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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11933 N 140th Lane
Surprise, AZ 85379
$650,000
5
Beds
4.5
Baths
4,135
SqFt
Status
Active
MLS #
6822202
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home in the sought-after Kenly Farms neighborhood of Surprise! This spacious 5-bedroom, 4.5-bathroom home spans an impressive 4,135 sq ft, offering plenty of room to live, entertain, and relax. Step inside to an open-concept floor plan that seamlessly connects the living spaces. The formal dining room sets the stage for memorable gatherings, while the den offers the perfect spot for a home office or playroom. Upstairs, a large loft provides even more versatile living space, and the primary suite includes a private balcony, perfect for enjoying your morning coffee. Cozy up by the fireplace in the living room, or head outside to your backyard oasis, complete with a sparkling pool—ideal for those hot Arizona summers! Storage is no issue here, with plenty of closets and built-ins throughout, plus a 3-car tandem garage to fit all your vehicles and tools. This home truly has it allspace, style, and an unbeatable location. It's a wonderful place to call home.
5474 E 32nd Avenue
Apache Junction, AZ 85119
$650,000
4
Beds
2
Baths
2,100
SqFt
Status
Active
MLS #
6810294
Property Type
Manufactured Home
Price Type
--
AMAZING OPPORTUNITY!! This unique custom home sits on 2.5 acres with stunning views of the Superstition Mtns. This 2100 sqft home offers the perfect blend of country living and modern comfort. Featuring NO HOA, 4 bdrms / 2 baths, a cozy stone-walled fireplace and kitchen updates make this home move-in ready. Large covered patio, ideal for outdoor entertaining. 2 car garage plus 3 car carport offers plenty of covered parking. Have horses? Enjoy trail riding right off the property. This home is unique because it is 1/2 mobile home and 1/2 block built home, but you would never know there is a mobile home here. Sitting on 2.5 acres this property presents endless opportunities for expansion or creating your dream outdoor retreat.
660 E 1st Avenue
Mesa, AZ 85204
$650,000
6
Beds
4
Baths
2,455
SqFt
Status
Active
MLS #
6831323
Property Type
Single Family Residence
Price Type
--
Two houses with three separate units on corner lot! The main house has 1750 sqft and the secondary house has 750 sq ft. What an incredible opportunity to live in the main house consisting of 3 bedrooms/2 bathrooms/2 carport spaces while collecting Airbnb rental income from the attached 1 bedroom/1 bathroom guest house AND long-term rental income from the 2 bedroom/1 bathroom secondary home (separate address for guest house 68 S. Ashland). Both homes have their own private front and backyards, laundry inside, and separately metered for electric, gas, water, trash, and sewer. Total gross income of all units are rented out is about $4600+/month. The main home has been freshly painted and ready for the new owners to start moving in The roof is about 8 years old while the AC's are 7 years old in the main house and 1 year old in the smaller secondary homeBoth hot water heaters are from 2023. In addition there is a finished basement with extra storage not included in the sq ft. Come take a look!
1777 N Rustler Trail
Camp Verde, AZ 86322
$650,000
6
Beds
4
Baths
2,761
SqFt
Status
Active
MLS #
6831431
Property Type
Single Family Residence
Price Type
--
Inviting Home Nestled Among Pecan Trees and Grass Yard. This Home Sits on 1.35 IRRIGATED Acres with (EUREKA DITCH). Main House is a Big 1,925 Sq Ft. Featuring 4 large Bedrms with 3 Full Baths & a Large Living Rm that Includes a Pellet Heating Stove. Also Featuring a Big GUEST HOUSE that is 836 Sq Ft with 2 Bedrooms & 1 Bath. This Would be an Excellent Mother-in-Law Set-up w/(privacy) or VRBO. This Fenced HORSE PROPERTY has Covered Open Stalls & TACK/HAY ROOM. Also Includes Owned Solar System, a Private Well, 2 Septic Systems that Services Both the Main & Guest House. This Home sits on a Great Location (Green belt) near the Verde River. Quiet Neighborhood w/Lots of Trees. Easy Access to I-17 & Located Conveniently Between Flagstaff, Camp Verde, Cottonwood, Payson, Sedona & Prescott, Arizona. Commuting Distance to Phoenix approx. 85 miles. This Home has a Lot to Offer w/Lots of Potential!! Don't Wait to See It!
3546 E Latham Way
Gilbert, AZ 85297
$650,000
3
Beds
2
Baths
2,380
SqFt
Status
Active
MLS #
6825176
Property Type
Single Family Residence
Price Type
--
Located in the heart of Coronado Ranch, this turnkey former model home is packed with premium features and thoughtful updates! This North/South exposure single-level 3-bed, 2-bath home backs to a greenbelt, offering scenic views. The spacious kitchen features a gas stove, large island, pantry, and a wall of extra cabinets for ample storage. Inside, enjoy granite countertops, a gas fireplace, and built-in bookcases in the den/office. The washer and dryer are included! The impeccably maintained backyard offers a heated saltwater play pool, spa, covered patio, and lawn. Ample parking and storage in the 3-car garage. Just a short walk to the elementary school, park, basketball court, and soccer field, with Gilbert Regional Park, shopping, and dining nearby. Don't miss this stunning home!
44429 N 1st Drive
New River, AZ 85087
$650,000
4
Beds
3
Baths
2,764
SqFt
Status
Active Under Contract
MLS #
6812026
Property Type
Single Family Residence
Price Type
--
Seller wants sold! Gorgeous mountain views. Surrounded by custom homes & priced well under market value. A beautiful home built in 2020. 3 Bedroom, Den, 2 bath main house with an additional 1 bedroom 1 bath casita. Split bedroom-great room concept with 9' ceilings throughout & vaulted in the kitchen & great room, 8' interior doors, Iron front entry door, designer niches & recessed lighting. Smart home features include dimmers in all rooms & can be operated by your phone app. Blown in foam insulation for maximum efficiency. Large kitchen boasts raised panel cabinetry, light neutral granite, S/S-LG appliances, prep sink, 2 garbage disposals, walk-in pantry, eat-in kitchen space along with island & breakfast bar. Primary bedroom is spacious with separate bedroom exit, dual..... sinks, separate tub & walk-in shower & large walk-in closet. Secondary bedrooms are roomy & the office/den has double door entry & is located right near the front door where you want it. Bathrooms have beautiful matching granite. Washer/Dryer & both frig's stay, all S/S. The 72 TV in the great room also stays. Fully fenced acre with two RV gates (10' & 12') so bring your toys! Storage shed with water. Located just off the pavement on a quiet dead end street & very near the new TSMC Chip Manufacturing Plant. Convenient to trails (just 3 miles to The Tonto National Forest), grocery, banking, restaurants, retail & more. A short 6 miles to I17 (easy access to Prescott, Sedona & Flagstaff). In 30 minutes you can be on the water at Lake Pleasant. ***Home is being sold in AS IS condition, is priced for quick sale & repairs needed are more than reflected in this amazing price. THIS HOME IS BEAUTIFUL. It needs flooring repair estimated between $2,500-10K depending on how you choose to repair AND the North side block wall is tilting, neighbor has agreed to pay half (buyer to verify).*** Seller prefers CASH & quick close.
20386 E Bronco Drive
Queen Creek, AZ 85142
$650,000
3
Beds
2
Baths
2,042
SqFt
Status
Active
MLS #
6824847
Property Type
Single Family Residence
Price Type
--
This is western living at its finest. Live in a charming neighborhood of custom homes & walk to the stables where you board your horse. Will Rogers Equestrian Ranch caters to horse enthusiasts, however, owning a horse is not a requirement to live here. There are other amenities to enjoy: the club house, sport courts, sparkling community pool, mountain views, & great walkability to shopping, dining & entertainment. This home on Bronco Dr is spectacular! 3 bedroom 2 bath + great room + extra garage space + RV gate, gorgeous home in the heart of The Will Rogers Equestrian Ranch. Immaculate and ready to move in.
348 E Cairo Drive
Tempe, AZ 85282
$650,000
3
Beds
2
Baths
2,281
SqFt
Status
Active
MLS #
6826835
Property Type
Single Family Residence
Price Type
--
A perfect blend of space and flexibility in this conveniently located North Tempe home, just half a mile from ASU, and excelling schools. Originally a 4 bedroom, this home has been converted into a 3-bedroom with an office, with the potential to revert back to four bedrooms. Extra large primary bedroom with access to a large backyard with a garden and pool. Enjoy a prime location just minutes from downtown Tempe, restaurants, shopping, and entertainment. Whether you're strolling along Mill Avenue, catching a game at Sun Devil Stadium, or exploring Tempe Town Lake, everything you need is right here. Plus, with Sky Harbor Airport, downtown Phoenix, and Old Town Scottsdale just a short drive away. New AC and furnace 2019, New sewer line 2021, insulation added in 2018, New pool filter 2021
942 E Paseo Way
Phoenix, AZ 85042
$650,000
3
Beds
3
Baths
2,251
SqFt
Status
Active
MLS #
6827584
Property Type
Single Family Residence
Price Type
--
Welcome to this nearly new, beautifully upgraded home in the exclusive gated community of Avance! Offering 3 spacious bedrooms plus a versatile den that can easily be a 4th bedroom, 3 bathrooms, and a 3-car garage, this home is designed for both comfort and style. Step inside to find gorgeous wood-look flooring throughout, a chef's dream kitchen featuring a large island, stainless steel appliances, a gas range and oven, and a brand-new Bosch dishwasher. The open-concept design is perfect for entertaining! Outside, the resort-style backyard is a true retreat with a built-in gas firepit and no neighbors behind—just serene views of the desert wash. Enjoy the best of Avance living with access to 16,000+ acres of pristine hiking trails, a resort-style pool & state of the art fitness facility!
12118 W Villa Chula Court
Sun City, AZ 85373
$650,000
4
Beds
2.5
Baths
3,830
SqFt
Status
Active
MLS #
6827993
Property Type
Single Family Residence
Price Type
--
Welcome to this luxurious four-bedroom, two-and-a-half-bathroom home that's been completely remodeled. It's got a spacious loft, two living rooms, and a separate den/office. The gourmet kitchen is the star of the show. It's got an oversized waterfall island, sleek quartz countertops, brand-new stainless steel appliances, and soft-close drawers and cabinets for a touch of luxury. The open-concept layout flows seamlessly into the living areas, making it perfect for entertaining. Retreat to the primary suite, which is spa-inspired ensuite with a custom-tiled walk-in shower and a stunning standalone tub. All four bedrooms have walk-in closets, so you'll have plenty of storage space with a large walk-in laundry room. **Luxurious Fully Remodeled Four-Bedroom Home with Loft, Office, and High-End Finishes** Enter the realm of opulence with this meticulously remodeled four-bedroom, two-and-a-half-bathroom home. Boasting a spacious loft, two living rooms, and a dedicated den/office, every aspect has been meticulously designed to harmonize modern elegance with functional convenience. The gourmet kitchen stands as a culinary masterpiece, featuring an expansive waterfall island, premium quartz countertops, state-of-the-art stainless steel appliances, and soft-close drawers and cabinets, exuding a touch of sophistication. The open-concept layout seamlessly integrates the living areas, making it an ideal destination for entertaining. Retreat to the expansive primary suite, complete with a spa-inspired ensuite that includes a custom-tiled walk-in shower and a captivating standalone tub, providing an oasis for relaxation. Each of the four bedrooms is equipped with a walk-in closet, ensuring ample storage space for ultimate comfort. The home also features a substantial walk-in laundry room, enhancing its overall functionality. Step outside to the meticulously designed backyard, featuring an extended paver patio and lush low-maintenance landscapingideal for entertaining or simply relaxing. Conveniently situated near the freeway, this move-in-ready home offers easy access to shopping, dining, and commuting. Schedule your viewing today to experience the epitome of luxury and comfort.
18932 N 89th Way
Scottsdale, AZ 85255
$650,000
2
Beds
2
Baths
1,351
SqFt
Status
Active
MLS #
6830753
Property Type
Single Family Residence
Price Type
--
Fabulous home in Ironwood Village! Located in North Scottsdale, this heavenly property sits in a premium cul-de-sac location within a quiet community close to Grayhawk Golf Club, DC Ranch, Market St, Kierland and much, much more! Featuring 2 bed/baths, a single level floor plan w/soaring vaulted ceilings and natural light throughout the home. Inside, a perfect blend of ceramic tile flooring and carpeted bedrooms provide modern comfort and low-maintenance living. Kitchen enjoys a beautiful view of the lush xeriscape outside, and features wood cabinets, granite counters and opens to dining area as well as separate breakfast zone. Outside, you'll enjoy the best back patio in the neighborhood with both covered and open air spaces, sandstone flooring, built-in gas fireplace w/seating & BBQ.
8743 E Rancho Vista Drive
Scottsdale, AZ 85251
$650,000
3
Beds
2
Baths
1,565
SqFt
Status
Active
MLS #
6826807
Property Type
Single Family Residence
Price Type
--
INVESTOR SPECIAL!! Other homes in the neighborhood are selling $950K - $1.2M!! 4 renovation projects on this street already. Great footprint, south facing backyard and solid construction make this a perfect home to renovate. Home has solar and is paid in full. No lease to acquire.