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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7528 E Corrine Road Scottsdale, AZ 85260

$1,190,000

4 Beds

2 Baths

2,550 SqFt

Status Active

MLS # 6779074

Property Type Single Family Residence

Price Type --

Nestled in Scottsdale's desirable 85260, this former model block-built home features 4 spacious bedrooms & 2 baths on a 1/3-acre lot with no HOA! Located in a quiet double culdesac, it's a short walk to Cactus Park, JCC, & Sonoran Sky. The expansive backyard offers a 60-yard golf hole with 3 sand bunkers, citrus trees, multiple seating areas, & mature landscaping w/ cooler summer evenings creating a natural habitat for bunnies & quail. Inside, the kitchen boasts ample cabinetry and SS appliances, with solar tubes bringing in natural light. All bedrooms & formal rooms feature beautiful hardwood flooring, with tile t/o the rest of home. This home combines location, space, & the opportunity to personalize at a great price, with Scottsdale's top shopping, dining, schools, & parks nearby!

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14124 W Christy Drive Surprise, AZ 85379

$1,190,000

4 Beds

3 Baths

4,255 SqFt

Status Active

MLS # 6757336

Property Type Single Family Residence

Price Type --

This property is a dream come true for anyone seeking luxurious living in the gated subdivision of Mountain Gate in Surprise, AZ! Solar efficient home alllows for ultimate in low utility costs! This large 1 acre lot, 4255 sq ft ranch-style home features an open, great room floor plan, formal living room and dining room, gourmet kitchen with stainless appliances, huge walk in pantry, large laundry room w/brand new washer + dryer, 4 bedrooms, 3 baths, a den/office, a game room, 3 car garage, salt water HEATED POOL plus outdoor bar allowing for a combination of elegance and sophisticated ambiance right from the moment you arrive! The sport court is perfect for outdoor activities pared with wonderful outdoor living makes this an ideal home for gatherings! RV parking allowed.

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7207 N 175th Avenue Waddell, AZ 85355

$1,190,000

4 Beds

3.5 Baths

2,657 SqFt

Status Active

MLS # 6770376

Property Type Single Family Residence

Price Type --

Remodeled Farm house (Furnished) and property 2022-2023. This well maintained home has been completely updated to encompass modern farm feel top to bottom. Inclusive of entertainment courtyard; bar and grill ramada, fire seating area, fountain and much more. The property has a large barn that will accommodate horses and or small animals. Situated at the back of the property there is a newly added practice breakaway/sand riding arena including shoot and shaded cattle pen. You will also find a pasture with a small enchanting orchard that is accompanied with two wooden tree swings. Furnishings included with a few exception Note: All Smart appliances in kitchen and laundry Kitchen; GE Profile induction cooktop/range with air fry, convection oven, Microwave does as well.

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38 W Lynwood Street Phoenix, AZ 85003

$1,190,000

4 Beds

4 Baths

2,754 SqFt

Status Active

MLS # 6775795

Property Type Single Family Residence

Price Type --

Charming Roosevelt Historic District Home with Casita. Welcome to this stunning 4-bedroom, 3-bathroom residence nestled in the heart of the Roosevelt Historic District. This delightful home combines modern amenities with timeless character, making it a perfect retreat! Step inside to discover a spacious parlor area that exudes warmth and charm, featuring original built-ins and beautiful stained glass windows that bathe the space in colorful light. The open layout seamlessly connects the living areas, perfect for both entertaining and everyday living. The main floor primary bedroom offers a private sanctuary with French doors leading to a serene patio, complete with a hot tub—an ideal spot for relaxation and unwinding after a long day. With three additional well-appointed bedrooms, there's plenty of room for all. An inviting upstairs study provides a peaceful work or flex space, while the newly installed AC unit ensures comfort year-round. The separate casita adds versatility, making it perfect for guests, a home office, or an art studio. Enjoy the vibrant lifestyle of the Roosevelt Historic District, with its unique blend of culture, dining, and community events. Don't miss the opportunity to make this enchanting home yours!

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3641 E Fountain Street Mesa, AZ 85205

$1,190,000

4 Beds

2.5 Baths

3,294 SqFt

Status Active

MLS # 6786425

Property Type Single Family Residence

Price Type --

Trovita Norte Stunner! Nestled within the Gated Community, this Split Aurora Plan is what you've been waiting for. Imagine coming home to a Spacious 4 Car Garage, an Inviting Pool & Spa(both heated), an Enviable Backyard Kitchen with Built-In BBQ & Bar Seating under a Shaded Ramada surrounded by Low Maintenance Turf, with a Large Covered Patio overlooking it all & a Double Wide RV Gate/Parking. This backyard is a True Entertainer's Dream! Inside you're greeted by a Large Great Room and a Gorgeous Island Kitchen featuring Quartz Counters, Staggered Cabinets, Stainless Steel Appliances, Under-Cabinet Lighting & a Walk-In Pantry. The Expansive Master Suite features a Walk-In Shower, a Freestanding Tub, Dual Vanities and a Massive Walk-In Closet. The Secondary Bedrooms feature Walk-in Closets & the 4th is currently set up as a versatile flex room without a closet. Additional Highlights include a Cozy Backyard Gas Fire Pit, an Ample Front Courtyard Perfect for Entertaining, Extended Pavers leading to the RV Gate, a Water Softener Loop, Huge Laundry Room with Sink, Remote Controlled Roller Blinds on the Back Patio Sliding Doors and Recently Painted too. This Home is not just a place to Live; it's a Lifestyle waiting for you to Enjoy! What are you waiting for?

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193 S Union Park Drive Payson, AZ 85541

$1,190,000

3 Beds

4.5 Baths

4,691 SqFt

Status Active

MLS # 6704155

Property Type Single Family Residence

Price Type --

Star Valley Stunner! Meticulously maintained log cabin, carefully crafted with imported Romanian wood. All 3 levels feature unobstructed breathtaking views of Monument Peak, Granite Dells and the Mogollon Rim, the almost 2.2-acre property backs to the Tonto National Forest. This charming cabin has 3 levels with ample room to entertain. There are 3 large master bedrooms, 4.5 bathrooms, and a 2-car garage, and it is absolutely move-in ready! This perfect cabin has a spacious open floor plan, a gourmet kitchen with a large island, gorgeous chalet windows that allow the ideal amount of natural light during the day and star gazing at night, soaring ceilings, oak floors, & tons of rustic charm but not lacking in the modern details for laid back comfortable living.

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11470 N 64th Street Scottsdale, AZ 85254

$1,190,000

3 Beds

3.5 Baths

2,427 SqFt

Status Active

MLS # 6765122

Property Type Single Family Residence

Price Type --

Discover this stunning, fully remodeled home on a secluded lot in Scottsdale, free from HOA restrictions. This impeccably designed residence features 3 bedrooms with walk-in closets and 3 full bathrooms. Enjoy the beautifully appointed kitchen, dining and living areas. The expansive backyard, complete with a large sparkling pool, is perfect for luxurious year-round entertaining. Additional highlights include a 2-car garage, RV gate, newer A/C unit and new roof. The property also boasts newly installed turf, updated landscaping, with fresh stucco and paint. Inside, you'll find new cabinets, showers, countertops and beautiful flooring throughout. Conveniently located just minutes from Downtown Scottsdale, you'll have easy access to premier shopping and fine dining. Welcome Home!

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13385 N 91st Street Scottsdale, AZ 85260

$1,190,000

4 Beds

2.5 Baths

3,026 SqFt

Status Active Under Contract

MLS # 6748467

Property Type Single Family Residence

Price Type --

OVERSIZED lot...14,560 Approx.SF!!! A Neighborhood Gem in the heart of Scottsdale. Key components have been updated...two new HVAC units in 2021, roof replaced in 2017 & new pool pump/filter/heater in 2022. This 4 bedroom, 2.5 bath property sits on an oversized cul-de-sac lot with heated pool/spa, built in BBQ, lush landscaping & sports court. The gourmet kitchen features stainless steel appliances, gas cooktop, pantry closet and large island perfect for entertaining. The primary suite is on the main level and upstairs you will find 3 bedrooms, a full bath, loft & office/gym. Improvements include flooring, bathrooms, custom blinds, exterior paint. Close to the 101 freeway, shopping, restaurants, and golf courses. This property is an absolute MUST SEE!

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1367 E Desert Flower Lane Phoenix, AZ 85048

$1,189,800

4 Beds

4 Baths

3,835 SqFt

Status Active

MLS # 6770354

Property Type Single Family Residence

Price Type --

Incredible property recently remodeled, it combines comfort, style, convenience! The RV gate & parking, big 3-car garage, & extended driveway are just the beginning. The double entry doors open to a bright & airy interior boasting a sunken living room, vaulted ceiling, formal dining, chic chandeliers. The gourmet kitchen features granite counters, center island w/hanging pot rack, SS appliances, breakfast bar, walk-in pantry, & sunny bay window nook. Spacious family room w/gas fireplace, a built-in desk for convenience, downstairs bedrm w/ walkin closet or for office. Elegant staircase leads to upstairs open loft & big den for entertainment, two 2ndly bedrm w private batthrm, over-sized Master Bedroom w/sitting area, big walk-in closet, private balcony w/ incredible views...movein ready Continue upstairs to find a built-in bookcase, a bonus room ideal for a game area or the 4th bedroom, & the sizable bedrooms, including their own bathrooms. The primary bedroom has sliding doors to a private balcony, bay windows for a sitting area, a walk-in closet w/mirrored sliding doors, & a spa-like ensuite. The lavish main bathroom provides two vanities, a jetted tub, & a tiled shower. Washer, dryer, cabinetry, & utility sink are included in the laundry room! Oversized backyard is perfect to host fun gatherings with its sparkling pool, heated spa, built-in BBQ, covered patio, fire pit area, and plenty of room for playing. You will fall in love with this amazing home!

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4808 N 24th Street Unit 1304 Phoenix, AZ 85016

$1,189,000

3 Beds

3 Baths

2,312 SqFt

Status Active

MLS # 6766405

Property Type Apartment

Price Type --

Location, Lifestyle & Luxury define the Optima Biltmore Towers. Contemporary condo w/city, mountain & sunrise views. Open floor plan w/3 spacious bedrooms (2 primaries) & 3 baths. 2 covered balconies. Remodeled in 2021. Wood plank tile flooring throughout, both A/C units replaced, recessed lighting, baths upgraded, sleek light fixtures. Main primary w/walk-in closet w/stack washer & dryer, sliding door to balcony, bath has a separate soaking tub & shower & dbl sinks. Cook's dream kitchen w/white quartz countertops, breakfast bar, sub-zero, gas cooktop, wine frig, farm sink, under cabinet lighting, soft close cabinets w/pullouts. Second primary retreat w/en-suite bath is great for guests. 3rd bed/office w/built-in desk for a multi-functional room. Click on More...for the Amenities! The Amenities are amazing. 360-degree city views, day & night, from the Penthouse/Rooftop are spectacular. The features on the PH/Rooftop include gas grills and covered dining area. A new state-of-the-art pool & spa, 2 cabanas & custom furniture will be installed & completed January 2025 (renderings in photos). The new pool will be the largest rooftop pool in AZ. Check out the gym on the 3rd floor. It has bikes, treadmills, weights, machines & much more. The 2nd floor has a private conference room, entertainment room, kitchen, tv area & an outdoor dining area. Views from everywhere. In addition to all this, you get 2 parking spaces, and a storage unit which are steps away from the elevator on level P1. The location of Optima Biltmore Towers is second to none. Close to Biltmore Fashion Square, restaurants, grocery stores, Sky Harbor, golf, hospitals, theatres and all that the Phoenix metro area has to offer. This condo is a must see. Show & Sell!

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12685 E Laurel Lane Scottsdale, AZ 85259

$1,189,000

3 Beds

2 Baths

2,609 SqFt

Status Active Under Contract

MLS # 6783156

Property Type Single Family Residence

Price Type --

Stunning residence that embodies elegance, comfort, and modern living. Nestled in one of Scottsdale's most desirable gated neighborhoods, this home offers a harmonious blend of upscale design and practical functionality, perfect for families or those who love to entertain. An open and inviting floor plan with a beautifully designed kitchen, complete with granite countertops, refinished cabinetry and stainless steel appliances,. The kitchen flows seamlessly into the living and dining areas, making it an ideal space for gatherings. Spacious family room with fireplace and wet bar. The backyard is an entertainer's dream with large covered patio, pool, privacy and amazing views for miles making it perfect for enjoying Arizona's beautiful weather or hosting outdoor gatherings. The primary bedroom with ensuite is a true retreat, boasting a generous layout, and serene views. Additional bedrooms provide ample space for family, guests, or a secondary home office in addition to the office/den with double door entry and majestic mountain views. Enjoy a glass of wine at sunset from the quiet serene front courtyard overlooking the private cui-de sac lot surrounded by natural desert and mountain views. A true retreat! You can hike and bike the McDowells or the many other trails right from your front door. Located close to top-rated schools, shopping, dining, and recreation, this home combines convenience with upscale living. This neighborhood is known for it's proximity to some of the best schools in Scottsdale including Basis and walking distance to Anasazi Elementary.

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3982 E Sandpiper Drive Phoenix, AZ 85050

$1,189,000

4 Beds

5 Baths

3,796 SqFt

Status Active

MLS # 6763827

Property Type Single Family Residence

Price Type --

Reduced! Welcome to your new home in Aviano of Desert Ridge! Walk through the gate to a welcoming courtyard with a play pool and grilling area. Inside, enjoy cherry laminate floors in the office, granite countertops in the kitchen, and a great floor plan. The first floor features a formal dining area, family room, kitchen, and living room. Enjoy a spacious great room upstairs, a remodeled owner's suite, and three additional bedrooms, one with a separate entrance. Stay cool with a brand-new AC unit and don't worry if you have a large SUV or a Cybertruck, the 3 car tandem garage will make sure you have room. Aviano offers a large gym, pools, tennis and basketball courts, playgrounds, parks, and community events like 4th of July fireworks. Plus, you're minutes from Desert Ridge!

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