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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7222 E Gainey Ranch Road Unit 136
Scottsdale, AZ 85258
$1,395,000
2
Beds
2
Baths
1,776
SqFt
Status
Active Under Contract
MLS #
6757539
Property Type
Townhouse
Price Type
--
NEWLY REMODELED, SINGLE LEVEL, ON THE GOLF COURSE, WITH NO OTHER UNIT ABOVE YOUR MAIN LIVING AREAS. EXPANSIVE VIEWS ACROSS TWO FAIRWAYS, MOUNTAIN VIEWS AND AMAZING SUNSETS! The perfect Scottsdale Retreat! This combination doesn't come up very often. Don't miss this 2 bedroom, 2 bath, plus den with no steps and 2-car attached garage. Beautifully finished with New Flooring, Remodeled Bathrooms and Kitchen. Enjoy the premier community in Scottsdale with all its resort style amenities . . 6 tennis courts, 4 pickleball courts, gym, 25 meter pool, and nestled within the 27 holes of championship golf at the Gainey Ranch Golf Club! Walk to the Hyatt Resort and the Shops at Gainey Village. Enjoy the resort lifestyle in Gainey Ranch.
9457 N 115th Street
Scottsdale, AZ 85259
$1,395,000
3
Beds
2
Baths
2,126
SqFt
Status
Active
MLS #
6755174
Property Type
Single Family Residence
Price Type
--
Discover the pinnacle of elegance and modern luxury in the prestigious, guard-gated community of Stonegate. Recently transformed through a comprehensive remodel completed in 2022, this home showcases impeccable taste and sophistication. Set on a spacious 10,000 square foot lot, it offers a seamless blend of indoor and outdoor living. At the heart of the home is a beautifully redesigned gourmet kitchen featuring high-end custom cabinetry, designer hardware, quartz countertops, and premium Fisher & Paykel appliances. Culinary enthusiasts will love the state-of-the-art induction cooktop. The built-in 62'' refrigerator and freezer, along with a wine fridge, add to the kitchen's functionality. The sleek cabinetry creates cohesion throughout the home, tying each room together with a sophisticated, modern aesthetic. The open concept living and dining areas are highlighted by soaring ceilings over 10 feet high and designer lighting, creating a welcoming ambiance perfect for both relaxation and entertaining. Step outside to experience a fully renovated Pebble Tec pool, new landscaping, a built-in BBQ, and breathtaking mountain views, all designed to enhance your outdoor living experience. Residing in a community that offers an Olympic-style heated pool, tennis, pickleball and basketball courts, and a wealth of recreational facilities, this home delivers more than just living space it offers a luxurious lifestyle. Conveniently located near top-rated schools, shopping, and hiking trails with easy access to the 101 freeway, every detail of this home has been thoughtfully curated for an unmatched living experience in Stonegate. This is more than just a home; it's a masterpiece waiting to be appreciated.
12271 N 74th Street
Scottsdale, AZ 85260
$1,395,000
4
Beds
2
Baths
2,250
SqFt
Status
Active
MLS #
6786017
Property Type
Single Family Residence
Price Type
--
Nestled in the prestigious Buenavante neighborhood, surrounded by multi-million-dollar estates, this modern home has been spectacularly remodeled inside and out. The exterior showcases top-of-the-line EIFS stucco, a new garage door, upgraded front door, and stylish lighting fixtures. Inside, the sleek kitchen features stainless steel appliances, quartz countertops, and a double waterfall island. Luxurious bathrooms offer spa-like finishes, including a serene courtyard view from the primary ensuite. Major updates include new flooring, cabinetry, lighting, windows, doors, and essentials like a newer roof, A/C, and water heater. The lush backyard boasts a sparkling pool, gazebo, patio, and mature landscaping. Steps from Cactus Park and close to premier shopping and dining, this is a rare opportunity in one of Scottsdale's most exclusive neighborhoods.
5952 E Adobe Drive
Phoenix, AZ 85054
$1,395,000
4
Beds
4.5
Baths
3,505
SqFt
Status
Active
MLS #
6713904
Property Type
Single Family Residence
Price Type
--
Lesser price than recently sold in the neighborhood. Discover the exquisite Shea 5016 floor plan home in the exclusive Talinn gated community. This upgraded residence features 4 bedrooms and 4.5 bathrooms, located within 3 miles of Desert Ridge Marketplace, High Street Mall, and Scottsdale Quarters. Upon entering, you're greeted by an elegant accent wall and marble-look flooring. The gourmet kitchen includes quartz waterfall countertops, a matching backsplash, upgraded cabinets, and a custom-built refrigerator. The first floor has a guest bedroom and a den with double doors, ideal for a home office. The living area boasts high ceilings, creating a grand atmosphere. Upstairs, find three additional bedrooms and a versatile loft for entertainment or relaxation. The private backyard oasis features turf and limestone landscaping, a built-in fireplace, pergola, built-in BBQ, separated plants, and mountain views with no neighbors behind. Prime Location: Minutes from Desert Ridge Mall, Scottsdale, Mayo Clinic, High Street, JW Marriott, and major IT hubs like American Express and PayPal. Nearby Desert Horizon Park enhances the appeal. Interior highlights include large-format marble-look tiles, soaring ceilings, over $300,000 in upgrades, a waterfall quartz countertop, and zebra shades. The entertainment-ready backyard has a large pergola, TV wall, bar with refrigerator, BBQ, two fireplaces, a sink, and a gas stove. Luxurious bathrooms feature quartz countertops and upgraded showers. The master suite offers custom-built closets. Modern amenities: state-of-the-art security, smart home capabilities, a three-car garage, high-efficiency water drop RO system, and water softener. Provisions for a projector in the main living area and multi-colored paint themes add personalized touches. The premium lot offers park views and no neighbors behind, ensuring privacy and prestige. Community features include gated access, parks, biking trails, a swimming pool, and a gym. Make this luxurious home yours today!
9768 E Balancing Rock Road
Scottsdale, AZ 85262
$1,395,000
4
Beds
2.5
Baths
2,964
SqFt
Status
Active
MLS #
6713491
Property Type
Single Family Residence
Price Type
--
Indulge in luxury desert living in this beautifully remodeled home within the Golf Community of Balancing Rock at Troon North. Enjoy panoramic views of Pinnacle Peak & unique boulder outcroppings. With 4 bedrooms and 2.5 baths, every detail exudes elegance. The kitchen, now seamlessly integrated with the great room, boasts quartz countertops, newer cabinetry, & an induction cooktop. Entertain in the formal dining area or retreat to the separate office/den. The split master suite offers privacy, enhanced by plantation shutters, wood-like tile planks & leads into the ''spa like'' bath with an abundance of closet space.. Outside, a heated spool, built-in BBQ, and fireplace create a resort-style oasis. Experience the ultimate in desert living, embracing nature's beauty from your own backyard.
7127 E Rancho Vista Drive Unit 4012
Scottsdale, AZ 85251
$1,395,000
2
Beds
2
Baths
1,448
SqFt
Status
Active
MLS #
6722940
Property Type
Apartment
Price Type
--
This incredible luxury renovation is expected to be completed by November 1st 2024. Welcome to this breathtaking Optima Camelview luxury renovation masterpiece. This property features 2 bedrooms 2 baths, 1448sqft, two private parking spaces and a massive private patio. Boasting a breathtaking organic modern design throughout, you'll find custom raw stone & wood works, premium lighting designs, exquisite quartzite slab living room fireplace accent wall, thermador & wolf appliances, sonos surround sound, automated blinds and so much more. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.
1075 E Ranch Road
Payson, AZ 85541
$1,395,000
9
Beds
8
Baths
3,690
SqFt
Status
Active
MLS #
6746854
Property Type
Single Family Residence
Price Type
--
Discover your next investment with Mountain Meadows Cabins! Just minutes from Christopher Creek, this nearly 2.7 acre property in Gordon Canyon offers a beautifully remodeled home and six cozy rental cabins. Each cabin features a fireplace, kitchenette, and air conditioning, with three boasting indoor spas/hot tubs and two private outdoor spas/hot tubs. A perfect retreat that doubles as an income-generating property! Property comes with main home (3/2 b/b, 1792 sq ft) and 6 cabins (sq ft as follows: 424, 3 cabins at 320, and 2 cabins at 256). Property can be split into 2 parcels later if Buyer holds ability to later split into 2 parcels with the county if desired.
8927 E Wethersfield Road
Scottsdale, AZ 85260
$1,395,000
3
Beds
3
Baths
3,116
SqFt
Status
Active Under Contract
MLS #
6750382
Property Type
Single Family Residence
Price Type
--
One of the best values in Cactus Corridor!! Charming 3 bedroom/3 bathroom home including separate entry guest casita located in a private gated community of 35 homes. Features include walk-in closets for each bedroom, custom cabinetry, granite counter tops, tile flooring throughout the great room/kitchen, open floor plan and spacious rear yard for entertaining. A gorgeous resort like pool with covered spa area make this hard-to-find home in a sought after Scottsdale location a one of a kind. Come see for yourself and make it yours today!
18676 N 95th Street
Scottsdale, AZ 85255
$1,395,000
4
Beds
2
Baths
2,627
SqFt
Status
Active Under Contract
MLS #
6773200
Property Type
Single Family Residence
Price Type
--
The best value for a fully remodeled home in all of prime North Scottsdale 85255, priced under $1.5M! This is the home you've been dreaming of, where modern luxury and timeless design meet to create an unparalleled living experience. Step inside and be immediately captivated by the elegance of high-end finishes, from the sleek wide-format porcelain tile floors to the stunning light fixtures that cast a warm, inviting glow throughout. The expansive 20-foot bifold patio doors blur the lines between indoor and outdoor living, revealing a resort-style backyard that feels like your own private retreat. Set on a premium lot that backs up to a peaceful wash, the privacy and serenity are unmatched, offering you a sanctuary from the hustle and bustle. The vaulted ceilings and open-concept design create an expansive, airy atmosphere that invites you to entertain with ease. Imagine the heart of your home gourmet kitchen with luxurious quartz countertops, top-of-the-line stainless steel appliances, a massive walk-in pantry, and cabinetry that seems to go on forever. This is where holiday dinners, weekend brunches, and everyday moments turn into lasting memories with friends and family. The split floor plan offers the ultimate in privacy. Your primary suite is a haven of tranquility, with natural light flooding in from a private exit to the backyard. Wake up to the peace of your surroundings, and retreat to your en-suite bath, where double vanities and a walk-in shower await your daily spa-like ritual. A custom walk-in closet ensures everything has its place, making organization effortless. With three additional spacious bedrooms, a beautifully updated second bathroom, and ample room for family, guests, or even a home office, this home delivers everything you could want. Adding to the appeal, the garage features epoxy floors, combining durability with a sleek, modern look perfect for keeping your vehicles and storage in pristine condition. Perched in one of North Scottsdale's most sought-after neighborhoods, this home is surrounded by the finest dining, shopping, spas, and golf courses the area has to offer. With easy access to the 101 freeway and views of the stunning McDowell Mountains, the lifestyle here is simply unrivaled. This isn't just a house, it's the ultimate North Scottsdale dream home, where every detail is designed to elevate your life. Come experience it for yourself and claim the lifestyle you've always wanted. Schedule your showing today!
10569 N 131st Street
Scottsdale, AZ 85259
$1,390,000
4
Beds
3
Baths
2,446
SqFt
Status
Active
MLS #
6751143
Property Type
Single Family Residence
Price Type
--
Welcome to this charming 4-bedroom, 3-bathroom home nestled in a highly sought-after Scottsdale. Located just off 131st and Shea Blvd, this spacious residence offers comfort and convenience. The living room features a cozy fireplace, perfect for relaxing evenings. The home sits on a beautifully landscaped lot, with a secure block wall providing privacy and tranquility. For those who love outdoor activities or need extra storage, the property boasts a detached RV garage, offering plenty of space for your RV, boat, or other toys. The layout offers generously sized bedrooms and bathrooms, ensuring ample room for all. This home's location is a true standout. It is just a short drive from the renowned Mayo Clinic, BASIS School, and the vibrant communities of Fountain Hills and Old Town.
6415 E Sunnyside Drive
Scottsdale, AZ 85254
$1,390,000
4
Beds
2
Baths
1,855
SqFt
Status
Active
MLS #
6745519
Property Type
Single Family Residence
Price Type
--
Come see this beautifully unique corner lot listing that possess a highly desired rare & scarcely available 1+acre lot size. Located in the sought after 85254 Scottsdale zip code, the existing 1962 ranch home and lot are being sold ''as-is.'' The current home is still livable, as desired by the new owner, with a new roof, floors, and bathroom updates. Found within the Desert Estates subdivision just north of Paradise Valley, this neighborhood and street contains an array of new custom homes and remodels. This lot is a must see for your new custom built Scottsdale home!
2808 W Here To There Drive
Phoenix, AZ 85086
$1,390,000
4
Beds
3.5
Baths
3,050
SqFt
Status
Active
MLS #
6784852
Property Type
Single Family Residence
Price Type
--
Wow, just wow! Extraordinary new built on a one-acre lot in a growing neighborhood with mountain views & NO HOA!!! This impeccable custom abode showcases an exquisite curb appeal with a professionally designed landscape, 2 car garage, and RV garage. Discover a large open floor boasting a sleek design paired with soaring ceilings, recessed lighting, and wood flooring, promoting a modern feel. Abundant natural light floods every corner; the living room features a fireplace & multi-sliding doors that seamlessly connect the indoors & outdoors. The sophisticated kitchen outfitted with a hidden pantry, quartz backsplash & counters, new white & gold appliances, a pot filler faucet over the gas stove, and an oversized island with a breakfast bar, is worth a chef. The butler's pantry has space for a coffee station. The spacious owner's suite hosts 2 walk-in closets and a lavish ensuite with 2 vanities & a huge walk-in shower with tub. The second bedroom has its own bathroom, and bedrooms 3 & 4 share a Jack & Jill bathroom. Mud room, large laundry room, and garage with epoxy floor & custom LED lighting are worth mentioning. The massive backyard is a blank canvas awaiting your creative touch to be transformed into an entertainer's oasis. The covered patio stares directly at the Mnts. promising colorful sunsets. No expenses were spared to make this a unique gem!