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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4220 N 32nd Street Unit 1
Phoenix, AZ 85018
$598,000
2
Beds
3
Baths
1,406
SqFt
Status
Active Under Contract
MLS #
6782931
Property Type
Townhouse
Price Type
--
Introducing the epitome of modern patio home living in the heart of Arcadia - welcome home to the Arcadian Phoenix. Nestled in the coveted 85018 area code, these modern townhomes redefine living with their spacious floor plans and an array of amenities. Step inside to discover a haven of elegance, boasting 10-foot ceilings on the main living floor and large windows that flood the space with natural light. The gourmet kitchen seamlessly merges with the inviting family room, creating the perfect setting for both everyday living and entertaining. Revel in the exquisite finishes, featuring stunning cabinetry, sleek quartz countertops, and timeless stainless steel appliances. Experience true architectural brilliance with the inclusion of a charming Juliet balcony
6614 E Juniper Avenue
Scottsdale, AZ 85254
$598,000
2
Beds
2
Baths
1,428
SqFt
Status
Active
MLS #
6719401
Property Type
Single Family Residence
Price Type
--
Amazing Scottsdale Location! Fully remodeled home on a large lot in a quiet neighborhood with a full spa, a cozy fireplace, & a wet bar. The kitchen features granite tile counters & stainless steel appliances. Enjoy Large master suite offering Large soaker tub and walk in shower. Soak in the AZ weather in your beautiful backyard with multiple covered patios, and a full size spa, beautiful desert landscaping with a pair of love birds nesting in the saguaro cactus, Also featured, a 2-car garage with epoxy flooring. Conveniently located off Bell Rd, equal distance to all the fun at Scottsdale Quarter, Kierland Commons, & Desert Ridge Marketplace with endless options for shopping, dining, & entertainment!
1240 E Windsor Avenue
Phoenix, AZ 85006
$598,000
3
Beds
2.5
Baths
1,739
SqFt
Status
Active
MLS #
6748705
Property Type
Single Family Residence
Price Type
--
This charming ranch home sits in the Country Club Manor section of Coronado District!! 3 bedrooms, 1.5 bathroom main house, PLUS 1 bed 1 bath guest quarters. Already separated with fencing for privacy. Large yard with new landscaping in the front. Some original features of this home have remained, such as coved ceilings, original doorknobs, and built in nooks. The classic floorpan includes custom built bookshelves and floor to ceiling windows in the main space of the home. The home has been well loved and is ready for the next owner to move in and make it their own
2240 E Roma Avenue
Phoenix, AZ 85016
$598,000
3
Beds
2
Baths
1,473
SqFt
Status
Active
MLS #
6759288
Property Type
Single Family Residence
Price Type
--
Urban renovation is a big deal in this neighborhood... Everything from new builds over 1M, to original-owner homes ready to undergo total makeovers, there is a pride of ownership and a cool urban vibe going on. This home has been updated a lot over the past few months... New roof, new paint, new pool & spa motors, new quartz countertops, & new synthetic grass yards.
3100 W Frankfurt Drive
Chandler, AZ 85226
$598,000
5
Beds
3
Baths
2,372
SqFt
Status
Active
MLS #
6744740
Property Type
Single Family Residence
Price Type
--
The seller will contribute towards lowering the buyer's interest rate by covering some of the associated costs, providing a more affordable monthly payment! HOA PAID FOR 1 YEAR!! Your family will love this 5-bedroom 3 bath home with a gorgeous deck off the Primary bedroom. With NO NEIGHBORS BEHIND, you will truly enjoy the serenity here. ALL NEW ENERGY EFFICIENT WINDOWS, NEW WATER HEATER and the HVAC & AIR HANDLER is 3 YEARS NEW!! Lots of natural light to enjoy the chef's kitchen with granite counters and SS appliances and so much storage. 3 bedrooms Upstairs with beautiful wood floors. Downstairs has 2 bedrooms and a living room with a fireplace, so many spaces to enjoy. Step outside and entertain or relax in your private, tranquil backyard under the stars.
23827 N 163rd Drive
Surprise, AZ 85387
$597,995
3
Beds
2.5
Baths
2,390
SqFt
Status
Active
MLS #
6772244
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 spacious great room; a gourmet kitchen offering 42'' cabinets, a double oven, quartz countertops, stainless-steel appliances, a center island and a walk-in pantry; an open dining area; a relaxing covered patio; a lavish primary suite showcasing a generous walk-in closet and a private bath; a convenient laundry; a mudroom; an RV garage and a 2-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.
17357 W Red Bird Road
Surprise, AZ 85387
$597,990
4
Beds
3.5
Baths
2,990
SqFt
Status
Active
MLS #
6783736
Property Type
Single Family Residence
Price Type
--
RARE opportunity in Desert Oasis as the homes rarely go on sale! Resort-style backyard with lighted pergola, cascading waterfall, sunset views, and 3 fruit trees! BRAND NEW 1st floor carpet, primary bath counters, cabinets, soaking tub, pool filter system, pool pump, and A/C unit motors on both A/C units! Exclusive amenities include community pool, splash pad, parks, trails, and seasonal parades/events. MASSIVE 3-car garage! Located near Peoria 4-Corners shopping plaza, Costco, Sam's Club, Fry's, library, and city parks. Easy day-trip to Lake Pleasant, Prescott, Sedona, and Flagstaff. 1st floor primary suite with TWO walk-in closets, 1st floor laundry, and 3 living spaces both upstairs and downstairs for relaxing. Upstairs loft for extra comfort and enjoyment. Book a visit today!
17726 W Hatcher Road
Waddell, AZ 85355
$597,885
4
Beds
3.5
Baths
3,222
SqFt
Status
Active
MLS #
6773027
Property Type
Single Family Residence
Price Type
--
This Gorgeous NEW home has so much to offer! Primary bedroom on the 1st floor 3,222 square feet, 4 bedrooms, 3.5 bathrooms, loft, media room, a 3 car tandem garage on a North/south corner lot! This home features 36'' white shaker cabinetry, 18x18 tile, a large kitchen island, quartz counter tops, and 9' ceilings throughout. It also includes a soft water loop, dual pane low-E windows, multi-zone thermostat, window coverings and a smart home system. The exterior features front desert landscaping, a covered patio and generous backyard. Conveniently located off the 303, this community is near Costco, Safeway, and shopping. **Finishes may vary from sample photos and virtual tour.
27242 W Wahalla Lane
Buckeye, AZ 85396
$597,700
2
Beds
2
Baths
2,092
SqFt
Status
Active
MLS #
6776160
Property Type
Single Family Residence
Price Type
--
A FULLY FURNISHED, TURNKEY DESTINY MODEL WITH OWNED SOLAR & 3 CAR GARAGE SITUATED ON A PREMUIM GOLFCOURSE, LAKE FRONT LOT! Enter the front courtyard which leads to the open concept floorplan w/ tile plank flooring and neutral palette. The living/dining room boasts a custom stacked stone media wall & panoramic views of the of the course. The dine-in kitchen features a huge center Island, granite counters, custom tile backsplash & breakfast bar. Master Suite is complete w/sep tub/shower, dual sinks & large walk-in closet. Second bedroom & a den on the opposite side of the home provide privacy for guests.The laundry room offers lots of cabinets & utility sink. Enjoy outdoor living on the extended covered patio overlooking the stunning water fountain on this award winning golf course.
21354 E Sparrow Drive
Queen Creek, AZ 85142
$597,594
4
Beds
3
Baths
2,405
SqFt
Status
Active
MLS #
6753924
Property Type
Single Family Residence
Price Type
--
Welcome to this stunning home in Ascent at Jorde Farms, filled with numerous upgrades! Inside, you'll find a gourmet kitchen featuring designer cabinets, quartz countertops, and Whirlpool stainless steel appliances. The open-concept great room offers the perfect space for gatherings. The private primary bedroom includes an ensuite bath and a spacious walk-in closet. This home boasts 3 bedrooms, 3 full baths, upgraded paint, flooring, and more! Enjoy the charming porch and become part of the inviting Ascent at Jorde Farms community, which plans to offer a pool, walking paths, and parks. With great restaurants and shopping nearby, your dream home awaits! Welcome home!!
7637 E Chaparral Road
Scottsdale, AZ 85250
$597,500
2
Beds
2
Baths
1,700
SqFt
Status
Active
MLS #
6777379
Property Type
Townhouse
Price Type
--
Charming Mid-Century Modern Home with Expansive Upgrades. Welcome to your perfect blend of modern comfort and classic mid-century charm! This beautifully updated one-story home is located in a highly desirable Scottsdale 55+ neighborhood, offers a sophisticated lifestyle wrapped in understated elegance. Stylish Interiors Step inside to find an open-concept great room filled with natural light, featuring neutral tones and contemporary finishes that create a warm, inviting atmosphere. The spacious family room flows seamlessly into the dining area and kitchen, perfect for entertaining. Large sliding glass doors lead to the lush backyard, enhancing the indoor-outdoor Arizona lifestyle. The gourmet kitchen is a chef's dream, equipped with gleaming granite countertops, custom wood cabinets Relaxing Bedrooms and Luxurious Baths The home boasts two generously-sized bedrooms, each with updated flooring and custom window treatments. The primary suite offers an expansive retreat with access to the backyard, and it includes a sleek, spa-inspired ensuite bath. The bathrooms have been upgraded with high-end fixtures, frameless glass showers, and stylish vanities, providing an elevated sense of comfort. Outdoor Living at Its Best The spacious backyard is a private oasis, featuring lush artificial turf and mature trees that provide plenty of shade and privacy. Enjoy the extended covered patio, perfect for hosting gatherings or simply unwinding with a good book. A modern epoxy-coated two-car carport offers ample parking, and the front of the house features tasteful xeriscaping, providing a low-maintenance, yet attractive curb appeal. Upgrades Galore This home includes numerous recent upgrades, including modern ceiling fans, updated lighting throughout, a spacious laundry and storage room, and quality flooring in every room. Every inch of this home has been thoughtfully designed to maximize comfort and style. Don't miss this opportunity to own a piece of Scottsdale paradisea property that perfectly embodies the spirit of modern Arizona living, offering a comfortable and stylish retreat while being close to all the amenities and entertainment the city has to offer. Location, Location, Location Beyond the property's attractive features, its location is second to none. Nestled just minutes away from Old Town Scottsdale, residents can enjoy a diverse array of world-class shopping, dining, and entertainment options. Scottsdale Fashion Square, with its upscale shops, is just around the corner, while a variety of local restaurants, cafés, and nightlife venues provide endless opportunities for leisure and enjoyment. Chaparral Plaza and The Shops at Hilton Village offer additional shopping and dining conveniences nearby. Whether you're in the mood for an afternoon of boutique shopping or an elegant evening out, everything is right at your doorstep.
6202 E Mckellips Road Unit 141
Mesa, AZ 85215
$597,500
3
Beds
2
Baths
1,773
SqFt
Status
Active
MLS #
6786590
Property Type
Townhouse
Price Type
--
Welcome to NE Mesa's premier gated & golf course carefree living community! This 3 bedroom 2 bath villa is a must see! Gated private courtyard entry. Enter into an open floor plan. Kitchen offers an abundance of cabinets, prep island, gas stove & informal dining. Plantation shutters thru out the home. Comfortable family room open to formal dining area. Master retreat w/ walk in closet, vanity w/ 2 sinks, soaking tub & walk in shower. Other two bedrooms w/ full bath. Laundry rom w/ cabinets. The backyard is where you live! This west exposure offers very special golf course & sunset views. Large paved patio and built in BBQ.Lush landscaping, fruit trees, covered patio, electric awning all offering relaxing outdoor space. . Community offers heated pool, spa, clubhouse, fitness area, pickle ball, movie room ect.HOA covers: Roof exterior of the home, blanket insurance, front landscaping, cable and internet!