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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88 Chapel Road
Sedona, AZ 86336
$1,225,000
4
Beds
4
Baths
3,038
SqFt
Status
Active
MLS #
6769249
Property Type
Single Family Residence
Price Type
--
Introducing a rare opportunity in the sought-after Mystic Hills subdivision of Sedona. This custom 3 bedroom, 3 bath home, with an attached 1 bedroom, 1 bath Studio, offers endless possibilities for customization and personalization. Priced as the most affordable home in the neighborhood, this property has already seen some upgrades, leaving the rest for you to make your mark with your own finishes. The attached studio is a versatile space, perfect for extended guests, a home office, or a mother-in-law suite. With the potential to customize to your liking, this home offers the chance to create your own oasis in the heart of Sedona. The proximity to hiking trails and a mountain biking loop makes it ideal for outdoor enthusiasts, while the up close and unobstructed Red Rock views provide a stunning backdrop for daily living. Inside, the home boasts an open and bright layout with high ceilings, expansive windows, a gathering gas fireplace and a split floor plan for added privacy. The primary suite features two walk-in closets, a large master bathroom, and large windows overlooking the native forest. The recently remodeled kitchen offers ample counter space, new appliances, and hardwood Birch cabinets with soft close doors. Step outside onto the expansive deck to enjoy breathtaking majestic views of Elephant Rock, Cathedral Rock, Mother and Chile, the Nuns, Steamboat Rock, Mount Wilson, and The Chapel in the Red Rocks and more brilliant surrounding landscape. The partially covered deck provides the perfect space for relaxation or entertaining, while the attached Studio offers additional living space with its own bathroom, kitchenette and outdoor Jacuzzi. Residents of Mystic Hills enjoy access to a clubhouse with a swimming pool, spa, weight room, and kitchen, as well as regular community activities like tennis, pickleball, hiking and neighbor get togethers. With low HOA dues and a vibrant community atmosphere, experience the beauty and tranquility of Sedona living at its finest.
3713 E Nolan Drive
Chandler, AZ 85249
$1,225,000
5
Beds
3.5
Baths
3,908
SqFt
Status
Active Under Contract
MLS #
6750895
Property Type
Single Family Residence
Price Type
--
Situated on one of the most desirable lots in all of Valencia this exceptional 5-bedroom, 3.5-bathroom basement home offers the perfect blend of luxury, comfort, & eco-friendly living. Gorgeous wood-look tile, neutral paint, and stunning natural finishes - contemporary meets traditional in this TW Lewis quality home. Enjoyable from both inside & out, the lake with waterfall directly behind the home offers both privacy and serenity. The main level is designed with both style and functionality in mind. Including a modern kitchen with high-end appliances, huge breakfast bar, gas range, double ovens, built-in microwave, under cabinet lighting, & tons of counter/cabinet space. Suitable for entertaining or lazy evenings with the family the kitchen opens to the family room with gas fireplace. The living room is suited for entertaining with built-in bar and views of the stunning backyard accessible through the double slider doors - creating true indoor/outdoor living capitalizing on our gorgeous AZ weather. The primary suite serves as a peaceful retreat with a walk-in closet and a luxurious spa-like en-suite bathroom. The unique split floor plan basement features two generously sized bedrooms, a full bathroom, and a versatile flex roomideal for a home office, gym, or entertainment space or think multi-generational living! Step outside to enjoy your private backyard oasis, complete with a sparkling pool, large covered patio, artificial grass, & tons of pavers - a welcome retreat for your morning coffee or a glass of wine in the evening. The property also boasts pre-paid solar ensuring low electric bills for years to come.
427 W Louis Way
Tempe, AZ 85284
$1,225,000
5
Beds
3.5
Baths
3,674
SqFt
Status
Active
MLS #
6769327
Property Type
Single Family Residence
Price Type
--
Absolutely STUNNING basement home in South Tempe's premier gated community! Five bedrooms PLUS a home theater! Situated on an interior cul-de-sac with an over 18000 sq. ft. lot! NEW ACs, NEW roof, NEW water heater! Four-car garage AND an RV gate with pad! Beautiful highly upgraded plush carpet and travertine tile! Gourmet island kitchen with granite counters, oversized cabinets, even two dishwashers! All bathrooms completely remodeled! There's even a bidet in the master bath! The basement features a theater room (screen & equipment stay), two bedrooms & a bathroom! Bdrm 5 has built-in dual-station desk and a Murphy bed! Huge, private backyard with 5 fruit trees, pond and waterfall! Look for the complete list of extras in the Docs section! Hurry to this one!
12654 N 17th Place
Phoenix, AZ 85022
$1,225,000
4
Beds
3
Baths
3,410
SqFt
Status
Active Under Contract
MLS #
6666445
Property Type
Single Family Residence
Price Type
--
The elevated, hillside location delivers unparalleled sunset, golf, and mountain views in a gated community overlooking Lookout Mountain Golf course. This Ridge at Lookout Mountain property surrounded by scenic beauty, is now freshly painted, with a clean, modern ambiance, grounded with natural stone flooring and flooded with natural light through panoramic windows. The kitchen features custom cabinetry and high-end SubZero and Wolf appliances. Owned solar = sunshine pays the bill. A split owner's suite is a lavish escape with hardwood floors, sitting area, gas fireplace, dual walk-in closets, jetted tub, and snail shower. The low-maintenance yard enhances outdoor relaxation with a covered patio, pebbletec pool, built-in BBQ, and artificial turf, creating a perfect retreat. A new roof, tankless water heater, all new smart locks, shutters, invisible screen doors, electronic window screens, both a water softener and reverse osmosis, new insulated garage doors, two pergolas, gutters and a backyard gate are recent improvements. Overall, this residence combines modern elegance, integrated with its natural surroundings, offering a luxurious and tranquil lifestyle for those seeking a sophisticated home with breathtaking views and upscale amenities.
15027 N 28th Street
Phoenix, AZ 85032
$1,225,000
4
Beds
3
Baths
3,448
SqFt
Status
Active
MLS #
6732094
Property Type
Single Family Residence
Price Type
--
This fine custom home offers a world of possibilities for both personal and business needs. This property has plenty of open living space and available land for additional building — perfect for someone working from home or desiring to customize a lot. Its convenient location in the heart of the city makes this 36,000 sqft lot (zoned R-14) an incredibly rare find. The property includes both the 3443 sqft main home and detached 1200 sqft workshop/garage — and the lot still offers room to grow. The interior of the residence boasts 4 bedrooms, an office/bonus room, and a large loft area with access to a spacious observation deck/balcony built with entertaining in mind. The exterior features an enormous paved parking space and a stylish backyard with always green artificial grass, fruit ..... fruit trees and a flower garden. The focal point, however, is the covered patio and BBQ area plus the large fire pit. They make the backyard perfect for entertaining large groups. And that's not all! The home also has an oversized RV gate.The interior finishes include recently updated real wood floors /large stone tiles /solid wood doors. The owner has also installed solar panels on the roof, providing you substantial savings on electricity bills. This spacious lot would also be perfect for the addition of a pickle ball or a tennis court. Don't miss out on your chance to make an offer on this remarkable property that has an ideal combination of convenient location and acreage! Short distance to 51 FRWY , Great Hearts Academy, Basis School, PV GOLF, Kierland Shopping and Mayo Hospital. Ready to Move- In.
5225 E Bluefield Avenue
Scottsdale, AZ 85254
$1,225,000
3
Beds
2
Baths
3,053
SqFt
Status
Active
MLS #
6772875
Property Type
Single Family Residence
Price Type
--
Location! Location! Location! This beautiful 3 Bedroom/2.5 Bath, plus a Den, home is located in the desirable MAGICAL ZIP CODE 85254! A very light & bright preferred split floor plan boasts the open, Great Room concept, with nice high ceilings. Fabulous for entertaining Family & Friends! The fireplace is the perfect addition for those chilly nights. The spacious eat-in Kitchen features granite counters, an island, breakfast bar, double ovens, gas stove, large walk-in pantry, built-in desk and roll-out shelving. No carpet in this home. Plantation shutters in all of the right places. The expanded Primary Bedroom offers sitting room and sliders to the patio. Two separate vanities and closets are a Bonus! A large walk-in shower, separate tub, & extra built-in custom cabinets enhance the Primary Bath. The Den also features built-in cabinets & shelves. The second Bedrooms are sizable. Formal Dining and Living Rooms with crown moulding provide more gathering space. Enjoy the great AZ outdoors in this Resort-Style Backyard featuring a sparkling spool with a water feature, 2 grassy areas, a large covered patio with speakers, palm trees, and a built-in BBQ. This special large lot backs to a greenbelt with no one behind. Laundry sink and cabinets in the Laundry Room. The extended 3 Car Garage is loaded with built-in cabinets and a workbench. Along with a newer roof and newer exterior paint, a water softener system and security system are also a plus. Must see! Put this elegant beauty at the top of your list!
3323 E Vogel Avenue
Phoenix, AZ 85028
$1,225,000
3
Beds
2.5
Baths
2,110
SqFt
Status
Active Under Contract
MLS #
6771382
Property Type
Single Family Residence
Price Type
--
Professionally designed by Studio H, fully engineered/permitted rebuild in 2016. Stucco exterior newly painted 2024. New water heater in 2024. New pool in 2019, Rebuild includes additional square footage, concrete, masonry, framing, drywall, roof, flooring, custom glazing, all new PEX plumbing and fixtures, all new copper electrical with custom light fixtures. Custom flooring, wallcoverings, architectural metalwork and details inside and out. Climate controlled 3+ car garage, with insulated tile flooring, cable TV, bar area, full height gabion wall, architectural lighting and interior details. 2+ bedrooms with office (easily converted to a 3rd bedroom) Elevated observation deck with custom spiral staircase and glass guardrails. Custom perforated steel shade at entry/courtyard, with low walls and gate for security. Custom poured concrete driveways, walkways and hardscape. Custom metal fence w/ access code gates and corner double gate for RV storage? Salt water pool with integral glass bead propane fireplace, fountains and Baja shelf. Jacuzzi Hot Tub 1 year old included. Custom interior barn doors along with hinged solid wood doors with frosted glass inserts. 3 A/C units, one for the master suite, one for balance of house and one for the garage. Grade AA drywall and paint finishes help create the modern million dollar feel inside. Large walk in master closet with custom cabinetry and skylight. Flueless fireplace in great room, with custom blackened steel wall panels. Kitchen has a large island, with a quartz top featuring a lighted art niche, custom glass bar top (eat in kitchen), a built-in warming drawer and wine fridge. Kitchen and Laundry have Italian custom Kitchen soft close cabinets and drawers. Kitchen has matching top of the line stainless steel appliances plus washer & dryer. Fully wired for security system with alarm and cameras. Note: Some Furniture, Art Work may be available for purchase by separate agreement, transferable upon closing of home.
3918 W Bowen Avenue
Glendale, AZ 85308
$1,225,000
3
Beds
2.5
Baths
2,944
SqFt
Status
Active
MLS #
6734292
Property Type
Single Family Residence
Price Type
--
PRICE IMPROVEMENT-like new construction SINGLE LEVEL - in premium cul-de-sac N/S location with stunning Mountain Views! Everything you want in a new home - only better with SOLAR OWNED 38 panels, 3-car garage/epoxy floors/storage (2 EV GARAGE), & walls of glass & soaring ceilings opening to an expansive back patio w/privacy & views. Large great room opens to chef's kitchen w/state-of-the art appliances w/gas cooktop/large center island/wine and coffee area/huge WI-panty & dining that opens to front courtyard patio. Expansive primary suite - sitting area w/views & sumptuous primary bath w/soaking tub/large WI shower, and large primary WI-closet. Game room, office/bedroom/bath & guest suite/bedroom/bath. Easy access to freeway/hospitals & shopping in this newer subdivision VISION HILLS
13512 N Granite Way
Fountain Hills, AZ 85268
$1,225,000
4
Beds
4.5
Baths
3,269
SqFt
Status
Active Under Contract
MLS #
6675282
Property Type
Single Family Residence
Price Type
--
Here's a rare chance to own a home in Sunridge Canyon, cherished by its owner for over 25 years. This spacious 4-bedroom, 4.5-bathroom home features a family-friendly split master floor plan. Situated on more than 34,000 square foot lot (+/-.78 acres), you'll enjoy vaulted ceilings and stunning views of the mountains and Sunridge Canyon golf course. The backyard boasts a beautiful negative edge pool and spa as well as a built in BBQ island. Inside, the living room impresses with cantera stone floors and a natural gas fireplace. The primary bathroom seamlessly blends with the surrounding natural environment. Every room is generously sized and offers great views. This lovely home will make you feel right at home.
10484 E Mission Lane
Scottsdale, AZ 85258
$1,225,000
4
Beds
2.5
Baths
2,121
SqFt
Status
Active
MLS #
6733308
Property Type
Single Family Residence
Price Type
--
Opportunity awaits in highly-desirable Scottsdale Ranch! Situated on an oversized corner lot in a quiet cul de sac, this property offers a thoughtful floor plan with 4BR/2.5BA. Soaring ceilings and over 2,100 SQFT introduce travertine stone floors, solid wood cabinets, and granite countertops throughout. Entertain in the chef's kitchen, feat. stainless steel appliances, a massive center island, and dining area. Getaway to the primary suite feat. a private backyard entrance, dual vanities, separate shower/soaking tub, and large walk-in closet. Relax in the spacious backyard with sparkling pool/spa, built-in fireplace, and lush landscaping. SUPERIOR LOCATION: Less than 3 mi to Loop 101 FWY, shopping, and dining. Less than 20 min to TPC Scottsdale, Kierland Commons, and Old Town Scottsdale.
5949 E Larkspur Drive
Scottsdale, AZ 85254
$1,225,000
3
Beds
2.5
Baths
2,558
SqFt
Status
Active
MLS #
6747120
Property Type
Single Family Residence
Price Type
--
Discover the perfect blend of space, convenience, and modern luxury with this large corner lot located in one of the most sought-after areas. Nestled within the ''magic zip code,'' this property offers an unparalleled opportunity to live the resort-style lifestyle you've always dreamed of all with the peace of mind that comes from brand-new upgrades throughout. This property boasts an array of recent enhancements, including a **new roof** and **new AC system**, ensuring comfort and efficiency year-round. The **completely renovated bathrooms** add a touch of elegance and modern design, perfect for relaxing after a long day. The state-of-the-art **hybrid hot water heater** provides both energy savings and reliable hot water, while the **new filtration system** and ................. **water softener** offer pristine water quality for your household. The expansive lot and corner location ensures easy access and added privacy. Imagine owning you own private oasis including a sparkling pool, outdoor kitchen, lush citrus trees, RV Gate, framed detached structure and putting green while still having room to put you own stamp on.the possibilities are endless. Living here means more than just owning a property; it's about embracing a lifestyle. Enjoy the benefits of a prestigious neighborhood known for its top-rated schools, vibrant community, and proximity to shopping, dining, and entertainment. Plus, with nearby access to recreational amenities like golf courses, spas, and exclusive clubs, every day feels like a vacation. Don't miss out on this rare find in a location where properties like this are few and far between. Prime location is everything in one of you larges life investments.
691 E Elgin Street
Gilbert, AZ 85295
$1,224,900
7
Beds
3.5
Baths
5,090
SqFt
Status
Active
MLS #
6758928
Property Type
Single Family Residence
Price Type
--
Welcome to your new home in the sought-after Vintage Ranch neighborhood! This isn't just any property; it's a rare 2 story split floorplan home with a heated pool and jacuzzi! This home has been lovingly maintained by a wonderful family. Each detail reflects pride and care. On the main floor, you'll find a perfect blend of comfort and functionality, featuring a large chefs kitchen and island as well as a spacious family and living room. The sprawling master bedroom is located on the first floor with its own completely renovated custom bathroom and walk-in closet for two. The first floor even has its own laundry so no hauling laundry up and downstairs! And.. the first floor is fitted with a generously sized office and guest bath. The kitchen is a true highlight, boasting ample storage and sleek stainless steel appliances. Step outside to your expansive backyard, a private oasis where tranquility and luxury meet. Venture up to the 2nd floor to discover 4 additional bedrooms, 2 bathrooms, laundry, an office, a work area, and even another living area/playroom! Whether you dream of a vibrant game room or a cozy home theater, this area is ready to fulfill your vision. Conveniently located near freeway access, schools, shopping, and more, this home embodies both convenience and lifestyle excellence!