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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21633 N Black Bear Lodge Drive Surprise, AZ 85387

Open House

$615,000

4 Beds

3 Baths

2,454 SqFt

Status Active

MLS # 6775196

Property Type Single Family Residence

Price Type --

CASITA + 3 CAR GARAGE + HOT TUB. VA ASSUMABLE AT 2.31%. This single owner 3 bed/2 bath (not including the Casita) home offers a perfect blend of space and comfort. Step inside and be greeted by the grandeur of the formal living/dining room, perfect for entertaining your guests. The kitchen features a spacious island, built-in microwave, gas cooktop, and stainless steel appliances. The plantation shutters throughout the house add a touch of elegance and privacy. The three-car garage provides plenty of space and additional storage with its convenient garage cabinets and also has a whole-home RO water system. Step outside to your private oasis, complete with built-in gas BBQ grill, gas fire pit, hot tub, and a patio perfect for enjoying the beautiful Arizona weather.

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14679 N Love Court Fountain Hills, AZ 85268

Open House

$615,000

2 Beds

2 Baths

1,715 SqFt

Status Active

MLS # 6773245

Property Type Single Family Residence

Price Type --

ASSUMABLE 3.5% FHA LOAN AVAILABLE, if buyers qualify. Welcome to your desert retreat in the highly sought-after city of Fountain Hills! This delightful 2 bed/2 bath home offers the perfect blend of comfort and outdoor living. Nestled on a quiet cul-de-sac, this property features ample living space, play pool, and breathtaking mountain and desert views. As you step inside, you're greeted by an airy, open-concept living space with high ceilings and plenty of natural light. The kitchen is equipped with stainless steel appliances, lots of storage, and waterfall granite breakfast bar. The spacious primary suite offers direct access to the backyard. A second bedroom and full bath provide additional comfort and flexibility for guests or a home office. The true highlight of this home is... ...the backyard oasis! Cool off in your private play pool, enjoy the covered patio, and take in the stunning sunset views that only Arizona living can offer. This home is conveniently located just minutes from shopping, dining, hiking trails, and the world-famous Fountain Park. Don't miss your chance to own a slice of paradise in Fountain Hills!

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9311 W Coolidge Street Phoenix, AZ 85037

$614,999

6 Beds

5.5 Baths

3,949 SqFt

Status Active

MLS # 6729757

Property Type Single Family Residence

Price Type --

Location, Location, Location! Perfectly situated just off the 101 & Camelback, this home puts you at the heart of it all—minutes from Westgate, Glendale Stadium, and the soon-to-be-built waterpark and hotels in this rapidly growing area. Key Features:

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4430 S Hassett Circle Mesa, AZ 85212

$614,999

4 Beds

2 Baths

2,032 SqFt

Status Active

MLS # 6748046

Property Type Single Family Residence

Price Type --

BACK ON THE MARKET, buyer could not perform. Absolutely stunning home that has been meticulously cared for and loved! This home shows light and bright, with a fresh new coat of paint throughout interior. The exterior was repainted within last few years as well. This floor plan has many flex options, with up to five bedrooms possible. There are currently 3 bedrooms. The 4th (with full closet) is opened up, currently used an office/flex space, which would be easy to frame to builder 4th bedroom option. Entry is extremely open and has a formal living room, easy to add a barn door for office, or additional room. Stunning floor update throughout Master, office, and family room. The kitchen is an entertainer's delight as it is open to the family room and dining area with an XL (See More) island for those fun, social gatherings. Nice stainless steel appliance package and large pantry! Upgraded exterior elevation with stone siding and front patio, which you could easily add pavers for seating area. Garage has extra overhead storage, which conveys, and is pre-plumbed for soft water loop. New sunscreens, New RV gate, opens to spacious side yard with extra gate added for dog run, recent $2500 upgrade. The backyard is enormous and truly an entertainer's delight, with pavers throughout, showcasing the stunning pool and spa! AC, Pool/ spa just inspected, with clean bill of health, and new pool filter pump in 2022. Too many upgrades to list a must see! Hurry this one will not last!

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1212 E Indianola Avenue Phoenix, AZ 85014

Open House

$614,999

4 Beds

2 Baths

1,738 SqFt

Status Active

MLS # 6675839

Property Type Single Family Residence

Price Type --

Welcome to this well-built 1950s mid-century modern with a total 2023 remodel from top to bottom. Upgrades include a new roof, new electrical panel, dual pane windows, energy efficient HVAC, all new flooring, fully upgraded kitchen with huge island and quartz countertops, all new appliances, newly renovated bathrooms, paver patio, sidewalk and driveway, tankless water heater, irrigation system. On suite bathroom in the master bedroom with a walk-in closet, 3 additional large bedrooms, as well as a bonus room/home office. Step out into privacy in your fully fenced backyard with a beautiful patio to enjoy the Arizona sunshine! Located in the heart of Central Phoenix minutes from downtown, Arcadia/Biltmore and highway 51. This is truly the perfect location!

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1520 E Megan Street Gilbert, AZ 85295

Open House

$614,999

4 Beds

4.5 Baths

2,152 SqFt

Status Active

MLS # 6784562

Property Type Single Family Residence

Price Type --

Beautifully Modern and Move-In Ready! Located at 1520 E Megan St in the heart of Gilbert, this stunning 3-bedroom, 3.5-bathroom home, plus a private 1-bedroom, 1-bathroom casita, offers 2,152 square feet of contemporary living space. Built in 2021, the home features a clean, sophisticated palette and an open, airy layout, perfect for today's lifestyles. Each bedroom boasts its own private bathroom, providing ultimate comfort and privacy for all. The spacious primary en-suite is truly a retreat, with beautiful finishes and ample room to unwind. Enjoy the convenience of being directly across from the community pool and playground, with easy road access for seamless commutes. This property offers an ideal blend of style, function, and location—don't miss the chance to make it yours!

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23969 N 171st Lane Surprise, AZ 85387

$614,995

4 Beds

3.5 Baths

2,840 SqFt

Status Active

MLS # 6684307

Property Type Single Family Residence

Price Type --

Welcome to your exquisite new home residence. Darius provides a sophisticated and accommodating ranch-style layout. Popular multi-generational living layout. Talk about curb appeal. Love at first site with the modern upgraded elevation. The inviting front entrance opens up t a very spacious layout. Abundance of much desirable features including spacious great room open to gourmet kitchen complimented by10 ft ceilings and center meet door to open to the covered patio and backyard. Perfect for all gatherings. In addition to a lavish owner's suite—with a roomy walk-in closet and attached double-sink bath—this home includes a second owner's suite with an adjacent living room, perfect for multi-generational living or a flex space that an be utilized best for your desired livability. Jack and jill bathroom off bedroom 2 & 3 . Split

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21864 E Saddle Court Queen Creek, AZ 85142

$614,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6730732

Property Type Single Family Residence

Price Type --

The single-story Cassandra plan showcases an open layout with a great room with a multi-sliding glass door, a breakfast nook, a large gourmet kitchen and a 2-car garage. The primary suite is adjacent, and boasts a generous walk-in closet and an attached bath with a large walk-in shower. Two additional bedrooms flank a full bath, and the nearby study.

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37750 W Padilla Street Maricopa, AZ 85138

$614,990

4 Beds

3.5 Baths

2,024 SqFt

Status Active

MLS # 6762739

Property Type Single Family Residence

Price Type --

Move in FAST to this completed home! Say hello to luxury, Maricopa! This captivating Flagstaff floorplan features an expansive great room, Media room, Extra Suite with kitchenette, and stunning kitchen appointed with stacked cabinetry, gas stove top, and double ovens! Relax in your Primary suite and resort like bath with freestanding tub. The great room and adjacent patio are ideal for hosting gatherings. The tandem 4 car garage is perfect for storing offroad toys! With 10ft ceilings, 8ft doors, and 8,750 sq ft homesites, come see why K. Hovnanian is the First Name in Lasting Value! ^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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16711 W Saguaro Park Lane Surprise, AZ 85387

$614,990

4 Beds

3.5 Baths

2,664 SqFt

Status Active

MLS # 6767427

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 2% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. This Parklane floorplan offers 4 bedrooms, 3.5 baths, a garage extension, and a glass no-step walk-in shower. Notable features include 8' interior doors, built-in appliances, granite kitchen countertops, and gas stubs in the kitchen, backyard for BBQ, and laundry for a gas dryer.

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2212 W Chisum Trail Phoenix, AZ 85085

$614,990

3 Beds

2.5 Baths

1,976 SqFt

Status Active

MLS # 6784079

Property Type Single Family Residence

Price Type --

Welcome to the Perata plan, a 3 bedrrom, 2.5 bathroom floorplan offering 1,976 square feet of elegant living space with a charming Farmhouse exterior with artificial turf in the front yard enhancing the home's curb apeal. As you step onto the pavers at the covered entry, you'll immediately appreciate the attention to detail in every corner of this beautifully crafted home. Stepping into the home, the white paint grade mission stair rail adds a touch of traditional craftsmanship while the 8' interior doors adorned create a sense of grandeur. This home's kitchen and greatroom open to a spacious outdoor space with a gas stub for BBQ ensuring the possibilities of effortless outdoor entertaining. The heart of the home, the kitchen, features stainless steel GE appliances including a 36'' chimney hood, a built-in gas cooktop with five burners, and a built-in wall oven and microwave with trim kit. There are white-painted 42 upper shaker cabinets at the kitchen perimeter and shale cabinets at the island with satin nickel and matte black hardware. A large single basin stainless steel sink with a Moen stainless steel kitchen faucet completes this chef's dream kitchen. All bathrooms feature Moen Eva 8 widespread brush nickel premium faucets. The bathrooms continue the theme of elegance with shale painted shaker cabinets and crisp white cultured marble tops with rectangular sinks. Throughout the downstairs, bath 2 and the laundry upstairs, you'll find durable 6x36 Natural wood look tile, while the primary bathroom boasts a serene 12x24 AZ Futura Tile in the shade Ivory which compliment the enlarged primary bath shower with white cultured marble surrounds and 3/8 glass, perfect for unwinding after a long day. All flooring is elegantly trimmed with upgraded 4 ¼ baseboards. This home is complemented by a soft water loop located in the garage for added convenience. Union Park offers Tree-lines streets, pedestrian-friendly sidewalks and 5,500 sq ft recreation center with resort style pool and kiddie pool, shared ramadas, parks, gathering areas, pickleball courts and basketball. Close to I-10 and 303. Walking distance to restaurants, movies, entertainment, and shopping.

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32018 N 117th Avenue Peoria, AZ 85383

$614,990

4 Beds

3 Baths

2,012 SqFt

Status Active

MLS # 6755506

Property Type Single Family Residence

Price Type --

Larkspur - 4 bed/3 full baths. Stainless steel gas appliance package with 36'' cooktop, wall oven, microwave, glass canopy hood. Sonoma Maple Linen-off white cabinets with black hardware, 42'' kitchen uppers. Upper and lower cabinets at owner's entry, and cabs in laundry room. AZT Steel gray granite tops in kitchen and all baths. Upgrade flooring - Mohawk Wood laminate Driftwood in all areas except beds & closets and so much more. Amenity Rich Mystic includes a Resort Style community pool, Rec center with year-round events, Hiking paths & community parks. The perfect location- close to shopping, restaurants, golf, Lake pleasant and the loop 3. PHOTOS OF THIS LISTING ARE OF THE CLOVER MODEL HOME.

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