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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1410 W Flintlock Way Chandler, AZ 85286

$599,999

3 Beds

2 Baths

2,132 SqFt

Status Active

MLS # 6742529

Property Type Single Family Residence

Price Type --

Excellent location! This 3 bed, 2 bath + office/den home boasts of 2 spacious living areas, open kitchen concept with a large island and new SS appliances (2024). The oasis backyard includes a heated pool and spa, and backs to a greenbelt. This home also features a 3-car AC'd garage that includes a 220V, 27 ton hydraulic system. With a New roof (2023), New HVAC (2022), New Tankless Water Heater (2022) and water filtration throughout the home, this place has it all. The property is centrally located near the 202 freeway, Chandler Fashion Center, Hospitals, A+ Chandler Schools, Restaurants, and Much, Much More, putting you in the heart of everything Chandler has to offer.

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3780 S Ashley Place Chandler, AZ 85286

$599,999

4 Beds

2 Baths

2,188 SqFt

Status Active

MLS # 6743456

Property Type Single Family Residence

Price Type --

Home, sweet home! This beautiful 4 bed, 2 bath residence now on the market is for you! Great curb appeal, a low-maintance front yard, and a 2 car garage & Brand New AC System! Discover spacious dining & living areas w/vaulted ceilings, soft carpet in all the right places, and custom palette throughout. The kitchen is equipped w/ample cabinet & counter space, a pantry, built-in appliances, recessed lighting, a prep island, a breakfast nook w/a lovely bay window, and a peninsula w/a breakfast bar. End your busy day in the primary bedroom, boasting a walk-in closet and a full ensuite w/dual sinks. Finally, the wonderful backyard includes a covered patio, extended seating area, artificial turf, and a sparkling blue pool perfect for the warm summer days! What are you waiting for? Act now

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22325 N 78th Drive Peoria, AZ 85383

$599,999

4 Beds

2 Baths

2,136 SqFt

Status Active

MLS # 6757376

Property Type Single Family Residence

Price Type --

NEWLY UPDATED 4-BEDROOM HOME IN THE FLETCHER HEIGHTS COMMUNITY! This home features updated flooring throughout. Quartz countertops in kitchen and bathrooms updating the home with a bright and airy atmosphere. Fresh paint throughout. The eat-in kitchen features ample cabinet space with a large island with breakfast bar seating. The primary bedroom features dual sinks, separate tub and shower, and walk-in closet. The other bedrooms are located away from the primary bedroom allowing privacy. The large back yard features a hot tub and ample space to create a beautiful low maintenance backyard oasis. A MUST SEE TO MAKE THIS YOUR HOME!

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750 N Chippewa Place Chandler, AZ 85224

Open House

$599,999

4 Beds

2 Baths

2,070 SqFt

Status Active

MLS # 6762793

Property Type Single Family Residence

Price Type --

This stunningly remodeled single-story home with owned solar features 4 bedrooms, a den/office, 2 bathrooms, and a roomy 2-car garage, all within 2,070 square feet of thoughtfully designed living space. The open split floorplan provides a perfect balance of privacy and functionality. The upgraded kitchen features granite countertops, updated cabinets and appliances, a stylish hood over the cooktop, and a generous walk-in pantry. The primary suite is a true retreat, complete with an extra-long vanity featuring dual sinks and custom mirrors, a walk-in shower with dual shower heads, a large walk-in closet, and a private toilet room. Throughout the home, you'll find updated dual-pane windows, blinds, ceiling fans and modern light fixtures. The exterior is equally impressive with a charming... private courtyard, a paver walkway, and a backyard that boasts a covered patio, a sparkling pebble-tech pool, a grassy lawn, putting green and RV gate with additional parking. Located in a cul-de-sac, this home offers both tranquility and convenience, being centrally situated near shopping, dining, freeways, and entertainment. This home is a must-see for those seeking comfort, style, and convenience!

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16220 W Boulder Drive Surprise, AZ 85374

Open House

$599,999

2 Beds

2 Baths

1,834 SqFt

Status Active

MLS # 6767561

Property Type Single Family Residence

Price Type --

Stunning Palo Verde Del Webb model located on the #9 tee box of Granite Falls South Golf Course. This home features split bedrooms, ensuring privacy for both owner and guests. The spacious great room includes a custom DAGR media wall and fireplace. The kitchen is well-appointed with granite countertops, stainless steel appliances, and a bay window in the breakfast nook. Primary bath has 2 sinks, granite counters and Calif Closets. French doors, by Renewal by Andersen, lead to the backyard. Brand-new 2024 roof. Air conditioner replaced. Your outdoor sanctuary features a large, heated pool with water feature. The spa offers the ideal spot to relax after a round of golf or a game of pickleball. Move-in ready & waiting for its new owner!

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10511 S 47th Lane Laveen, AZ 85339

$599,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6720364

Property Type Single Family Residence

Price Type --

Boasting an open layout ready-made for entertaining, this Pinecrest plan centers around an expansive great room, 10' ceilings, a dining nook and an impressive gourmet kitchen boasting a convenient island, walk-in pantry, with white shaker cabinets, quartz counters, black matte fixtures and stone tile throughout, with carpeted bedrooms. The elegant primary suite is adjacent, showcasing an immense walk-in closet and a private deluxe bathroom with shower and separate tub. Two additional bedrooms, a study, a laundry and a covered patio round out the plan.

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17637 W Blue Sky Drive Surprise, AZ 85387

$599,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6740210

Property Type Single Family Residence

Price Type --

Explore this dynamic Deacon home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a versatile flex room; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; a spacious great room; an elegant dining room with center-meet doors leading onto a relaxing covered patio; an impressive primary suite showcasing a generous walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a tandem garage and an RV garage. This home also offers additional windows and ceiling fan prewiring in select rooms.

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310 S 4th Street Unit 806 Phoenix, AZ 85004

$599,995

2 Beds

2.5 Baths

1,426 SqFt

Status Active Under Contract

MLS # 6761931

Property Type Apartment

Price Type --

Sold out pre-construction because of its desired NE corner lot location with 180° views from City lights to NE Valley Mtn and ballpark! Splitmaster layout featuring floor to ceiling aluminum frame windows, powder rm, laundry rm and 230/ft wrap around balcony. Other features; engineered wood floors, granite kitchen w/bar overhang, Viking appliances. Freshly painted top to bottom and new carpets in bedrooms. HOA includes Cox Internet, water, sewer, trash, storage with other amenity conveniences such as, 24-hr desk/guard, 24 hr fitness center w/dry spa, locker rm, rooftop terrace clubhouse w/fire pit, heated 5th floor pool/hot tub and much more.. 806 comes with two full size side-by-side parking located steps from elevator door!

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31711 N 164th Street Scottsdale, AZ 85262

$599,995

3 Beds

2 Baths

1,492 SqFt

Status Active

MLS # 6787022

Property Type Manufactured Home

Price Type --

YES! IT HAS WATER!! Discover the perfect blend of tranquility and functionality on this stunning 2.5-acre horse property in the heart of the Rio Verde Foothills. Boasting breathtaking views of Four Peaks, this property is a slice of desert paradise with ample room to bring your vision to life. Offering a tack shed, chicken coop, two storage sheds, and even an outdoor shower, the possibilities are endless and the memories to be made are abundant! Equipped for equestrian enthusiasts, it features a mare motel, round pen, and turnout space, offering everything you need to care for and train your horses. With the best of Arizona's natural beauty as your backdrop, this property is ready for your personal touches—whether you dream of creating a ranch-style haven, expanding its existing amenities, or building your ideal retreat. Don't miss this opportunity to own a piece of the Rio Verde Foothills lifestyle!

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21889 E Saddle Court Queen Creek, AZ 85142

$599,995

3 Beds

2.5 Baths

2,260 SqFt

Status Active

MLS # 6731563

Property Type Single Family Residence

Price Type --

Explore this eye-catching Townsend home, ready for quick move-in! This plan boasts 3 bedrooms, 2.5 baths, formal dining room, 3-car garage, and a welcoming covered porch. There is a private study off the foyer with an open-concept great room with a multi-sliding glass door. The breakfast nook flows into a gourmet kitchen boasting white cabinets, quartz countertops, a center island and a walk-in pantry; The primary suite showcases a generous walk-in closet.

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106 N Lariat Way Payson, AZ 85541

$599,995

4 Beds

3 Baths

3,407 SqFt

Status Active

MLS # 6760660

Property Type Single Family Residence

Price Type --

Unbelievable find for UNDER $200 PER SQUARE FOOT! This is a multi-generational house with no HOA, oversized bedrooms, and travertine flooring. You need to see this home! Fantastic 4 bed, 3 bath, 3407 square foot home at the end of a cul-de-sac in a desirable neighborhood within a mile and a half of the high school, middle school, and Rumsey Park. Freshly painted 2-level home with dueling open concept great rooms, suitable for separate living areas or an unbelievable party room. One on the 3-bedroom upper level, with a split floor plan, and one on the lower level, with a bedroom, kitchenette, and 3/4 bathroom. Both levels featuring updated Trex outdoor living areas. Investors welcome! This home offers countless opportunities. Come and see today!

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3929 W Talc Drive San Tan Valley, AZ 85144

Open House

$599,995

4 Beds

3.5 Baths

2,668 SqFt

Status Active

MLS # 6768174

Property Type Single Family Residence

Price Type --

This home is luxury single-level living at its finest. The bright foyer sets the perfect mood, offering plenty of natural light and flowing effortlessly into the rest of the home. A well-appointed kitchen boasts KitchenAid stainless steel appliances, beautiful cabinets, and a huge walk-in pantry. The casual dining area is adjacent to the kitchen, providing a convenient and intimate setting. The great room is the perfect setting for relaxation and entertaining with natural light. Roomy secondary bedrooms offer ample closet space. The primary bedroom suite is tucked away for a more intimate, private setting. A luxurious primary bathroom that boasts dual sinks, large bathtub, private toilet area and large walk-in closet. A sliding glass door leads to a luxury outdoor living space.

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