The Pros and Cons of Mortgage Rate Locks

The Pros and Cons of Mortgage Rate LocksIf 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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29449 N Sorrento Drive Peoria, AZ 85383

$569,900
2 Beds
2 Baths
1,835 SqFt
Status Active
MLS # 6761271
Property Type Single Family Residence
Price Type --
Welcome to the Adult Community of Trilogy of Vistancia. This Shea built home is the Vibrant Model and features charming stone accents and entry paver details. As you walk inside, you'll see the pride of ownership is throughout. It features an open-concept layout with living, dining and kitchen flowing easily together. The kitchen features designer cabinetry, tile backsplash, granite countertops, pendant lighting, pantry and a full stainless steel appliance package. The master bedroom offers plenty of room for large furniture and includes a walk-in closet, along with a master bathroom featuring dual sinks and a walk-in shower. The secondary bedroom is separate from the master and conveniently located near the additional bath. The den / office features multiple areas of built in cabinets. It could also be converted to a third bedroom or formal dining. The laundry room is complete with washer, dryer, lower and upper cabinets, and additional hobby / craft area. The backyard is an absolute delight and perfect for entertaining with a full covered patio. Additional features include plantation shutters throughout and a central vacuum system which has additional connections for the garage. Trilogy at Vistancia combines luxurious amenities with a vibrant social atmosphere.

13442 W Blackstone Lane Peoria, AZ 85383

$569,900
2 Beds
2 Baths
1,827 SqFt
Status Active
MLS # 6624856
Property Type Single Family Residence
Price Type --
Like NEW 2021 Built '' Vibrant Situated on an OVERSIZED Lot with N/S Exposure in Award Winning Trilogy at Vistancia. TREMENDOUS Curb Appeal with Mature Lush Desert Landscape, Stone Accent and PAVER Driveway. Backyard with Putting Green .Inside includes Neutral Palette , ALL Tile Flooring along with 9FT Ceilings and Window Treatments T/0. Beautiful Kitchen with Large Granite Island , Designer Backsplash. and Rich Dark Cabinetry. Primary BR with LARGE Closet . BR 2 is Split with South Exposure . Bath 2 with Soaking Tub. Gorgeous Den with Built Ins and French Doors - Would make a Great 3rd BR. Backyard with Expanded Covered Patio , Travertine & Putting Green . Smart Space for extra storage or Office. This Home is in Terrific Condition . Sellers are MOTIVATED . Home is available TURNKEY

913 S Del Rio Court Apache Junction, AZ 85120

$569,900
5 Beds
3.5 Baths
3,193 SqFt
Status Active
MLS # 6699419
Property Type Single Family Residence
Price Type --
You've just discovered the most beautiful ready-to-move-in 5-bedroom home in the east valley. This is one, of the rather hard-to-find, Daylight VIP Finished Basement homes with super Solid 2X6 construction providing years of strength & durability. This rare and wonderful home is nestled in Sonoran Wells, a quiet, well established smaller community, super close to the Superstition Mountains offering views, trails, and hiking galore. There are a great many amenities providing convenience & comfort that come with this home in particular. Here are just a few of the convenient benefits & features: 1) A Fully updated remodeled gourmet GAS kitchen with all easy to maintain stainless steel appliances, Dual cooking Ovens, a professional 5-burner GE Profile cooktop, a Super quiet KitchenAid ... dishwasher, a GE Profile Side-by-Side 36-inch Refrigerator Freezer, a GE Profile Microwave & with built-in Hood Fan, a magnificent wrap-around granite island & breakfast bar, a cozy eat in kitchen breakfast nook, rich mahogany 42-inch custom staggard cabinets with ultra handy pull-out cabinet drawers, gorgeous granite counters, a large food storage pantry, a commercial style flex faucet and oodles of extra storage. 2) Another very special aspect of this home is of course the spacious fully finished Day-Light basement with windows! There are 2 additional bedrooms, a large rumpus room for just about anything you can conceive (Office, game room, theater, business, yoga/workout), a full bath & shower, safety escape ladders in the window wells, and the essential basement sump-pump to keep things dry & protect the home. 3) One of the more obvious reasons to consider this home in particular is that it has 5 wonderful bedrooms. 2 bedrooms downstairs, 2 more main floor bedrooms with a Jack and Jill bathroom, and finally, the expansive main floor owner's quarters with a soaring vaulted ceiling, a private en suite bathroom featuring a large luxurious day-lite soaking tub, a spectacular gleaming glass block snail type walk in shower, two sinks, a separate facial station with lower counter, a large walk-in clothing closet, and a separate storage closet as a bonus. With rooms to spare, this home could be the answer to a multitude of ordinary or special circumstances: multi-generational, live-work, shared living, family, and/or just enjoying and having the space to spread out and relax. Other worth mentioning amenities include: An HVAC Cooled spacious 3-car garage with insulated garage doors and ceiling storage racks, an Ultra Quiet 55+ Ownership golf course community behind the home so there is plenty of peace and quiet to enjoy, plantation blinds and ceiling fans throughout the home, sunscreens, washer/dryer, soft water system . . . and more! if you have read this far, you may want to have a close look at the current comps - this home is priced beautifully. Please stop by today and see how wonderful life can be.

34214 W Sahuaro Street Tonopah, AZ 85354

$569,900
4 Beds
2.5 Baths
2,336 SqFt
Status Active
MLS # 6672281
Property Type Single Family Residence
Price Type --
This stunning property is eligible for a 0% down payment with a USDA loan! Sitting on a 2-acre lot, offering endless possibilities for expansion or additional structures such as a second home or workshop. This home has 4 bedrooms and 2.5 bathrooms. Beautiful kitchen with granite counter tops and open spaces to the living and dining rooms. The master bedroom offers a walk-in shower, private toilet room and a walk-in closet. A beautiful, covered patio and irrigation system was installed on all the plants in the backyard. The house is equipped with ready fast satellite internet. Completely move-in ready. With no HOA restrictions, BRING YOUR HORSES, TOYS, RV'S, ETC!! This home features upgraded foam insulation, Nest smart home thermostat, Trane A/C unit, the 220-volt setup is perfect for a wo

8304 E Posada Avenue Mesa, AZ 85212

$569,900
4 Beds
2.5 Baths
3,487 SqFt
Status Active
MLS # 6678957
Property Type Single Family Residence
Price Type --
4 spacious bedrooms plus a loft, each equipped with its own walk-in closet for unparalleled storage. Enjoy awesome upgrades throughout, exquisite bathroom vanities and countertops, sleek faucets, a beautifully remodeled master shower, and the added convenience of comfort-height toilets. We continue with the addition of meticulously chosen light fixtures and five stylish ceiling fans, perfectly complementing the tiled flooring and upgraded upstairs baseboards. The kitchen, features refinished cabinets with new hardware, striking granite countertops, and a charming farm sink. Step outside to your own private Pebble Tec pool for endless hours of relaxation and enjoyment. Every room is spacious, separate living room and family room, 2 areas for dining + breakfast bar, granite counter tops and white cabinets, gas cook top, SS appliances. Charming light and bright bay window breakfast nook Amazing walk -in pantry seems endless, with additional storage area. Handy sink in laundry room. So much storage everywhere in this home, with closet after closet, including in loft, and large nicely finished expanded storage closet with light, under the stairs. Sparkling pool makes for at home entertainment and relaxing, easy maintenance back yard with grapefruit and orange trees, and recently replaced drip lines. solar panels for energy savings! So much more!

1698 N San Gabriel Avenue Sierra Vista, AZ 85635

$569,900
3 Beds
2.5 Baths
2,079 SqFt
Status Active Under Contract
MLS # 6748521
Property Type Single Family Residence
Price Type --
This is it! HUGE PRICE IMPROVEMENT! NICELY REMODELED HOME WITH A POOL AND SPA and HEATED AND COOLED 1300 SQ FT WORKHOP in desirable Ranchos Carmela. This split floorplan home features 3 spacious bedrooms, 2.5 bath, Luxury Vinyl Plank Flooring, Formal Dining Room, Breakfast Nook, NEW HVAC and a beautifully updated kitchen. Featuring NEW Stainless Steel kitchen appliances, elegant Quartz countertops and Kitchen Island. Spacious outdoor entertainment area includes a solar heated pool and spa, complete with an automated pool cover and new water filter. This home also features a 10x16 storage shed, an access to a half bath from the pool and a 36x36 workshop, insulated from top to bottom and heated and cooled! Formal dining room can be easily converted into a 4th BR. FEATURES LIST ON PHOTOS

27413 N 23rd Drive Phoenix, AZ 85085

$569,900
3 Beds
2 Baths
2,313 SqFt
Status Active
MLS # 6719855
Property Type Single Family Residence
Price Type --
LOCATION LOCATION LOCATION! This single story home is located in the most sought ever popular Norterra Dynamite Mountain Ranch! Move in ready 3 bedrooms with a sizeable den, 2 bath and 2 car garage. Cozy front porch. Impressive entrance with Vaulted ceiling. Updated wood tile like flooring and newly installed carpet and paint. Center Kitchen island. Freestanding Stainless steel stove, so is the microwave. Neutral kitchen Backsplash to include the tech area. Spacious pantry. Master's bedroom with wide walk-in closet. Large Covered patio. Close to Shopping, Restaurants and Entertainment, and TSMC. Minutes to I-17. A MUST SEE!!!

11514 E Kiowa Avenue Mesa, AZ 85209

$569,900
3 Beds
2 Baths
1,812 SqFt
Status Active
MLS # 6758282
Property Type Single Family Residence
Price Type --
This home offers the ultimate in comfort! Upgraded with attention given to every detail. The home offers a North/South exposure. The 3 bedroom, 2 bathroom home offers you a split bedroom design for the ultimate privacy for your guests. The 3rd bedroom is currently being used as a den and is adjacent to the Arizona/hobby room/studio which opens to the back yard. The remodeled kitchen offers alder cabinets, granite counter tops custom lighting and pull out drawers in both the kitchen & the pantry. Large laundry room offers a sink and the washer and dryer. The master bath has been upgraded with a custom walk-in shower with dual shower heads, double grab safety bars, double sinks, two large closets & separate commode room. Three car garage w/mini-split a/c!! This is a very nice home!!! There is a water softener, water distiller, plus a three car garage with epoxied flooring, mini split a/c system and abundant storage and shelving. Outside there is a concrete pad, storage shed, citrus, artificial grass, which is north facing for the best year round exposure. Sunland Springs Village is the east valley's PREMIER Adult Community!! This is an incredible home!!

2856 N 71st Street Scottsdale, AZ 85257

$569,900
3 Beds
2 Baths
1,478 SqFt
Status Active
MLS # 6770564
Property Type Single Family Residence
Price Type --
Location, Location, Location! A charming home situated in the Heart of Scottsdale! Close to Old Town, Tempe, shopping, dining, & entertainment. NO HOA! This preferred, split, Great Room floor plan shows very light & bright and exudes a cool vibe. The crown molding is a nice accent! Perfect for entertaining or Family/Friend time. A Guest Bedroom offers a separate entrance. The updated Kitchen features a gas stove, granite counters, stainless steel appliances, tiled backsplash, and a skylight. French doors lead to a large screened in Arizona Room/Patio. The Primary Bedroom is sizable and offers a walk-in closet. French doors provide an escape to a quaint Private Patio. The Primary Bath boasts a beautiful tiled walk-in shower. NEWER A/C! NO CARPET HERE, just lovely wood-look plank tile floors throughout. Relax in the spacious, private Backyard with mature shade trees & Mountain views. This home is move-in ready and a must-see!

6713 W Valley View Drive Laveen, AZ 85339

$569,900
4 Beds
3 Baths
2,048 SqFt
Status Active Under Contract
MLS # 6670796
Property Type Single Family Residence
Price Type --
Highly desired Jubilee floorplan on the LARGEST LOT w/resort style backyard can now be yours! Built in 2022, this gorgeous single story offers 4 bedrooms, teen/bonus room, 3 bathrooms, spacious open floorplan, ceramic wood plank flooring, Chef's kitchen w/granite countertops, apron sink, huge island, 5 burner gas stove, W/I pantry, fan/blinds throughout, designer light fixtures & window treatments, oversized bedrooms, & epoxy flooring in garage. Then step outside to the serene mountain views & your resort style backyard featuring extended covered patio w/pavers, travertine tiling around the gorgeous pebbletec pool w/Baja shelf, water feature, & lights. You will also enjoy the mutliple paved areas for seating, turf & grassy areas, and the luscious grapefruit, lemon, lime, & orange trees. Owners have put in well over $130K in upgrades after the home was built. You cannot get a new build with this large of a lot & mountain views, completed backyard w/pool, AND all the high-end interior finishings for under $600K. This is a once in a lifetime deal, hurry before it's gone!

3422 E Powell Way Gilbert, AZ 85298

$569,900
5 Beds
4 Baths
2,528 SqFt
Status Active Under Contract
MLS # 6743650
Property Type Single Family Residence
Price Type --
5 Bedrooms, 4 bathrooms and a loft*2 bedrooms are split downstairs, 1 with an attached bath*Upstairs bedrooms with Jack & Jill bath, Tech center hallway*Oversized master bedroom w/separate garden tub & shower, dual sinks, & walk in closet*Upgraded kitchen with white cabinets, Quartz countertops, pantry, & island open to the family room w/surround sound*Freshly painted interior w/neutral color*Recessed lighting, new carpet & new luxury vinyl t/o*Covered back patio, grass and mature landscaping*Excelling A+ rated schools Casteel Junior High & Casteel High School*Seville Golf & Country Club features pools, water-slides, private restaurant, tennis, basketball, beach volleyball, a state of the art gym, child care & more for a separate monthly payment*Close to fine dining, high end shopping... & easy access to 60 & 202 FWYS*

16013 W Alameda Road Surprise, AZ 85387

$569,850
3 Beds
3 Baths
2,159 SqFt
Status Active
MLS # 6742996
Property Type Single Family Residence
Price Type --
Owned Solar !!! Enjoy the savings with Solar Panels. Welcome to this charming home in Escalante! This Fulton floorplan has 3 spacious bedrooms, a study, 3 bathrooms, and a 3-car tandem garage! Gourmet kitchen with stunning cabinetry, granite countertops, stainless-steel built-in appliances, a walk-in pantry, and a kitchen island with a breakfast bar and beautiful pendant lights. There is a gas stub in kitchen for easy conversion to a gas cook top. The great room has surround sound and a center-open extended-length sliding glass door. The primary suite is spotless with a lavish ensuite bathroom featuring an oversized tiled shower, a dual sink vanity, and a walk-in closet. Bedrooms 2 and 3 are move-in ready with ceiling fans and blinds! The backyard is pristine with easy care landscape and a covered patio. Do not miss out on this spotless home! Escalante is a vibrant home community offering an array of top-tier amenities designed for active and leisurely lifestyles. Enjoy a massive resort-style pool with shaded areas to keep you cool, multiple lighted sport courts for evening games, and a challenging disc golf course. Enjoy the expansive playground, while residents can also indulge in table tennis, bocce ball, and a dedicated volleyball court for endless entertainment and relaxation.

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