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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1639 E Redfield Road Gilbert, AZ 85234

$575,000

4 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6750971

Property Type Single Family Residence

Price Type --

ALL ELECTRIC* ZERO UTILITY BILLS *MONTHLY REBATE FROM SRP* TOP OF THE LINE TESLA SOLAR SYSTEM WILL BE PAID OFF AT THE CLOSE OF ESCROW.* *HIGH EFFICIENCY HVAC SYSTEM 2023* *WOOD FLOORING AND CARPET 2024* *HALL BATH ENLARGE AND REMODEL 2024* *TESLA SOLAR SYSTEM 2022* PERFECT FAMILY HOME IN SONOMA RANCH. GREAT SCHOOLS CLOSE BY, NEIGHBORHOOD PARKS, BEAUTIFUL YARD WITH SWIMMING POOL. NORTH SOUTH FACING HOME. HOME IS MOVE IN READY.

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2942 S Sierra Heights Mesa, AZ 85212

$575,000

5 Beds

3 Baths

2,724 SqFt

Status Active

MLS # 6781940

Property Type Single Family Residence

Price Type --

Recently updated! This beautiful home in Skyline Park is move-in ready for your client! The backyard is an entertainer's paradise with a pebble-tech pool featuring a water slide, waterfall, and grotto, plus a pergola for shaded relaxation. The spacious kitchen boasts a granite island & countertops, stainless steel appliances, and a gas range. Additional highlights include a versatile downstairs suite with a full bath, ideal for guests or a home office, as well as an RV gate and a large side yard parking slab for extra toys. The home is conveniently located near community park and within the highly rated Gilbert School District. Nearby shopping, dining, and golf courses add to the appeal, creating an ideal setting for both entertaining and everyday living!

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9413 E Osage Avenue Mesa, AZ 85212

$575,000

4 Beds

2 Baths

2,308 SqFt

Status Active

MLS # 6764630

Property Type Single Family Residence

Price Type --

Back on market after getting a super cute remodel! Fantastic single story home located in highly desirable Mesquite Canyon featuring 4 bedrooms, 2 baths, 2 car garage, Through the front door you are welcomed by BRAND NEW vinyl plank flooring throughout, FRESHLY painted white interior which is a blank canvas to decorate to your hearts content, NEW baseboards, additional puck lighting added to give the home that light, bright and airy feeling, living room/dining room combo, kitchen boasts granite countertops and backsplash, stainless steel appliances, white cabs, dining area, kitchen island, flat top electric stove with above b-i microwave, huge walk-in pantry, family room with shiplap accent wall, large primary bedroom with double door entry, walk-in closet and exterior access to backyard , ensuite with dual sinks, separate shower & tub, chevron accent wall with updated mirrors and light fixtures, enjoy outdoor entertaining with sparking play pool, covered patio and canopy with pavered sitting area, vaulted ceilings, faux wood blinds, security screen door, near highly rated Gilbert schools, neighborhood parks, restaurants and shopping. An Absolute Must See!

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116 S Arizona Avenue Prescott, AZ 86303

$575,000

3 Beds

2 Baths

1,320 SqFt

Status Active

MLS # 6739131

Property Type Single Family Residence

Price Type --

Your fully remodeled home in downtown Prescott awaits! Only a half mile from the court house square you will find this updated home boasting a new roof; all new windows; all new flooring; all new kitchen cabinets and granite counters; all new appliances; new heating and central air; fully remodeled bathrooms; new stucco exterior; and all new paint inside and outside. Ample off street parking combined with a detached 1 car garage would make this a great second home with endless rental possibilities due to being walking distance to the Courthouse Square; tennis courts, and soccer field across the street; and only 3 blocks from the famous Mt Vernon Street!

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2717 W Gila Lane Chandler, AZ 85224

$575,000

4 Beds

3.5 Baths

2,587 SqFt

Status Active

MLS # 6778601

Property Type Single Family Residence

Price Type --

Beautiful two story stucco home featuring a double ensuite floorplan, with one bedroom and a full bathroom located downstairs. Upstairs you will find a primary suite and two more bedrooms. Living area features vaulted ceilings, bay windows, plenty of natural light, and wood-burning fireplace in family room. Eat-in kitchen is complete with stainless steel appliances, tiled backsplash, plenty of cabinet and counter space, breakfast bar, recessed lighting, and picture windows with a perfect view of the backyard and swimming pool. Located in a highly desirable Chandler neighborhood with no HOA, and within walking distance to Amberwood Park and Chandler Traditional Academy-Goodman Campus. This home has a lot of potential! Come see it today!

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13370 W Domino Drive Peoria, AZ 85383

$575,000

2 Beds

2 Baths

1,926 SqFt

Status Active

MLS # 6766463

Property Type Single Family Residence

Price Type --

RARE 2021 'MOSAIC' WITH 3-CAR GARAGE! Neutral palette. Wide plank tile flooring, kitchen with granite slab on countertops & island, stainless appliances with 5 burners gas stove. Huge SMART SPACE with washer/dryer, 2 built-in desks, laundry sink, abundant cabinets with roll outs and WALK-IN PANTRY. Large open great rm with adjacent extended dining rm big enough for large table. Primary suite w/large walk-in closet, double sinks, large shower and separate toilet rm. Den with double French doors/multipurpose. Very spacious 2nd bed. Lovely, landscaped lot, full fenced yard. Upgraded lighting, fans and blinds throughout plus top-down/bottom-up shades in bedrooms. This home is in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge community park loaded with amenities. Move-in ready!

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18822 N Grandview Drive Sun City West, AZ 85375

$575,000

2 Beds

2 Baths

2,319 SqFt

Status Active

MLS # 6750441

Property Type Single Family Residence

Price Type --

Home is situated on the 10th fairway on the Grandview Golf Course in Sun City West. The solar lease was installed in 2011 and is paid until 2032. Giving you the luxury of sustainable energy. This property has premium upgrades in the kitchen with quartz countertops, stylish cabinets, and stainless steel appliances. Roof underlayment was replaced in 2017 and the HVAC system was updated in 2013. The Master Bath was beautifully appointed with new cabinets, tiled shower and sinks and plantation shutters in the master bedroom. Further adding to the charm are the tubular skylights adding natural light. Complementing the indoor living space is an enclosed lanai and a huge covered patio. The outside offers beautiful views of the White Tank Mountains and serene spaces to unwind.

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2300 E Campbell Avenue Unit 310 Phoenix, AZ 85016

Open House

New

$575,000

2 Beds

2.5 Baths

1,345 SqFt

Status Active

MLS # 6788028

Property Type Apartment

Price Type --

Tidy Biltmore Area condo with a beautiful Modern aesthetic, recently constructed in 2017. Each bedroom is en suite, and an additional half bathroom is attached the living area. Full size stacking washer/dryer in unit, and 2 designated parking spaces included in this secure and 24 hr monitored building. Kitchen features Bosch appliances, LG refrigerator, quartz countertops and large kitchen island.

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2989 N 44th Street Unit 3028 Phoenix, AZ 85018

Open House

$575,000

3 Beds

3 Baths

1,743 SqFt

Status Active

MLS # 6723473

Property Type Apartment

Price Type --

Sunsets and sparkling city light views frame this urban contemporary condominium in gated Arcadia Grove.Surrounded by towering pines, palms, Koi ponds and waterfalls this luxury property is 10 minutes to galleries, restaurants, Sky Harbor, Scottsdale, Biltmore, Tempe and downtown Phoenix. St. Joe's/Barrows, Phoenix Children's and AZ Heart hospitals are a dream commute.With private garages for 3 cars, this single level unit offers 1,743 square feet, 2 master bedrooms with large walk-in closets, a study (or 3rd bedroom) with custom office furniture and 3 baths. The neutral palette, great room floor plan and large private balcony with views of Camelback, provide a tranquil setting. Resort style heated pool/spa, 24 hour fitness center and clubhouse with catering kitchen complete this property

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1453 E South Fork Drive Phoenix, AZ 85048

Open House

$575,000

3 Beds

2.5 Baths

2,232 SqFt

Status Active

MLS # 6786801

Property Type Single Family Residence

Price Type --

Newly remodeled beautiful 3 Bedroom, 2.5 Bath home with Loft and Den in The Foothills Community. Fresh paint makes this home Open & Bright. Fireplace in Living room. Formal Dining, warm Family room w/tile. Large upgraded kitchen, backsplash, new stainless steel appliances , new quartz kitchen island and countertop. Good sized master bedroom upstairs with great view of Mountains , walk in closet. Master bath has double sinks , separate shower and tub and private toilet room. Downstair den can be converted to a bedroom. 90% Sun Blockage black screen. New equipment on pool 2024, exterior wall painted on 2023. Excellent Kyrene School District, quiet community, easy access to 202, only 10 mins convenient to shopping plaza and south mountain trail.

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2550 E North Lane Phoenix, AZ 85028

Open House

$575,000

3 Beds

2 Baths

1,507 SqFt

Status Active

MLS # 6766161

Property Type Single Family Residence

Price Type --

Corner Lot! Single Story! NO carpet. NO HOA. Room for RV Parking! 2018 Windows & Sliders! This home features an open-concept layout, where the living room seamlessly connects to the dining area and kitchen, all adorned with stylish wood-look laminate plank flooring and tile, no carpet throughout. The kitchen boasts white cabinetry, black appliances, ample storage drawers, and generous countertops. Enjoy views of the spacious backyard through the large picture window above the kitchen sink. A conveniently located laundry room is just off the kitchen for easy access. The bright and inviting living room is filled with natural light from a large window with shutters that showcase majestic views of Piestawa Peak and Stoney Mountains. The primary suite includes a sliding glass door leading to the backyard, a walk-in closet, and an ensuite bathroom featuring a charming 1970s sunken tub with natural light streaming in from a long window. Two additional guest bedrooms share a hallway bathroom, which has been updated with a remodeled shower/tub combo and a stylish tile surround. Step outside to the expansive backyard, complete with a large covered patio, vibrant natural grass, and a separate entry to the storage room. There's also a large gate providing alley access. Recent updates include all-new windows in 2018 and a Rheem water heater installed in 2021. This home is the perfect blend of classic charm and modern convenience!

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780 E Kapasi Lane San Tan Valley, AZ 85140

$574,999

5 Beds

4 Baths

4,141 SqFt

Status Active

MLS # 6753650

Property Type Single Family Residence

Price Type --

SELLER CURRENTLY OFFERING 2-1 BUYDOWN COSTS FOR BUYER'S INTEREST RATE! The space here has been maximally utilized with not only 5 bedrooms but a loft, bonus room, 2 living rooms, a dining room, 3-car garage, split primaries (separate downstairs with a full bathroom), and all walk-in closets. The open floor plan flows seamlessly into the kitchen: a chef's dream. Granite counters that elegantly contrast the wood cabinets, double ovens, breakfast bar, complete with an oversized walk-in pantry. Interior has been recently painted white. Spend evenings in the low-maintenance, backyard relaxing under the pergola. Within walking distance you'll find the community park (reach out for neighborhood amenities). Close to HWY 24, great schools, shopping, dining, groceries, gas, etc.

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