convey. There is a newly constructed barn with attached home and 2 unfinished apartments, built in 2022 with mason block construction. Home is very comfortable with all the amenities and very quiet, well insulated walls throughout. Above the home, are 2 unfinished 750 sq ft studio apartments. These apartments would be perfect for farm worker's quarters or short and long term rentals. Each apartment is framed and has plumbing roughed in. The barn is 4500 sq ft and provides indoor storage for all the bales of hay that will be harvested! With the right offer, large farm equipment (including tractors and attachments) will convey. Private well is on the property but not currently in working order. Metered water to home is provided by Woodruff Domestic Water Improvement District. Additional parcel numbers to convey with this listing are as follows: 110-11-065P (6.09 acres) 110-11-065R (2.69 acres) 110-11-082 (32.52 acres) 110-11-079C (6.67 acres) 110-11-079D (1.70 acres) 110-11-076A (1 acre. Owners are currently in escrow to purchase this parcel.) Don't miss out on this beautiful turn-key farm in the beautiful green valley of Woodruff, Az. Woodruff is located only 13 miles from Holbrook, Az and Interstate 40 to the north and only 25 miles to Snowflake, Az and surrounding White Mountains to the south. Paved roads all the way there! Make your farming dreams come true, bring your family, and enjoy a new, slower way of life. Enjoy the 4 mild seasons and breathtaking sunsets rural Arizona has to offer!

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5528 E Windstone Trail Cave Creek, AZ 85331

$1,675,000

4 Beds

3.5 Baths

4,761 SqFt

Status Active

MLS # 6732339

Property Type Single Family Residence

Price Type --

Gorgeous home built by Toll Brothers on a great oversized interior lot in a gated community! Enjoy entertaining family & friends in the amazing kitchen featuring custom cabinets w/hardware, stainless appliances, gas cooktop, built-in refrigerator, island for meal prep or entertaining, butlers pantry, window at kitchen sink, pendant lighting. Formal living has a beautiful stone fireplace! Spacious dining & family rooms have Cantera stone accents! Wood plank tile, custom shutters, window treatments & lighting! Master has large soaking tub w/tile surround, large tiled walk-in shower, beautiful granite counters & built in vanity area for makeup, walk-in closet, & view deck to enjoy! Spacious secondary bedrooms & baths! All bedrooms are upstairs. Large loft great for watching movies! Outback 2 patios w/travertine pavers, grass for kids or pets to play, a large pool to enjoy with travertine pavers around, built in covered pergola with firepit and custom BBQ island. Brick Paver front driveway with split 3 car garage and beautiful curb appeal. This home has quality features and shows pride of ownership! This location borders North Scottsdale and you will love this community and the lifestyle it offers!

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6839 W Pershing Avenue Peoria, AZ 85381

$1,675,000

5 Beds

4.5 Baths

5,859 SqFt

Status Active

MLS # 6782298

Property Type Single Family Residence

Price Type --

Welcome to this stunning sprawling tree lined ranch-style custom estate in Thunderbird Acres! This 5859 sf estate includes 4 bed/3.5 bath in the main home (4934sf), plus an additional bedroom/living area w/ bath & laundry in the detached guest house (925sf), which is currently serving as a theater room/game room/bar. You'll enjoy ample area for your hobbies or extra office in the additional detached air conditioned 10'x18' bungalow, right next to the raised garden beds. The front & backyards feature beautiful mature Ash trees and gorgeous manicured grass, made possible by both SRP flood irrigation & sprinklers. Travertine pavers surround the 12' diving pool & lead to the stately pool cabana, complete with television that rises out of the cabinetry at the push of a button. MORE... When you eventually desire to rest from all the outdoor activities, enjoy the spacious interior of the recently updated home. The central focus of the chef's kitchen is a 8'x6' island with its striking 4 quartzite slab. Guests and family members can enjoy the island seating area, or help cook on the high performance appliances, all with a view of the delightful pool and backyard. Two master suites, one on each wing of the home, allow easy multigenerational living, or make hosting out-of-town guests especially convenient. Two large living areas, plus a sitting room, allow everyone to comfortably enjoy their own activities. The 3 full interior baths feature walk-in showers and lovely tile work. Homes hardly ever become available on this tree-lined street, and ones with this many unique amenities are exceptionally rare. Make your country living dreams come true!

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4530 E Yucca Street Phoenix, AZ 85028

$1,675,000

4 Beds

3 Baths

3,297 SqFt

Status Active

MLS # 6775189

Property Type Single Family Residence

Price Type --

Pristine and private describes this beautifully remodeled home in the perfect central location. 3,297 sf! Over 1/3 acre lot! The gated front courtyard invites you in with lush landscaping, lighting and pavers great for entertaining. Custom double entry doors open to dramatic vaulted ceilings, and two large living spaces. Living/dining with Tray ceiling and family room/wet bar with gas fireplace. Chef's kitchen boasts stainless steel appliances, custom cabinetry, dual ovens, gas range, granite countertops and more! Oversized primary bed/spa bath with amazing walk-in closet, gas fireplace and jetted tub. 4th bedroom detached. Private resort backyard is marvelous with its expansive covered patio, spa, gazebo, gas fireplace, play pool, outdoor shower, built-in kitchen and fountain. NO HOA! Two attached oversized thermostat-controlled 2 car garages (dream workshop?) Cedar closet/air conditioned pantry in garage. Low-E windows throughout. Covered/gated RV/Boat/Camper pad. Literally walk to shopping (Trader Joes), dining, Cholla Park and all the Tatum/Shea amenities. 15 min to Sky Harbor/Scottsdale Executive airports. Excellent Scottsdale School District and Private Schools nearby. Close to new PV mall and 51 frwy. This home is an entertainer's delight! Perfect for 2nd home or permanent residence! Truly resort living! A must see!

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