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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11224 E Upton Avenue
Mesa, AZ 85212
$625,000
4
Beds
3
Baths
2,150
SqFt
Status
Active
MLS #
6746987
Property Type
Single Family Residence
Price Type
--
Over $60,000 in post-possession UPGRADES! Including electric blinds, a fully remodeled laundry room and primary bathroom, updated bathroom countertops, epoxy garage floor covering and garage cabinets, and a finished backyard complete with turf and a drip irrigation system. Additional features include an owned water softener, a reverse osmosis system, and newly installed light fixtures // ceiling fans throughout all bedrooms and living areas. This move-in-ready home boasts a split floor plan, an open-concept living room and kitchen, and elevated design accents throughout. Refrigerator, washer & Dryer included! Don't miss out on this opportunity.
10744 W Briles Road
Peoria, AZ 85383
$625,000
3
Beds
2.5
Baths
2,512
SqFt
Status
Active
MLS #
6747063
Property Type
Single Family Residence
Price Type
--
This gorgeous home with a sparkling POOL is move in ready & fully upgraded! Gourmet kitchen w/ white cabinets, stainless steel appliances, 5 burner gas range w/ hood, wine fridge, large pantry & granite counters. Tandem garage 48' long to fit your SUV, boat, etc. Great floor plan w/ den (or bedroom) or could change to a formal living in front, large great room, soaring vaulted ceilings bringing natural light throughout the whole home. The powder room downstairs can easily have a shower added. Plumbing already installed. Upstairs is open loft, two large bedrooms and the primary suite. Backyard features sparkling pool and covered patio w/ low maintenance turf that has sprinkler system to keep it cool for your kids/pets. Across the street from the park.
1643 W Harmont Drive
Phoenix, AZ 85021
$625,000
3
Beds
2
Baths
1,896
SqFt
Status
Active
MLS #
6761053
Property Type
Single Family Residence
Price Type
--
Welcome to 1643 W Harmont! Located in the highly coveted Sunnyslope School District, this move-in ready home with NO HOA has been well maintained and comes loaded with upgrades and improvements. These features include: 3 generously sized bedrooms and 2 newly updated bathrooms. The open kitchen was remodeled in 2015 and features under-mount cabinet lighting, track lighting, brand new appliances, gas range, a four-seat breakfast bar, and direct access to the backyard. Other updates include a new roof, replaced in 2020 with a 30-year warranty, new remote control fans, no carpet throughout, USB Outlets, new ceiling fans, a new water softener and cozy fireplace. This is also an energy-efficient home boasting a 16 SEER Trane Unit and ductwork (2015), new AC condenser (2024), new water heater (2024) added insulation (2019) and argon-filled, tinted vinyl windows. Finally, step outside to your south-facing backyard for a year-round urban oasis. Complete with a covered patio, a sparkling pool which was drained and acid washed in 2020 and boasting a new variable speed pool pump installed in 2023. Additionally, you'll find natural grass, a sizable shed and an RV gate for easy access. Plan your private tour of this stunning and well maintained Royal Oaks home, today!
44025 N 44th Lane
New River, AZ 85087
$625,000
4
Beds
3
Baths
2,823
SqFt
Status
Active
MLS #
6753711
Property Type
Single Family Residence
Price Type
--
SOLAR to be PAID OFF at COE, and already accruing credits! This exceptional 4 BR, 3 BA single-level home in a cul-de-sac corner lot with 2 Master Suites, each with en-suite baths, walk-in closets, and outside access. Features include a large kitchen with breakfast bar, nook, island, desk, and stainless appliances. Enjoy high ceilings, a split floor plan, and a private backyard with a covered patio, sitting area with gas fire pit, and new turf play area. Built with efficient 2x6 construction, low-E windows, 2 newer AC units and Solar Panels to keep your electric bill even lower.. Recent updates include a new water heater, dishwasher, disposal, RO system, and garage door. Close to I-17, shopping, restaurants, and Anthem Community Center with fitness, pool, tennis, and waterpark amenities.
6919 E Quince Street
Mesa, AZ 85207
$625,000
3
Beds
2.5
Baths
2,039
SqFt
Status
Active
MLS #
6756462
Property Type
Single Family Residence
Price Type
--
Your dream home in Las Sendas is here! This delightful 3-bedroom, 2.5-bath residence features a 3-car garage, an attractive paver driveway, and an eye-catching stone facade. Discover an inviting great room with high ceilings, a soothing palette, recessed lighting, classic plantation shutters, and stylish wood-look flooring. The gourmet kitchen comes with granite counters, abundant white cabinetry with crown moulding, sleek stainless steel appliances, a pantry, and a center island with a breakfast bar for casual dining. The primary bedroom offers soft carpeting, an ensuite with double sinks, and a walk-in closet. Enjoy quiet afternoons in the backyard, complete with a gas firepit stub, a covered patio for al fresco dining and serene panoramic views. Make this gem yours today!
1898 Kensington Court
Prescott, AZ 86301
$625,000
3
Beds
4
Baths
2,469
SqFt
Status
Active Under Contract
MLS #
6733682
Property Type
Single Family Residence
Price Type
--
Set within the charming development of Kensington Place, a community of only 12 homes centrally located in Prescott, lies this stunning contemporary main-level living home. Step inside and be greeted by the inviting foyer and open office/den, which can also serve as a formal dining area. The great room concept is sure to impress with its high-volume ceiling & 3-panel glass door that bathes the space in natural light. The dining area and kitchen flow seamlessly into the great room, creating an ideal layout for entertaining. The kitchen is a showstopper, featuring floor-to-ceiling dark stained cabinetry with glass-enclosed display cabinets, quartz counters, and a suite of stainless-steel appliances, including a 5-burner gas range. The spacious master bedroom offers access to the back patio and an ensuite bathroom with a walk-in shower with tile insets, double sink vanity, water closet, and walk-in closet. The main level also includes a powder room, laundry room, storage area, and access to the 2-car garage. Upstairs, the luxurious feel continues with a large bonus/family room, currently used as a game room with a pool table and access to the covered deck via a sliding glass door. Two roomy guest bedrooms share a Jack and Jill bathroom, and there's an additional powder room on this level as well. The backyard is beautifully landscaped and fenced with rock, block, and wrought iron, while beyond the fence lies terraced rock landscaping. The covered paver back patio is the perfect spot to relax with a glass of wine as the sun sets in the west. A side yard gate opens to tasteful low-maintenance landscaping with both front and back yards drip water systems on a timer. Located at the end of the street, this property borders Blooming Hills Estates park/open space directly to the north. Additional highlights include a tile roof, durable porcelain plank tile floors in the main living area, high-end carpet in the bedrooms and game room, and granite counters in the bathrooms. This property offers the style and amenities of a Prescott Lakes home without the high HOA fees. It's conveniently close to hiking trails, including the Peavine Trail and Watson Lake. The HOA, now resident-managed, has reduced dues since the takeover. Come see this exceptional home today.
6202 E Mckellips Road Unit 65
Mesa, AZ 85215
$625,000
3
Beds
2
Baths
1,818
SqFt
Status
Active
MLS #
6765063
Property Type
Single Family Residence
Price Type
--
Stunning turn-key detached home located directly on golf course! Very rare Floratina Model in the premier gated community of Tuscany Villas. Resort living at it's finest. Brand new a/c unit, bath cabinets, and pantry installed in 2023. Unit does not share walls with neighbor. Upgraded granite counter tops throughout. Open concept kitchen adjacent to family room w/island, maple cabinets, designer backsplash and stainless appliances. Sliding glass doors to covered back patio for entertaining, outdoor dining, cozy firepit, new artificial turf and relaxing lounge area. Adjacent to wash for side courtyard privacy. Large primary bedroom, ensuite bath and walk in closet. 2 car garage w/built in cabinetry and lots of newly added storage. Community heated pool and spa, workout room & clubhouse!
9802 S 46th Street
Phoenix, AZ 85044
$625,000
4
Beds
3.5
Baths
2,417
SqFt
Status
Active
MLS #
6759316
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home! This stunning 4-bedroom, 3.5-bathroom property offers luxury living in a serene Ahwatukee neighborhood with no HOA. The spacious design features high ceilings and large windows, flooding the home with natural light and offering breathtaking views of the heated pool, spa, and mountains beyond. The master suite is a private retreat, complete with an en-suite bathroom and a walk-in closet. The functional kitchen is equipped with reliable appliances, ample storage, and a convenient layout perfect for daily cooking or entertaining. One of the home's standout features is the windows that provide a seamless connection between indoor and outdoor living. Step outside to enjoy the large heated pool and spa, perfect for year-round relaxation and entertainment. Above, the second-story deck spans the entire length of the home, offering panoramic views of the pool, spa, and surrounding mountainsideal for enjoying your morning coffee or watching the sunset, with the high block wall providing extra privacy. Located minutes from major freeways, scenic hiking trails, golf courses, and top-tier restaurants, this home offers the best of both convenience and tranquility. Don't miss the chance to make this stunning property yours!
1161 N Cole Drive
Gilbert, AZ 85234
$625,000
4
Beds
2
Baths
2,074
SqFt
Status
Active
MLS #
6758696
Property Type
Single Family Residence
Price Type
--
Welcome to this stunning 4-bedroom home in the highly desirable Carol Rae Ranch Community! With fantastic curb appeal, a NEW ROOF and NEW HVAC this home is sure to impress from the moment you arrive. Inside, you'll find a spacious, open layout featuring new wood-look tile flooring throughout, new plush carpet in all the right places, and new paint. The kitchen is a chef's delight with granite countertops and plenty of space for entertaining. Enjoy comfort for the entire family with a split floor plan and generous sized rooms. The outdoor space is a true retreat, featuring a lush green yard perfect for relaxing or hosting gatherings. Plus, with only one neighboring home on the side, you'll enjoy extra privacy! Located in a community with parks, walking trails, and more, this home is the perfect blend of comfort, convenience, and charm. Don't miss your chance to call this treasure your own!
6930 S Nash Way
Chandler, AZ 85249
$625,000
4
Beds
2
Baths
2,147
SqFt
Status
Active
MLS #
6761006
Property Type
Single Family Residence
Price Type
--
Come take a look at this inviting 4 Bedroom PLUS den, 2 bath home nestled on a spacious lot! Recently updated with new floors, this residence features a welcoming great room and a practical split floor plan, complemented by a convenient 3 car garage. Situated within walking distance to Hull Elementary School, parks, and green belts, it offers both convenience and community charm. The large master bedroom boasts a separate shower, garden tub, and a roomy walk-in closet, ensuring ample space and comfort. Outdoor enthusiasts will delight in the expansive outdoor living area, complete with a sparkling pool, inviting fire pit and a convenient BBQ setup, perfect for entertaining friends and family year-round.
25621 W Patton Road
Wittmann, AZ 85361
$625,000
3
Beds
2
Baths
1,613
SqFt
Status
Active
MLS #
6760577
Property Type
Single Family Residence
Price Type
--
Welcome to 25621 W Patton Rd, a stunning property nestled in the serene landscape of Wittmann, AZ. This charming home offers a perfect blend of comfort and style, ideal for those seeking a peaceful retreat while remaining conveniently close to urban amenities. Featuring 3 bedrooms and 2 bathrooms, the spacious layout provides ample room for family and guests. The bright and airy kitchen is equipped with stainless steel appliances, granite countertops and opens into a cozy living area, perfect for entertaining. Step outside to discover a vast backyard complete with a covered patio, ideal for relaxing evenings under the stars or hosting weekend barbecues. Surrounded by stunning desert landscapes, you'll enjoy breathtaking sunsets and the tranquility of country living, all while being just minutes from downtown Surprise, 1.8 miles to 4D Arena, 20 minutes to Dunns, 25 minutes to Wickenburg, 10 minutes to Horns and Hooves in Morristown, 30-40 minutes to Buckeye. This property is more than just a house; it's a lifestyle. Whether you're looking to unwind in your private oasis or host friends and family, this home has everything you need and more. Don't miss your chance to own this desert gem and experience the charm of Wittmann living firsthand with a turnkey property ready for you! A beautiful horse property in the heart of the roping capital of the world. Great place for winter visitors, boarding, ropers and barrel racers. This property is location makes it a possible income potential. This 1.27 acre property features a riding area for barrel pattern, 4 15X15 stalls in mare motel, 3 rv hookups Covered back patio with plenty of room to add more stalls!
7609 E Indian Bend Road Unit 3005
Scottsdale, AZ 85250
$625,000
3
Beds
2
Baths
1,541
SqFt
Status
Active
MLS #
6764433
Property Type
Apartment
Price Type
--
This stunning condominium is located on the third floor offering access using stairs or the elevator. It is a fully furnished residence that can sleep up to 6. This three bedroom two bath home is located within a gates community. The private balcony over looks the pool and you're steps away from the Scottsdale Silverado Golf Club. Walking distance to Railroad Park and the Canal takes you to Tempe Town Lake. Restaurants, shopping and entertainment are literally in your backyard. The perfect location for living your best life. Better yet this community does allow Short Term Rentals. So investors come one come all!!