The Pros and Cons of Mortgage Rate Locks

The Pros and Cons of Mortgage Rate LocksIf 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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10220 N 175th Avenue Waddell, AZ 85355

$1,459,000
5 Beds
6 Baths
4,053 SqFt
Status Active
MLS # 6755960
Property Type Single Family Residence
Price Type --
Welcome to you new home in Waddell! This unique horse property with a rare opportunity for income producing potential is nestled in a serene location, offering many amenities for both horse enthusiasts and those seeking a tranquil retreat! Wrangle into your equestrian haven on a nearly 2 sprawling acres with an''A'' frame main house, modern guest house, charming casita, yoga studio, horse stables w/arena, and a myriad of mature citrus and shade bearing trees! The 2,008 sq ft main house holds loads of character and features a high vaulted ceiling in the family room, formal dining, durable tile flooring, 3 carpeted bedrooms, 2 bathrooms, neutral paint throughout, a galley kitchen fully equipped w/SS appliances, and large bonus room which can be your home office or covert into a bdrm. Main house with front, sideyard, and backyard patios offer plenty of room for entertaining! Storage galore with separate tool and tack sheds! Important extras include flood irrigation, tankless water heater, and bidet! The newly built 1,050 sq ft guest house boasts contemporary flair throughout with 10 ft ceilings, wood-look floors, a fully equipped kitchen including large walk-in pantry and breakfast bar, great room, a sizable bedroom with double doors, 1.5 bathrooms, laundry room, convenient front/side/back entries and wifi! The 125 sq ft casita with bathroom and wrap-around deck offers endless possibilities as extra space for guests, an art & crafts studio, detached office, reading room, or just your own private space! In the detached 870 sq ft yoga/fitness studio, you'll find an ample carpeted area for multiple purposes with 1/2 bathroom, & an adjacent foyer. The impressive horse boarding facility produces an approximate monthly revenue of $10k from 13 stalls and includes a lighted riding arena, tack rooms with electricity, and wash station. A must-see property with ample parking and NO HOA! Bring your best offer today!

8733 E Russell Street Mesa, AZ 85207

$1,455,000
5 Beds
4.5 Baths
4,325 SqFt
Status Active
MLS # 6763387
Property Type Single Family Residence
Price Type --
Desert Upland living at it's finest, with unparalleled city light and mountain views from all windows and wrap around balconies! With No HOA, this beautiful home sits on 1.2 acres and is only minutes from Saguaro Lake and Usery Mountain Regional Park. This home features 5 bedrooms ( 2 master retreats for multigenerational living...one upstairs and one downstairs), 4.5 bath, great room floorplan and 4 car garage (extended and over-height). High end finishes include extensive travertine flooring, travertine bathroom vanities and surrounds, marble tile jacuzzi tubs in both master bedrooms, cherry 42 inch staggered cabinetry with crown molding in kitchen, new Revati undermount, stainless steel workstation sink, new roof coating, new ac on east side, new Mohawk Smart Strand Carpet, new smart garage door openers, new 50 gal energy star water heaters, freshly painted exterior, Vivint smart home, gourmet kitchen with double ovens and built in refrigerator, mahogany floors in downstairs master bedroom, double sided fireplace in master bedroom, fireplace in great room and more! The wrap around balcony allows for a jacuzzi with access to electrical and water already in place. The lot also accommodates horses and RV parking. Close to hiking, restaurants, 25 min to Sky Harbor Int'l Airport and downtown Scottsdale you won't want to miss out on this amazing home!

43720 N Acadia Way New River, AZ 85087

$1,453,900
4 Beds
3.5 Baths
3,036 SqFt
Status Active
MLS # 6758276
Property Type Single Family Residence
Price Type --
Former gorgeous model home! Welcome to The Orion Monterey Model Home - a single-story gem offering 3,036 sq ft of luxury. This 4-bed, 3.5-bath home features a 20 ft multi-slide door and 12 ft glass wall in the Great Room, blending indoor and outdoor spaces. Enjoy mountain views from the extended covered patio. Highlights include an oversized kitchen island, a luxurious master suite with an oversized shower, a versatile den, and a multi-generational suite with its own amenities. Additional features: a 50 x 16 RV garage with workshop, a Ramada with an outdoor kitchen, a beautifully landscaped backyard, and practical touches like a pet shower and bench with lockers. For more information or to schedule a private tour, please contact us. Discover the perfect blend of elegance and practicality.

6828 N 177th Place Waddell, AZ 85355

$1,450,000
5 Beds
3.5 Baths
3,300 SqFt
Status Active
MLS # 6744338
Property Type Single Family Residence
Price Type --
This brand new beautiful home is nestled on a private street surrounded by other brand new beautiful homes. No HOA. The 1 acre lot provides ample space to build out your backyard how you have always dreamed. The detached Garage provides plenty of space for all your toys, cars, RVs, boats, etc. You do not want to miss this one!

3800 W Coyote Drive Lakeside, AZ 85929

$1,450,000
3 Beds
3 Baths
2,282 SqFt
Status Active
MLS # 6654248
Property Type Single Family Residence
Price Type --
Seller is licensed to sell Real Estate in the State of Arizona. Buyer to verify all material facts. Discover your dream escape in this White Mountain Log Cabin nestled on 5.8 acres of pure serenity. Fully fenced, the property boasts two spacious 3-car garages—one finished with a workshop and a 475 sq. ft. upstairs office. Revel in the comforts of AC/ETS, skylights, and exposed beams. An electric private gate and security system ensure your peace of mind. Tall pines, mature oaks, junipers, and native vegetation surround, creating a picturesque landscape. Enjoy the covered screened porch with lighting and fans, a large open Trex deck, and outdoor grill & entertainment areas. The metal roof, stone stem wall, and engineered drainage add durability. The property features a large established fenced garden with a drip system, offering a green oasis. Inside, find hand-crafted cherry wood cabinets, exposed granite countertops, a hammered copper sink, and quality stainless steel appliances. The vaulted T&G ceiling, custom tile work, half-log steps, and new Anderson Walnut Metal Clad Wood Windows showcase meticulous craftsmanship. Experience the luxury of a Wolf Dual-Fuel Gas Range & Hood, a private well with a water softener, and numerous custom touches throughout. This haven is close to Forest Service Land, Show Low Creek & Show Low Lake, a trail system for hiking, biking, or horseback riding, and Sunrise Ski Resort. Secluded and unique, this property offers your own piece of White Mountain Heavenan unparalleled retreat for those seeking a one-of-a-kind lifestyle. All most all furnishings will convey with full price offer.

11420 N Kiowa Circle Fountain Hills, AZ 85268

$1,450,000
4 Beds
3 Baths
3,500 SqFt
Status Active
MLS # 6773288
Property Type Single Family Residence
Price Type --
Quintessentially Fountain Hills, this rare single level home is tucked on a quiet cul-de-sac in one of the most desirable areas of town. Enjoy unrivaled views of Red Mountain, The McDowells, and Four Peaks from nearly every room. Presented to the market for the very first time, pride of ownership is obvious from the moment you arrive. Once inside, instantly notice soaring ceilings and walls of glass that frame the formal living and dining rooms. Take a few steps further and the kitchen and family room will take your breath away with its incredible views and bright and light feel. The kitchen is well thought out with stainless steel appliances, granite countertops, and a kitchen island that will make any chore a delight. Compelling rejuvenation, the oversized master retreat features more framed views of Red Mountain and Four Peaks along with an updated bathroom with dual sinks, corner Jacuzzi Tub, travertine snail shower with built-in bench, private water closet, and custom walk-in closet. Treat guests royally with a second junior suite tucked away on its own with a full en-suite and full bathroom. Two additional bedrooms, and full bath make this split floor-plan combine both functionality and convenience. Step outside to your private Sonoran Sanctuary with multiple covered patios, an open air deck that wraps the entire length of the home, and a tiered pool featuring ultimate privacy and a resort feel with its own custom rock water feature. Hidden features of this home include an air-conditioned workshop off the garage, massive laundry with tons of storage smartly placed between the bedrooms, central vac, wired security system, and much much more! Select furnishings available via separate bill of sale.

8294 E Buteo Drive Scottsdale, AZ 85255

$1,450,000
3 Beds
2.5 Baths
2,704 SqFt
Status Active Under Contract
MLS # 6773104
Property Type Single Family Residence
Price Type --
North Scottsdale GRAYHAWK Guard Gated luxury living in this STUNNINGLY REMODELED 3BR, 2.5BA PRIVATE cul-de-sac Retreat! Live the Arizona Dream, savoring this 2704 SF of elegantly reimagined space on a Large MOUNTAIN VIEW lot! This reinvented private semi-custom offers a rare 3CG + host of REMODELED AMENITIES all elevating its appeal. From the moment you step inside, the pride of ownership shines through. The grand foyer welcomes you with high ceilings, decorative light fixtures, and fresh interior paint throughout. The bright living and dining areas boast large windows that flood the space w/ natural light, complemented by stunning real wood flooring. The gourmet kitchen is a true centerpiece, featuring all-new appliances, a custom kitchen island, bar, and striking...CLICK ''MORE''.. ...real QUARTZITE stone countertops. The Gourmet kitchen also offers wood cabinetry, a gas cooktop, wall ovens, and a breakfast nook, making it a dream for culinary enthusiasts. Additional upgrades include new lighting, ceiling fans, and a convenient hot water dispenser. Relax in the bright and spacious family room, complete with new custom windows, a beautifully updated fireplace surround, and an electric fireplace for added ambiance. The oversized main suite is a serene retreat, with patio access, a cozy seating area, and a fully remodeled ensuite. The primary bath features dual vanities, quartzite countertops, and a custom walk-in closet. Outdoor living is just as impressive, with a covered patio, built-in BBQ, new outdoor gas fireplace, and a Jacuzzi hot tub. The professionally redesigned backyard also includes a new fountain, all-new landscaping with updated irrigation and lighting, and a new outdoor gate and courtyard fencing for added privacy. Please note: The chandelier in the Dining Room does not convey. **UPGRADES & UPDATES TO HOME AT A GLANCE:** - All new appliances - Custom kitchen island and bar with quartzite countertops - Master and guest bathroom remodel - Custom security doors (three) - New bedroom and kitchen windows - Custom fireplace surround with electric fireplace - New faucets and kitchen hot water dispenser - New blinds and all-new lighting and fans - Tankless hot water heater - New door hardware throughout - New outdoor gate and courtyard fencing - All-new landscaping, irrigation, and lighting - Jacuzzi hot tub, outdoor fountain, and gas fireplace - Insulated new garage doors - Custom master closet This Grayhawk gem is ready to welcome you home with its combination of timeless elegance and modern upgrades. NEAR ARTISAN RESTAURANTS, DINING, SHOPPING, WORLD CLASS GOLF, SPAS, HIKING AND MORE....Don't miss the chance to make it yours! Call for your Tour today!

5659 W Chaparal Lane Pine, AZ 85544

$1,450,000
9 Beds
8 Baths
8,500 SqFt
Status Active
MLS # 6742110
Property Type Single Family Residence
Price Type --
Discover an extraordinary lodge retreat in picturesque Pine, AZ, offering a unique opportunity to own a sprawling estate that includes two stunning homes and a cozy guest quarters, totalling 8,500 sq. ft. all set on 0.72 acres with breathtaking mountain views. Main Home: This expansive residence boasts 5 bedrooms and 4 bathrooms across. The versatile layout includes a welcoming living room, a spacious family room, and a large recreation room. The chef's kitchen is equipped with elegant granite countertops, an island, a pantry, an electric cooktop, and a double oven. Enjoy casual meals in the kitchen dining area or host formal dinners in the dining hall, which accommodates up to 16 guests. The upstairs master suite is a private sanctuary featuring a walk-in shower, double sinks, and a massage table room. An additional bedroom and guest bathroom complete the upper level. On the main floor, you'll find another master bedroom, two guest bedrooms, and an additional guest bathroom. Outside, a covered deck, patio area, astro turf lawn for games, and a large deck with a built-in fireplace offer ample space for relaxation and entertainment. Second Home: This charming residence includes 3 bedrooms, each with its own ensuite bathroom, along with a large laundry room and a full kitchen. The living room features warm knotty pine finishes and a pellet stove for cozy warmth. Guest Quarters: The separate 1-bedroom, 1-bathroom apartment-style unit is perfect for visitors or additional family members. It includes a living room, abundant storage space, and a potential kitchenette. The property is fully fenced with a gate and showcases beautifully landscaped grounds surrounded by tall ponderosa pines, enhancing the woodsy, serene atmosphere. A hot tub invites you to unwind and enjoy the cool evening air. Whether you seek a spacious family retreat or a thriving business opportunity, this property stands out as a one-of-a-kind gem with endless possibilities.

12015 S Tuzigoot Drive Phoenix, AZ 85044

$1,450,000
6 Beds
4 Baths
5,062 SqFt
Status Active
MLS # 6720121
Property Type Single Family Residence
Price Type --
Imagine waking up in a home where adventure begins the moment you step outside. Nestled at the edge of breathtaking trails, this home offers unparalleled access to nature. If you're an avid mountain biker or a passionate hiker, you'll love the convenience of having rugged terrain and scenic paths just steps away from your front door. Embrace an active lifestyle and savor the thrill of the great outdoors without ever having to drive to your next adventure. Ahwatukee Custom Estates, 6 Bed 4 Bath Estate on Half Acre with Luxurious Pool. Features the perfect blend of formal living for family and friends' gatherings. One bed/bath on the main level. Downstairs is a versatile haven. Oversized 3-car garage, provides ample storage space for vehicles and has EV Charger. Don't miss this gem

5227 E Canyon View Court Prescott, AZ 86303

$1,450,000
6 Beds
4 Baths
3,949 SqFt
Status Active
MLS # 6755842
Property Type Single Family Residence
Price Type --
Indulge in luxury living in Prescott, where stunning mountain vistas beckon from this custom-built haven, featuring 6 beds & 4 baths. Cozy up by the fireplace inside or gather around the fire pit under the Arizona sky. With no HOA restrictions, enjoy the freedom to live as you please. Vaulted ceilings add grandeur while the kitchen is a chef's dream with gas range, stainless steel appliances & oversized waterfall island. Step onto the extended balcony for panoramic mountain views. Low maintenance landscaping makes it a perfect lock & leave. RV garage & additional 2-car garage have epoxy. Don't miss the hidden/secret BUNKER featuring concrete walls, electrical wiring, 275 gallon water tank, sewer hookup option & escape tunnel. Every detail promises comfort & style!

14848 N 62nd Way Scottsdale, AZ 85254

$1,450,000
4 Beds
3 Baths
3,044 SqFt
Status Active
MLS # 6759013
Property Type Single Family Residence
Price Type --
Welcome to this impeccably maintained 4-bedroom + office (or optional 5th bedroom), 3-bathroom home that blends modern upgrades with classic elegance. Set within a peaceful Scottsdale community, this 3,044 sq. ft. gem boasts plantation shutters across 32 newly customized windows, offering both privacy and style. Major updates include a new roof and dual AC units installed in 2016, giving you added comfort and peace of mind. The expansive primary suite offers a luxurious retreat, complete with three walk-in closets and a spa-like ensuite featuring dual vanities, a soaking tub, and a separate shower. At the heart of the home, the sophisticated kitchen shines with granite countertops, stainless steel appliances, a gas cooktop, and a generous island—perfect for hosting gatherings. The backyard is a true oasis, showcasing a Pebble Tec play pool with a tranquil waterfall, a built-in BBQ area, and lush landscaping, ideal for entertaining or quiet relaxation. Just minutes from Kierland Resort & Golf Course, and the upscale shops and dining of Scottsdale Quarter, this home offers luxury living in one of Scottsdale's most sought-after locations. Come experience it for yourself today!

2554 N Tambor -- Mesa, AZ 85207

$1,450,000
4 Beds
3.5 Baths
4,143 SqFt
Status Active
MLS # 6773392
Property Type Single Family Residence
Price Type --
Experience tranquility and privacy in this exquisite semi-custom home nestled on over an acre, backing up to the serene Tonto National Forest. Enjoy panoramic mountain and city views from nearly every angle of this 4-bedroom split floor plan, designed to maximize space and natural light with its soaring 12' ceilings and large windows. The gourmet kitchen features granite countertops and custom maple cabinets, perfect for culinary enthusiasts. Entertain or unwind in the formal living room with a cozy fireplace or step outside to the private courtyard and savor peaceful moments. Private backyard oasis includes a sparkling pool, spa, built-in BBQ, and multiple patios ideal for dining al fresco while enjoying breathtaking sunsets and uninterrupted mountain vistas and Usery Mtn. Regional Park!

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