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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3790 E Chickadee Road Gilbert, AZ 85297

$580,000

4 Beds

2.5 Baths

2,174 SqFt

Status Active

MLS # 6776177

Property Type Single Family Residence

Price Type --

Beautifully Remodeled Contemporary Home - Move-in Ready! Discover this freshly updated home featuring modern upgrades and elegant finishes throughout. New interior and exterior painting sets the tone, while luxury vinyl flooring adds style and durability. Step into a fully remodeled kitchen showcasing a custom wood range hood, high backsplash, and a farmhouse undermount sink for a sophisticated touch. Enjoy a dedicated wine area and all-new stainless steel appliances. The open-concept layout is enhanced with recessed LED lighting and stylish new fixtures, creating a warm and inviting ambiance. Relax in the luxurious, fully remodeled bathrooms designed with contemporary finishes. Rest easy with new AC and furnace units, a new water heater, and a recently tuned-up roof, ensuring ensuring comfort and peace of mind. This home combines style and functionality, ready to welcome its next owner. Don't miss the opportunity to own this thoughtfully renovated gem!

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27386 W Osprey Drive Buckeye, AZ 85396

$580,000

2 Beds

2.5 Baths

2,557 SqFt

Status Active Under Contract

MLS # 6739338

Property Type Single Family Residence

Price Type --

Why wait to build when you can make this stunning nearly new JOURNEY model yours today! This elegantly appointed 2,557 sqft, 2 beds, 2.5 bath, Den with French doors, Flex space, Great room, charming Courtyard & Golf cart garage home will not disappoint. The Kitchen is an entertainers delight with Granite countertops, sleek back splash, Gas cooktop with DOUBLE ovens, Soft close drawers, Pull out Shelves, Reverse Osmosis, magnificent Executive Island perfect for storing all of the small kitchen appliances and gathering loved ones or friends. Wooden shutters throughout & Media wall in the Great room. Owner's suite bathroom with its modern Tile Walk-in shower, Double sinks & Granite counters. Private walled lot, Extended Travertine Patio, Built-in gas BBQ & low maintenance Turf. See it today!

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17106 E La Pasada Drive Fountain Hills, AZ 85268

$580,000

4 Beds

2 Baths

1,522 SqFt

Status Active Under Contract

MLS # 6748601

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This exquisite 4-bdrm residence w/den is situated on a spacious lot in the highly sought-after Fountain Hills community. Every inch of this home has been thoughtfully remodeled to offer the perfect blend of modern luxury & timeless charm. Enjoy 4 generously sized bedrooms plus a versatile den, ideal for a hm office/additional living space. Experience contemporary living with high-end finishes, sleek fixtures, and a state-of-the-art kitchen. The large lot provides ample space for outdoor entertaining, gardening, or simply relaxing; endless possibilities! Nestled in a tranquil neighborhood w/ access to all the amenities that Fountain Hills has to offer, including seasonal art/wine festivals, Fountain park, dining and the iconic Fountain.

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2438 W Clearview Trail Phoenix, AZ 85086

$580,000

3 Beds

2 Baths

2,338 SqFt

Status Active

MLS # 6762744

Property Type Single Family Residence

Price Type --

**SELLER HAS 4.99% CONVENTIONAL LOAN THAT IS ASSUMABLE** Home, sweet home! This 3-bedroom, 2-bath residence features a 2-car garage and eye-catching stone accents. Discover a spacious living/dining room with 10' ceilings, a soothing palette, classic plantation shutters, sunscreens, recessed lighting, and a blend of wood-look and tile flooring. The kitchen comes with abundant wood cabinetry with crown moulding, stainless steel appliances, a handy pantry, and a two-tier peninsula with a breakfast bar for casual dining. You'll also find a versatile bonus room perfect for an office, lounge, or play area. The cozy main bedroom is complete with soft carpeting, an ensuite with dual sinks, and a convenient walk-in closet. The enchanting backyard includes a covered patio, pristine artificial turf, and a sparkling pool, built by Presidential Pools, for cooling down on hot days. Make this yours! Whole home water filtration system installed in 2021

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2101 N Normal Avenue Tempe, AZ 85288

$580,000

3 Beds

2 Baths

1,513 SqFt

Status Active

MLS # 6753795

Property Type Single Family Residence

Price Type --

Newly remodeled home with fresh interior paint and new front landscaping!Fresh blue exterior paint, dual pane windows, and recent plumbing and electrical updates.Beautiful wood flooring throughout the home, recessed lighting, barn doors, and TWO entertainment rooms await you inside. Large shaker cabinets w/crown molding, granite counters, stainless steel appliances, custom tile backsplash, & a center island w/breakfast bar. The covered patio and fire-pit is the ideal place for all your gatherings under the vast Arizona sky. Located in a quiet neighborhood just minutes from Old Town Scottsdale, ASU, the Entertainment District! This property qualifies for 1% lender credits available to a qualified buyer! If not already working with another lender, please see the lender flyer in docs tab f

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901 S Smith Road Unit 1012 Tempe, AZ 85281

$580,000

3 Beds

2.5 Baths

1,805 SqFt

Status Active

MLS # 6758678

Property Type Townhouse

Price Type --

Welcome to modern living in Tempe. This lux beauty has 3 bedrooms with 2.5 baths and is conveniently located to all that Tempe has to offer. Looking to be close to ASU, but not in the thick of it, look no further. Or if having easy access to the 101 for commuting to other parts of the valley is important, then this is the place. You'll appreciate the gated access to the community and a two car garage with direct entry into your home. Other pluses are the downstairs guest bath and the upstairs laundry room where the bedrooms are located. You'll also enjoy your private backyard and the balcony off the primary suite. There's much to love about this place and its location!

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19063 N 265th Avenue Buckeye, AZ 85396

$580,000

2 Beds

2.5 Baths

1,864 SqFt

Status Active

MLS # 6707112

Property Type Single Family Residence

Price Type --

ASSUMABLE 3% FHA MORTGAGE WITH $285,000 DOWNPAYMENT, or fund a second! Get a pool, owned solar, golf and mountain views at a great price. This highly upgraded Sanctuary model with approximately 1,864 sf. has two suites, a half-bath, and a den. The home has a 2-ft. rear extension and 2-ft. extended garage which is air-conditioned. Upgraded Taupe cabinets, dark granite counters and a stainless-steel gas cooktop create contrast and brighten up the living space. An electric fireplace with a framed and tiled mantle, and accent wall paint, complements the hardwood floors in the gathering room. From the pool you can enjoy a view of the White Tank Mountains & the green at the 9th hole on the Mountain Course at Sun City Festival, Arizona's premier 55+ community.

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20903 S 185th Way Queen Creek, AZ 85142

$580,000

3 Beds

2 Baths

1,920 SqFt

Status Active

MLS # 6770353

Property Type Single Family Residence

Price Type --

This incredible home is MOVE IN READY!! Comes complete with refrigerator, hot tub, and large shed!! You're going to love living in this open concept home with 10 ft ceilings and large windows with a backyard perfect for lounging, entertaining or relaxing in the hot tub! RV Gate with extra concrete drive for parking, and additional storage space behind the gate! Air conditioned garage space with epoxy floors and loads of cabinets is perfect for parking or working on projects! With kitchen and bathroom updates, and new flooring this home is in excellent condition and you're going to love living here! Located on the Gilbert/Queen Creek border you're just minutes from QC Marketplace and San Tan Village shopping, dining & entertainment options! Don't let this one get away!

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5132 W Lydia Lane Laveen, AZ 85339

Open House

New

$580,000

5 Beds

4 Baths

2,896 SqFt

Status Active

MLS # 6788167

Property Type Single Family Residence

Price Type --

FORMER Kinkade model over 140k in upgrades! This two-story home features 5 bedrooms and 4 full baths, plenty of room for your needs. The home sits on large, fully landscaped home site, close to playground and walking paths. The spacious open floor plan including large gourmet eat in kitchen, Formal Dining room, Surround sound throughout, Bedroom on 1st floor w/full bath, upstairs loft. The feature list includes hardwood floors downstairs, all new LVP flooring upstairs, slab granite countertop, stainless steel appliances, 12-foot multi slide glass door in Great Room, designer wall treatments, custom subway tile kitchen backsplash, wifi-enabled front and back security cameras. Backyard gate leads to walking and biking trail, no homes behind you. Located within 2 miles of 202 freeway.

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10080 E Mountain View Lake Drive Unit 327 Scottsdale, AZ 85258

$579,999

2 Beds

2 Baths

1,152 SqFt

Status Active

MLS # 6749762

Property Type Apartment

Price Type --

Welcome to this Scottsdale Bay Club penthouse condo, recently renovated in 2024 with elegant quartz countertops, soft-close cabinets, sleek tile showers, and luxury vinyl flooring. This end unit offers privacy with no neighbors above and serene pool views from a private balcony. Enjoy direct access to the community pool, clubhouse, and gym. The gated community features a spa, fitness center, recreation room, Koi pond, and boat docks. Located next to Scottsdale Ranch Park, amenities include lighted tennis, racquetball, and sand volleyball courts, plus more. Close to Mercado Shopping Center and the 101 freeway.

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9016 W Tony Court Peoria, AZ 85382

$579,999

4 Beds

2.5 Baths

2,672 SqFt

Status Active

MLS # 6779455

Property Type Single Family Residence

Price Type --

HUGE REDUCTION 40,000... NO HOA NONE.!!!!! .BRING YOUR BOATS AND TRAILERS YOU CAN PARK THEM HERE AT YOUR NEW HOUSE. RV GATE WIDE ENOUGH FOR A PONTOON.THERES A PLAY POOL , HALF BASKETBALL COURT AND A HALF LEMON/ORANGE TREE OUT BACK .INSIDE THE PLACE IS SPOTLESS NEW PAINT,THAT TIES THE GENTLY USED CARPET AND TAUPE AND BROWN TILE TOGETHER DOWNSTAIRS .THERES NEW HARDWARE THROUGH OUT. LIVE IN IT WHILE YOU MAKE THOSE LITTLE TWEEKS .THERES A LIVING ROOM ,DINING COMBO AND GREAT BIG FAMILY ROOM WITH A FIREPLACE .SNUGGLE UP WAITING FOR SANTA .QUARTER BATH DOWNSTAIRS AS WELL. ALL 4 HUGE BEDROOMS AND DEN CAN BE FOUND UPSTAIRS THERE ARE LARGE WALK IN CLOSETS IN THE BEDROOMS.LARGE LINEN,SEPERATE MASTER TUB AND SHOWER. 2YR OLD AC UNITS (2). LOTS OF GARAGE STORAGE..CLEAN CARPETS DOWN.ALLOWANCE UPSTAI

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3028 E Friess Drive Phoenix, AZ 85032

$579,995

3 Beds

2.5 Baths

2,032 SqFt

Status Active

MLS # 6755440

Property Type Single Family Residence

Price Type --

-HOA- GREAT LOCATION. This home is located in a highly desirable neighborhood that offers numerous amenities for its residents. 3 bedrooms 2 &1/2 baths and a loft that opens to a balcony with views of a spacious yard and pebble tec pool. The North/South exposure provides ample natural light, and the home boasts a large family room with a fireplace, separate living and dining areas, and a kitchen with big windows and NEW appliances! The balcony has recently been updated with a new coating. The backyard is perfect for play, with a grass area, covered patio, and a beautiful pebble tec pool. Conveniently located near the 51 and 101 freeways, this home has NO HOA and is a short walk from the highly acclaimed Great Hearts Public Charter School K-12.

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