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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26322 W Firehawk Drive Buckeye, AZ 85396

$570,000

3 Beds

2 Baths

2,381 SqFt

Status Active

MLS # 6772955

Property Type Single Family Residence

Price Type --

HIGHLY UPGRADED Serenity model w/Owned Solar & Updated 19 SEER Amana HVAC! Rare opportunity to own a 3 bedroom, 2 bath + Den home w/a Screened in Patio. You will be greeted by the Tuscan elevation & the Gated Paver Courtyard. Upon entering you will be impressed by the architectural touch of the tray ceilings throughout. Tile flooring leads you into the Chef Lux kitchen w/under cabinet lights, Granite counters, Tile backsplash, Pull-out shelves, Soft close drawers, Pendant lights & Walk-in Pantry. Cozy Gas Fireplace in the family room. Owner Suite w/a Bay window & Barn door that leads into the Bath w/dual sinks & Modern Walk-in Tiled shower for a spa like retreat! Enter the fully Insulated temperature-controlled garage w/cabinets, epoxy floors updated water softener & tankless water heater

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5153 N Main Drive Apache Junction, AZ 85120

$570,000

3 Beds

2 Baths

1,640 SqFt

Status Active Under Contract

MLS # 6690299

Property Type Single Family Residence

Price Type --

Beautiful 2.5 acres close to freeway, and surrounded by views, clear skies, city lights and peace and quiet! This 3 bedroom, 2 bath home has updating and room for the family. Updates include engineered wood flooring, Thermaster energy efficient windows, French doors, beadboard, stainless appliances, new roof and more. The great room is open concept with wood beams and a real wood burning fireplace. Bring your toys and horses as there is room for all! This horse property/mini farm has 2 stalls, a barn or 2 car garage, storage shed and a carport. Home has it's own well. The east 1.25 acres share a well with one other and can be subdivided. Easy to show. This property has something for everyone!

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3121 W Pima Street Phoenix, AZ 85009

$570,000

4 Beds

2 Baths

1,471 SqFt

Status Active Under Contract

MLS # 6760103

Property Type Single Family Residence

Price Type --

Investment opportunity! This property has many different potential uses. Fix up the houses and flip them, or even rent them. Depending on your desired outcome, you could remove the homes and build something else on the property. This property is zoned R-3 multifamily medium density. If you are looking for your next investment opportunity, you should look at this one.

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29810 W Bellview Street Buckeye, AZ 85396

$570,000

4 Beds

2 Baths

1,900 SqFt

Status Active

MLS # 6777916

Property Type Single Family Residence

Price Type --

Come and see this beautiful house with neutral tones through out, open floor plan, lots of natural light in the living area. Huge island in kitchen. Split floor plan, the back patio is huge, this house has pleanty of land, over 1 acre ready for you to give it your personal touch.

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714 W Mesquite Street Gilbert, AZ 85233

$570,000

4 Beds

2 Baths

1,962 SqFt

Status Active

MLS # 6750995

Property Type Single Family Residence

Price Type --

Fantastic opportunity! Welcome to this stunning residence featuring a 3-car garage and a convenient RV gate. Discover a welcoming living room with vaulted ceilings, clerestory windows for natural light, contemporary track lighting, and tile flooring. The great room has a cozy fireplace for quiet evenings. The delightful kitchen boasts a charming breakfast nook, granite counters, abundant wood cabinetry, built-in appliances, recessed lighting, a pantry, and a two-tier island with a breakfast bar. The den is perfect for an office or study. The main bedroom includes French doors leading to the backyard, an ensuite with dual sinks, and a walk-in closet. The enchanting backyard displays a covered patio and a sparkling pool for cooling down on warm days. Make this gem yours!

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26218 S Brentwood Drive Sun Lakes, AZ 85248

$570,000

3 Beds

2 Baths

1,823 SqFt

Status Active

MLS # 6779857

Property Type Single Family Residence

Price Type --

Discover this popular Alameda model home, featuring 3 spacious BR and 2 BA in the sought-after Cottonwood Active Adult Community.HVAC replaced Dec 2024 The primary BR boasts an elegant en-suite with an additional expanded walk-in closet, offering ample storage space. Enjoy luxurious travertine flooring throughout with carpet thoughtfully placed for comfort. Vaulted ceilings in the family room enhance the home's style and openness, while most windows have been recently upgraded for improved energy efficiency. The extended garage includes epoxy flooring, workbench, and abundant storage. Situated on a desirable golf course and lake view lot, this home provides stunning scenery to enjoy from your own backyard with balcony too! Don't miss this exceptional opportunity to own a slice of paradise

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22861 E Estrella Road Queen Creek, AZ 85142

$570,000

3 Beds

2 Baths

1,689 SqFt

Status Active

MLS # 6778158

Property Type Single Family Residence

Price Type --

Constructed in 2021 and situated in the sought-after Spur Cross community, this residence boasts a thoughtfully designed floor plan and an attached RV garage. The interior features an open great room concept, three bedrooms, and two bathrooms within 1689 square feet. The kitchen is equipped with espresso maple cabinets, granite countertops, a modern subway tile backsplash, stainless steel appliances including a gas stove, a walk-in pantry, and an island with a breakfast bar. Multi-panel center sliding glass doors open to a covered patio, an extended paver patio with a gazebo, and a private backyard with grass for kids and pets to play on. The primary bedroom includes an en-suite bathroom with a dual-sink vanity, a large shower, and a walk-in closet. The secondary bathroom also features a dual-sink vanity and a combination bathtub/shower. Additional amenities include a two-car garage with a utility sink and overhead storage, and the highlightan attached RV garage with front and rear doors. Community amenities include a fabulous pool, sports courts, a playground, and common areas.

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2245 Bear Claw Drive Overgaard, AZ 85933

$570,000

3 Beds

3 Baths

2,152 SqFt

Status Active

MLS # 6769611

Property Type Single Family Residence

Price Type --

Located in the heart of Heber-Overgaard, this charming log cabin is a true gem in Bear Country Estates. Set on a corner lot within a gated community, it boasts vaulted ceilings and an open floor plan that creates an inviting atmosphere. The interior features stunning knotty pine T&G ceilings and cozy knotty pine wood doors, while a rock-faced wood-burning fireplace adds warmth to the living space. Chalet windows frame the picturesque views of blue spruce trees outside. The modern kitchen is equipped with stainless steel appliances, and barn doors lead to a convenient laundry area. Upstairs, offers wood-stained interior doors and double doors leading into the master suite and luxurious dual sink master bath, complete with a garden tub/shower. Recent upgrades include a new roof and HVAC.... unit, both replaced within the last two years. The property also includes a detached two-car garage and is conveniently located near local services and forest service access, making it an ideal retreat for nature lovers. View Today!

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18003 N 135th Drive Sun City West, AZ 85375

$570,000

4 Beds

2 Baths

2,634 SqFt

Status Active

MLS # 6735710

Property Type Single Family Residence

Price Type --

Beautiful,completely remodeled 4 Bedroom/2 Bath home with paid off solar! All of the details have been thought through making it stylish, warm and functional. The home is perfect for entertaining or a quiet night by the cozy, electric fireplace. All work was permitted and completed by licensed contractors. New Wndows, Electrical, Plumbing, Fixtures, Paint, Flooring, ductwork, courtyard tile, Appliances and more. Roof was replaced in 2020 and HVAC in 2019. Seller to pay the $5000 SCW Asset Preservation Fee if COE by 12/31. Enjoy all of the amenities that the 55+ Sun City West provides! The new owner(s) will be able to pick out a backsplash of their choice for the kitchen and it will be installed by close of escrow.

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9322 W Juniper Road Strawberry, AZ 85544

Open House

$570,000

3 Beds

2 Baths

2,368 SqFt

Status Active

MLS # 6705096

Property Type Manufactured Home

Price Type --

Welcome to your new haven in Strawberry! This charming home offers the epitome of country living, nestled among majestic oaks and pine trees on a generous .5-acre lot. Step inside to discover a spacious great room with BRAND NEW vinyl floors, a soaring vaulted ceiling, and a recently remodeled kitchen. The kitchen is a culinary dream, featuring a gas range, stainless steel appliances, granite counters, new cabinets, a walk-in pantry, and a cozy breakfast nook. Unwind in the luxurious primary retreat, complete with an ensuite bath boasting a soaking tub, dual vanity sinks, and a separate walk-in shower. Additional bedrooms share a beautifully remodeled bathroom, ensuring comfort for the entire family. Outside, revel in breathtaking mountain views from both the front and back of the house. The serene atmosphere is enhanced by the absence of an HOA, allowing you the freedom to bring your horses and embrace your future options. Conveniently located just minutes from downtown Strawberry and surrounded by an abundance of riding trails, this home offers the perfect blend of tranquility and accessibility. Don't miss out on the opportunity to make this flexible and welcoming property your own slice of paradise. Come see this home today and experience the allure of country living at its finest!

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5526 S Grenoble Street Mesa, AZ 85212

$569,999

3 Beds

2 Baths

2,020 SqFt

Status Active

MLS # 6780096

Property Type Single Family Residence

Price Type --

Seller offers 5K towards buyer's Closing costs! The things this home has to offer!!! From the 3 Beds, 2 baths, the Glass Doors Studio/DEN to the Tankless Gas Water Heater, the water Softener and water Filter, to the hidden Safe, extended cabinets at kitchen, the quartz countertops, Murphy Bed for your guests, to the surround system in the great room and the TV on the patio, colorful outdoor Jacuzzi to relax under the pergola, the outdoor lightening, Variety of Fruit Trees, and top it off with the separate doggy play area. Come see it and you will fall in love!

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3956 E Constitution Drive Gilbert, AZ 85296

$569,999

3 Beds

2 Baths

1,954 SqFt

Status Active

MLS # 6725786

Property Type Single Family Residence

Price Type --

Welcome to Segretto- The private and quiet community nestled in the heart of Gilbert- just minutes from the Agritopia Epicenter (home of some of the best dining in Gilbert), San Tan Marketplace and just a mile from the 202 freeway entrance! This adorable home features a bright and open floorplan with an oversized living room perfect for gatherings and entertaining! The gorgeous kitchen features white shaker cabinets, trendy backsplash, stainless steel appliances and a large kitchen island and breakfast bar. All fixtures throughout have been upgraded and updated including toilets, faucets and light fixtures. Don't forget the tankless water heater. This home backs to county island homes for ultimate privacy. Backyard beautifully landscaped with grass and a spacious covered patio!

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