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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10733 W Swayback Pass Peoria, AZ 85383

$599,900

3 Beds

3 Baths

2,282 SqFt

Status Active

MLS # 6785066

Property Type Single Family Residence

Price Type --

This deal is a steal! Price includes 20k for rate buy down and closing cost, and is still priced below comps. The floorplan is 50 ft wide, nicely upgraded, and features 3 beds, plus a den, 3 full baths, and a 3 car garge, located on a large premium lot. The back yard is finished with pavers, turf, and a large covered patio. The setbacks are large for privacy, and there is a double gate on the east side. Bring your offer today.

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10847 E Forge Circle Mesa, AZ 85208

$599,900

4 Beds

2.5 Baths

3,092 SqFt

Status Active

MLS # 6784548

Property Type Single Family Residence

Price Type --

Do not miss this one in a kind home!! It features 4 spacious bedrooms, 2.5 bathrooms with a large RV gate. The master bedroom is downstairs and has its own staircase leading upstairs to a private loft that overlooks the pool. The main staircase leads to upstairs to 3 oversized bedrooms, full bathroom and a massive loft. The main floor features an upgraded kitchen with granite, a backsplash, stainless appliances and a huge pantry with coffee station and extra storage. It is an open concept with a breakfast nook looking to the pool and a formal dining that can be used as office or another living space. The backyard is an oasis with beautiful pool, outdoor kitchen, fire pit and large ramada.

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24686 N 175th Avenue Surprise, AZ 85387

$599,900

3 Beds

3 Baths

2,192 SqFt

Status Active

MLS # 6785461

Property Type Single Family Residence

Price Type --

Welcome to this 2022 platinum upgrade package (36k) Lennar built home situated on private lot due to drainage easement. You choose this home over a current Lennar build to capitalize on 150k of updates for almost the exact same cost as current models with-out. Professionally transformed basic ''builder grade'' lot into a magazine worthy masterpiece boasting a custom pool with sunbathing shelf, stunning travertine tile, waterfall feature, premium added lighting in both pool & landscaping, raised gas fire pit with pergola, outdoor kitchen/bar with built-in grill (never used), motorized sun shades, ceiling fan and built-in outdoor speakers & tv! (128k) Interior updates: 7 ceiling fans, pendant & cabinet lighting, epoxied garage floor, added built-ins, water softener and whole home audio 12k

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1018 W Park Avenue Gilbert, AZ 85233

$599,900

4 Beds

3 Baths

2,118 SqFt

Status Active

MLS # 6786887

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the heart of Gilbert's most sought-after community! This stunning, competitively priced 4-bedroom, 3-bathroom home offers peace of mind with a new AC, roof, and water heater, plus an owned water softener system. Perfectly situated on the largest corner lot in the neighborhood, the backyard is a paradise designed for making memories. Imagine summer days by the sparkling pool, evenings hosting friends under the stars, and plenty of space for kids and pets to play. The RV gate provides ample room for your toys and extra storage. Inside, you'll find spacious living areas and a thoughtful layout, ideal for raising your family and entertaining guests. Move in and start creating a lifetime of memories!

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1910 E Rainbow Trail Payson, AZ 85541

$599,900

3 Beds

2 Baths

1,772 SqFt

Status Active Under Contract

MLS # 6692516

Property Type Single Family Residence

Price Type --

BRAND NEW - TO BE BUILT Dream Home on the Rim in Payson - surrounded by gorgeous custom homes and less than 7 min from Renowned Golf Club at Chaparral Pines & The Rim Club, less than a mile from Safeway grocery store and convenient shopping, dining, gas & bank. Buyers able to select Cabinet Color, Granite Color, Interior & Exterior Paint and Flooring. Not much around here under $600K so hurry - home can be completed in less than 6 mos- just in time to enjoy for the summer! Photo reflects same floorplan and elevation as what will be built. Additional Photos of this home will be posted as it progresses. Buyer to verify all facts & figures.

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4209 E Bonanza Road Gilbert, AZ 85297

$599,900

4 Beds

3 Baths

2,502 SqFt

Status Active Under Contract

MLS # 6753531

Property Type Single Family Residence

Price Type --

This beautiful home in Power Ranch has been meticulously maintained by the original owners and offers 4 bedrooms & 3 full baths in 2502 SqFt. Living areas include formal living/dining and separate family room on the main level and a large upstairs loft. The recently updated eat-in kitchen features maple cabinetry with under-cabinet lighting and crown molding, granite countertops, modern subway tile backsplash, stainless appliances, pantry, and island with breakfast bar. The backyard has an extended covered patio with ceiling fan and easy-care artificial turf for kids and pets to play on. One bedroom and bath are on the main level, perfect for guests! The primary is upstairs and has double door entry, and an en-suite bath with dual sink vanity, separate tub & shower, and walk-in closet. The laundry room is conveniently located upstairs. Other features include an oversized 2 car garage and leased solar panels to provide utility savings! Power Ranch is a resort-style community with a variety of amenities including a clubhouse, two swimming pools, and spa, sport courts (including tennis, pickleball, and bocce), fitness center, and much more!

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15975 W Laurel Lane Surprise, AZ 85379

$599,900

3 Beds

2 Baths

2,567 SqFt

Status Active Under Contract

MLS # 6770459

Property Type Single Family Residence

Price Type --

SPARKLING POOL (backyard OASIS), HIGHLY UPGRADED Shea Homes built, 10' ceilings, Single Level, 3 beds PLUS double door ENCLOSED FLEX ROOM, w/RV gate in Greer Ranch North! Fall in love w/the HUGE & bright open floor plan enhanced by surround sound, tons of recessed lighting, 3 panel sliding glass door, wood-look tile flooring in all the key areas. Gourmet kitchen w/abundant white cabinetry, granite counters, prep island w/breakfast bar, tile backsplash, & SS appliances; wall oven & cooktop gas. Serene main retreat; ensuite w/dual sinks, JUMBO tiled walk-in shower w/TWO shower heads (rain) w/drying area, & walk-in closet. Tranquil backyard invites endless outdoor activities & relaxation, boasting covered patio, gazebo, fire pit & refreshing pool w/water feature. Snatch this GEM!!!

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217 E 14th Street Tempe, AZ 85281

$599,900

4 Beds

2 Baths

1,276 SqFt

Status Active Under Contract

MLS # 6782682

Property Type Single Family Residence

Price Type --

Introducing a rare gem in the heart of Tempe's iconic University Park neighborhood! This charming 1945-built home is nestled on a picturesque, tree-lined street, just steps away from ASU, making it one of the most desirable locations in all of Tempe. With 4 bedrooms and 2 bathrooms, this property offers ample space and character, ideal for an investor seeking a prime opportunity or a homeowner ready to create their dream residence. Set on an expansive lot, the home provides plenty of room for outdoor enjoyment or future enhancements. Full of historical charm and potential, this property is a perfect blank slate, ready for its next chapter. Don't miss your chance to own a piece of Tempe history in an unparalleled location!

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4730 S Emery -- Mesa, AZ 85212

$599,900

5 Beds

4 Baths

3,937 SqFt

Status Active

MLS # 6670989

Property Type Single Family Residence

Price Type --

* Check out this NEW List Price! * This 5-bedroom 4 bath home that is priced to sell today. The main floor boasts both family and living rooms, an eat in kitchen with large island and walk in pantry. An oversized bedroom and a full bath are conveniently located on this main floor. There is a separate garage next to this room making a private entrance for the new homeowner. There is a large loft area upstairs which provides limitless possibilities. The over-sized primary suite is perfect for a stay-at-home vaca including a remodeled bathroom and sitting area. Don't miss the huge walk-in closet. The backyard is secluded and has mature trees that offer shade and lots of room to play or just relax.

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6202 E Mckellips Road Unit 310 Mesa, AZ 85215

$599,900

3 Beds

2 Baths

1,866 SqFt

Status Active

MLS # 6745407

Property Type Single Family Residence

Price Type --

Welcome to Tuscany Villas at Painted Mountain Golf Resort, NE Mesa's most coveted gated and golf course community! Step into this rare, free-standing golf course home, where every detail is crafted for perfection! This stunning villa features 3 spacious bedrooms and 2 luxurious bathrooms, all set in an open floor plan that exudes elegance. The upgraded kitchen is a chef's dream, boasting beautiful cabinets, sleek granite countertops, tile flooring, and a generous prep island. Whether you're hosting a formal dinner or enjoying a casual meal, the informal and formal dining areas offer flexibility and style. Relax in the great room with its large windows framing breathtaking views of the golf course, or retreat to your private master suite, complete with a walk-in closet and a master bath designed for ultimate relaxationfeaturing a soaking tub and walk-in shower. Two additional well-sized bedrooms and a full bath ensure comfort and convenience for family and guests. The backyard is your personal oasis! With a covered patio, lush landscaping, a cozy fire pit, and a paved patio area, you'll be set for enjoying Arizona's beautiful weather and stunning golf course vistas. Don't miss out on this gem! Plus, the 2-car garage with epoxy flooring and cabinets adds to the home's exceptional appeal. Tuscany Villas enhances your lifestyle with a heated pool, 2 spas, a clubhouse, a fitness area, and a variety of activities. Come see for yourself and discover the perfect blend of luxury and leisure in your new home!

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16214 W Questa Drive Surprise, AZ 85387

$599,900

3 Beds

2.5 Baths

2,357 SqFt

Status Active

MLS # 6708544

Property Type Single Family Residence

Price Type --

Welcome to Sonoma Coast at Esca;lante! New construction TO BE BUILT! This single level 2357 SF single level 3 BR with den, 2.5 BA home is for the garage guy! 5 1/2 tandem car garage on a larger 8,840 S.F. lot!!. This home can easily be expanded to 5 bedrooms 3 baths. Surrounded by all single level homes. Exciting included features include - 10' ceilings, 8' doors, granite tops in the kitchen, tank less water heater, front yard landscape package. Large kitchen Island with Prep Area. paver driveway, 2'' faux blinds on all windows, ceiling fans in all room,EV outlet in garage, Indoor air plus and Energy Star Qualified. This home is to be built! Floorplan under doc tab.

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11255 E Utah Avenue Mesa, AZ 85212

$599,900

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6712922

Property Type Single Family Residence

Price Type --

Don't miss this quick move-in home. Stunning 4 bedroom home with Den and 3.5 baths. Occupied less than 6 months, but not by choice. Includes appliances, window treatments, cabinet hardware, RO water. Gourmet kitchen includes quartz countertops, 42'' white shaker cabinets and stainless steel appliances with gas cooktop, hood, wall oven and built in microwave. Spa like master bath with separate tub and shower. Tile floors in all the main areas, carpet only in bedrooms. 10' Ceilings with 8' interior doors. 4 1/4' baseboards, paver drive, walkway, and patio. Energy star home for comfort and energy efficiency. Quick move-in and seller willing to offer concessions to assist with closing fees and or buy down rates with reasonable offer. Seller says bring all reasonable offers!

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