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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7538 E Larkspur Drive
Scottsdale, AZ 85260
$1,300,000
4
Beds
2.5
Baths
2,726
SqFt
Status
Active Under Contract
MLS #
6728734
Property Type
Single Family Residence
Price Type
--
Nestled in Scottsdale, this fully remodeled four-bedroom, 2.5-bath home epitomizes turnkey elegance. Bright interiors complement modern upgrades, offering a seamless blend of style and comfort. Minutes away from Kierland Commons, The Quarter, top-rated schools, golf courses, and restaurants; convenience meets luxury. The resort-style backyard beckons with a putting green and sparkling pool, ideal for relaxation and entertainment.
3800 W Coyote Drive
Lakeside, AZ 85929
$1,300,000
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.
31709 N 55th Way
Cave Creek, AZ 85331
$1,300,000
3
Beds
3.5
Baths
3,342
SqFt
Status
Active
MLS #
6745697
Property Type
Single Family Residence
Price Type
--
Welcome to Santolina. Enjoy exclusive access to community amenities, including walking trails, recreational areas, and more. This home is not just a place to live, but a lifestyle to be experienced. An exquisite luxury residence nestled in the highly sought-after gated community in Cave Creek, this stunning property boasts unparalleled mountain views that will take your breath away. It features three bedrooms + den, 3.5 Baths, a great room, soaring 10' & 12' ceilings throughout, & low maintenance. Step inside to discover a meticulously designed interior that exudes elegance and sophistication. With spacious living areas, high-end finishes, and an abundance of natural light, this home offers the perfect blend of comfort and luxury. The gourmet kitchen features top-of-the-line appliances, custom cabinetry, and a large center island, making it a chef's dream. The expansive master suite is a private oasis, complete with a spa-like bathroom and a generous walk-in closet. Additional bedrooms are well-appointed and offer ample space for family and guests. Outside, the beautifully landscaped yard provides a serene backdrop for relaxation and entertainment, featuring a covered patio, outdoor BBQ, lush greenery, and stunning views of the surrounding mountains.
16406 N 106th Way
Scottsdale, AZ 85255
$1,300,000
5
Beds
3
Baths
2,932
SqFt
Status
Active
MLS #
6777926
Property Type
Single Family Residence
Price Type
--
Fabulous single level, 4bed + a bonus room/3bath home w/mountain views in highly desired McDowell Mountain Ranch!! Backs to natural open space. No neighbors behind . Spacious home w/Great room & formal living/dining, plus an additional bonus room perfect for a home office, playroom or work-out space. Beautiful natural light from the large picture windows. Kitchen features gas cooktop, granite counters & large island with plenty of seating. Master bath updated - tiled walk-in shower. 2nd bath udated - tile walk in shower too. Freshly painted inside and out for a pristine look. Covered patio, grass yard & built in BBQ. Water softner. New roof 2024. Located 1 minute drive from the community center/pool & the biking/hiking trailhead.One of the best neighborhoods and Award winning schools McDowell Mountain Ranch has rec center, heated pools, spas, tennis, pickleball, basketball, volleyball, children's playgrounds, skate park & numerous trails. Award-winning McDowell Mountain Ranch is a premier master-planned community located in North Scottsdale. Situated at the foothills of the McDowell Mountains, enjoy the beautiful desert serenity, yet also have all the conveniences of living in-town just outside the neighborhood. The 101 Freeway is 5 minutes away, as well as restaurants, shopping, groceries, and so much more! This friendly neighborhood features 2 heated community pools/spas, playgrounds, basketball courts, tennis courts, and one of the best Pickleball leagues in town! The HOA hosts several events throughout the year for everyone to enjoy and connect with neighbors. Numerous trails, both paved & unpaved that, meander throughout the community. McDowell Mountain Golf Club, designed by Phil Mickelson, with the clubhouse & restaurant, is open to the public. The City of Scottsdale Aquatic Center w/lazy river & Library is close by in addition to miles and miles of hiking, biking & equestrian trails at the landmark Gateway to the McDowell Sonoran Preserve trailhead.
18118 E Parker Creek Road
Rio Verde, AZ 85263
$1,299,999
2
Beds
2.5
Baths
2,619
SqFt
Status
Active
MLS #
6764719
Property Type
Single Family Residence
Price Type
--
Located in the desirable Trilogy at Verde River, an amenity-rich guarded gate community with breathtaking mountain views, this luxurious home offers the Cordova layout with a casita. Featuring 2 bedrooms, an office, 2.5 bathrooms, and a 4-car tandem garage, no detail was overlooked in its design. The gourmet kitchen boasts Quartz countertops, high-end stainless-steel appliances, a tile backsplash, and a kitchen island with a breakfast bar. The spacious great room includes a cozy fireplace, while extras like a wine bar and high-end window blinds enhance the living experience. The primary suite offers a door to the back patio and a lavish ensuite bathroom with a separate shower, soaking tub, dual sink vanity, and walk-in closet. The casita includes a seating room with a kitchenette and a bedroom with an ensuite bathroom, ideal for guests. Outside, enjoy beautifully designed landscaping with paver stones, a fire table, an anti-snake fence, and an expansive covered patio complete with 2 ceiling fans and stunning mountain views! Additional features include a soft water system, a R/O system, huge laundry room with upper and lower cabinets, built-in desk, and a sink. This spotless home is a rare find! The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.
29851 N 78th Way
Scottsdale, AZ 85266
$1,299,999
4
Beds
2.5
Baths
2,879
SqFt
Status
Active
MLS #
6768319
Property Type
Single Family Residence
Price Type
--
Prepare to be amazed! Check out this wonderful 4 bed, 2.5 bath residence now on the market! Nestled on a premium corner lot w/fantastic mountain views & featuring great curb appeal, desert landscape, and a 3 car garage. Inside you will find a spacious open floor plan w/high ceilings, elegant new flooring, luxurious light fixtures, neutral palette throughout, and a cozy fireplace. The formal dining room is ideal for hosting a dinner party! Prepare delicious meals in this gorgeous kitchen, comprised of wood cabinetry w/granite counters, a pantry, stainless steel appliances, and a lovely island. Double doors open up to the primary bedroom, showcasing a walk-in closet, and a lavish ensuite w/dual vanities. Don't forget about the large den, perfect for an office or lounge area. Lastly, the expansive backyard includes a covered patio and a sparkling blue pool/spa combo! The home of your dreams is here, hurry and act now!
8114 E Via Del Sol Drive
Scottsdale, AZ 85255
$1,299,999
5
Beds
3
Baths
2,961
SqFt
Status
Active
MLS #
6784353
Property Type
Single Family Residence
Price Type
--
1+ Acre North Scottsdale Estate! Newer AC and Roof! Check out this fantastic 5 bed, 3 bath residence now for sale in Pinnacle Peak Estates! Great curb appeal, a low-care desert landscape, 3 car side garage, a circular driveway, and a welcoming front porch are just the beginning. Inside you will find a sizeable living area and formal dining room w/soft carpet in all the right places, dazzling light fixtures, and neutral palette throughout. Continue into the cozy family room, showcasing coffered ceilings, a beehive fireplace, outdoor access w/elegant French doors, and a wet bar. The fabulous kitchen is equipped w/ample wood cabinetry, tile counters & backsplash, built-in appliances, and a breakfast nook w/a lovely bay window. Home is priced with consideration for updating. Don't Wait! The primary bedroom boasts a walk-in closet and a private ensuite w/dual sinks for added comfort. Don't forget about the cozy AZ room, where you can sit back and enjoy a relaxing evening. Lastly, the expansive backyard includes multiple seating areas and a sparkling blue diving pool! Your new home is waiting for you, hurry and act now!
1921 S Santa Anna Drive
Chandler, AZ 85286
$1,299,999
5
Beds
3
Baths
3,824
SqFt
Status
Active Under Contract
MLS #
6723948
Property Type
Single Family Residence
Price Type
--
Rare chance to own a recently remodeled home in the heart of Chandler that features a 4-car garage and resort style backyard. Located in the highly desirable gated community-Germann County Estates, you have easy access to multiple freeways, shopping, restaurants, and entertainment. Walk in the front door working on your golf game, cutom patio coverings with misting systems, oversized pool, jacuzzi, sunken kitchen with swim-up-bar, custom area for golf simulator, RV gate, and custom lighting all around. Don't miss this opportunity as they don't come very often in this area!
6739 E Sharon Drive
Scottsdale, AZ 85254
$1,299,999
4
Beds
2.5
Baths
2,211
SqFt
Status
Active
MLS #
6783190
Property Type
Single Family Residence
Price Type
--
Brand New Home in 85254 other than the garage. 12' ceiling hight. Enter through this amazing Iron Door. Look strait to the pool through the Accordion Door leading to the back yard for Inside/Outside Living at it's best. No HOA. Master Suite you will fall in love with. Master Shower with Stand alone tub in shower. His and Her Closets. Closets are waiting for you to design your dream layout. Entertainers Dream. Tones of Cabinets in Kitchen. Huge Island. North South exposure. Large Diving Pool in Back Yard. Natural Turf. Low Maintenance Yard. 4th bedroom is set up as office but will build closet if wanted to complete bedroom. Close to shopping and restaurants with Kierland and Scottsdale Quarter near by.
9252 E Whitethorn Circle
Scottsdale, AZ 85266
$1,299,995
3
Beds
3
Baths
2,699
SqFt
Status
Active
MLS #
6775889
Property Type
Townhouse
Price Type
--
Here's your opportunity to live in the Splendor of The Boulders Resort & Spa Scottsdale. Luxury awaits you with this 2699 sq. ft fully furnished, turn key villa townhome, tucked away on a quiet cul-de-sac with community pool and adjacent to the Boulder Resorts. Whether you're looking for a primary residence, vacation home, or an investment property with exceptional rental income potential, this home delivers on all fronts. This 3 bedroom/3 bath home has vaulted ceilings with charming vegas, open living room with fireplace, large family room with space to accommodate casual entertaining and dining as well. Spacious Primary Suite with large second closet that can be locked as owner storage. Both guest rooms have private bathrooms. Two car garage. Wrap around patios to dine and unwind. A 33,000 sq. ft. luxurious spa, championship golf and exclusive service await in a uniquely dramatic setting - 1,300 acres of the Sonoran Desert foothills with panoramic views of 12-million-year-old boulder formations. Besides 2 championship golf courses, this sprawling resort has plenty of on-site recreational activities such as racquet sports pavilion including 12 newly expanded pickle ball courts and tennis, swimming, hiking and rock climbing, cooking classes, etc.. If that wasn't enough, the stylish restaurants offer captivating views from every turn or relax and enjoy the new main pool.
1328 E Pomelo Grove Lane
Phoenix, AZ 85014
$1,299,995
4
Beds
2.5
Baths
2,554
SqFt
Status
Active
MLS #
6724512
Property Type
Single Family Residence
Price Type
--
Constructed in 2022 by Boyer Vertical, this stunning 4 bed/2.5 bath modern home resides in the smart home community of KARMA, located in the coveted Madison Heights neighborhood of North Central Phoenix. Built with sustainability in mind, this home features a tightly sealed envelope, thanks to top quality spray foam insulation and is on the forefront of technology with its SPAN electrical panel, VELUX retractable Skylights, Energy Star rated appliances, a tankless water heater, Nest thermostats, and an EV charger achieving a 50 point HERS certification. Natural light beams throughout the main floor as you are greeted by a sleek and modern kitchen featuring high-end Dacor and Fisher Paykel appliances and a waterfall edge island that serves as a versatile hub for cooking, casual dining, and socializing. The bright and open living and dining room make the perfect retreat to experience seamless indoor-outdoor living through the triple sliding door to your inviting backyard which includes a heated pool with water features and mountain views and a patio perfect for alfresco dining or lounging. Also located on the first floor is a beautiful powder bath and the spacious primary suite, which provides comfort and ease featuring a full-size stackable Samsung washer and dryer, a spacious walk-in closet, and a spa-like primary bath with dual vanities and walk-in shower. Upstairs you will find three additional spacious bedrooms, a modern bathroom with dual vanities and a shower/tub combo, sleek storage cabinets and hookups for a space efficient washer and dryer. This one of a kind home is at the epicenter of some of the best experiences Central Phoenix has to offer. From award winning restaurants, popular hiking trails, shopping, resorts, and more - this home is your opportunity to live sustainably without compromising luxury or an elevated lifestyle.
32853 N Bell Road
Queen Creek, AZ 85144
$1,299,990
4
Beds
3
Baths
2,637
SqFt
Status
Active Under Contract
MLS #
6781128
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home, built in 2023 by San Tan Homes. This impressive property spans 2,637 square feet and features a carefully designed layout with 4 bedrooms and 3 bathrooms; sitting on over 2 acres (2 parcels)at the base of the San Tan Mountains. 2 bedrooms are separated with their own shared full bath while the 3rd bedroom is complete with its own bathroom for ultimate privacy and comfort. The open kitchen has plenty of cabinet space and a large island overlooking the spacious family room. The primary suite opens to a beautiful outdoor living space, offering a serene retreat. Dual vanity, a large shower, and a very spacious closet. Outdoor living is a highlight of this home, with multiple inviting spaces including a front courtyard and a full covered patio off the family room The backyard boasts a private pool and a gazebo, perfect for entertaining or relax and unwind. This home has a 4 car garage PLUS a 40x40 dual RV garage/shop with outdoor powder room for convenience. Experience luxurious, easy living in this thoughtfully designed home that truly has it all!