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.

Click Here to See What Your Home is Worth

Listing types.

For Sale

For Rent

Land

Multifamily

Commercial

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

Location Search Nearby

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

School District

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

1036 W Tepee Street Apache Junction, AZ 85120

$550,000

2 Beds

2.5 Baths

2,000 SqFt

Status Active

MLS # 6767747

Property Type Manufactured Home

Price Type --

Nestled on a spacious 1.25-acre corner lot, this charming property offers a unique blend of comfort and functionality! The city water and septic are already in place, plus the option to easily connect to the sewer within 100 feet. Enter to find a fully furnished interior with a bright great room, a large family room, 2 bedrooms, 2.5 bathrooms, a bonus room that can easily be used as the 3rd bedroom or an office, and an attached workshop. The kitchen has all appliances included, ample counters, and wood cabinets. Recent upgrades have given this home a fresh feel, with the floors redone in 2023, the walls refreshed in the same year, and a steel and foam roof redone with two coats in September 2024! Discover a main bedroom boasting a walk-in closet and a private bath with a jetted tub. Oversized laundry room features washer, dryer, utility sink, and ceiling fan. Outside, the flat lot is highly functional, free from washes, with impressive mountain views and lots of space for storage.This lot is completely flat with no washes running through it. Equestrian enthusiasts will appreciate the 5 fully shaded 20x20 stalls with water and electric connections, plus 2 turnout areas. Additionally, there's a 30 & 50-amp RV hookup with water, making it ideal for visitors or long-term RV parking. Excellent property with room to grow and a well-prepared space for horses!

View Property

2130 Remington Drive Sierra Vista, AZ 85635

$550,000

4 Beds

2 Baths

2,247 SqFt

Status Active

MLS # 6764103

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bed, 2-bath home! This spacious home features a semi-open floor plan, perfect for entertaining. The home includes large energy efficient windows allowing plenty of natural light throughout. The kitchen is equipped with modern appliances and a center island, perfect for gatherings. The master suite offers a tranquil retreat including an en-suite bathroom featuring a soaking tub, dual vanities, and a walk-in closet. Step outside to your private oasis! Enjoy your own sparkling in-ground pool and spa, perfect for year-round fun. Relax under the covered patio which features two automated shades. The backyard includes low maintenance lush landscaping and lawn all completely irrigated.

View Property

4245 S 247th Drive Buckeye, AZ 85326

$550,000

5 Beds

3 Baths

3,694 SqFt

Status Active

MLS # 6765716

Property Type Single Family Residence

Price Type --

This stunning former model home is move in ready with updated flooring and fresh paint throughout. Situated in the serene neighborhood of Rancho Vista. Offering 5 bedrooms, 3 full baths, a 3-car garage and backyard oasis perfect for Arizona outdoor living. Step inside and be greeted by the separate formal living and dining area. Continue into the heart of the home, the stunning gourmet kitchen with all new cabinets, boasting expansive granite countertops and backsplash. Enjoy the seamlessly connected kitchen, dining room and family room. Downstairs, you'll also find a large laundry room, a guest bedroom and fully remodeled bathroom. Venture outside through double doors and discover your own private oasis, where meticulously designed landscaping sets the stage for relaxation and entertainment. Enjoy the low-maintenance artificial turf, a 40ft covered patio with mist system, a soothing waterfall, built-in firepit with seating and a relaxing hot tub. Upstairs, a spacious loft with built- ins ads additional entertainment space. You'll also find three secondary bedrooms and remodeled full bath. Retreat to the expansive owner's suite through double doors, where a soaking tub, separate walk-in shower, double sinks, and a large custom walk-in closet await. Welcome Home!

View Property

16222 N 161st Drive Surprise, AZ 85374

$550,000

4 Beds

3 Baths

2,166 SqFt

Status Active

MLS # 6766768

Property Type Single Family Residence

Price Type --

Cul de sac home, updated from top to bottom, including the heated pool. On top of that, an outdoor kitchen with pizza oven! Backyard paradise with fruit trees, grape vines, hydroponic system and huge covered patio. Sunny kitchen eat-in kitchen is open to family/great room and has beautiful granite counters, island, an added coffee bar, lots of cabinets, counter space and pantry. Large living/dining room with flex space, a guest bedroom, full bath and laundry room round out the lower level. Upstairs, a large primary suite with walk-in closet, dual sinks, separate tub and shower. Two ample bedrooms with Jack and Jill bath. Solar system with low monthly loan payment means low energy costs overall. Close to great shopping, dining, spring training and Loop 303. This home has everything!

View Property

560 S 197th Avenue Buckeye, AZ 85326

$550,000

4 Beds

3 Baths

2,369 SqFt

Status Active

MLS # 6767143

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning four-bedroom, three-bathroom residence combines rustic charm with modern luxury. With captivating beamed ceilings and breathtaking mountain views, you'll experience tranquility just minutes from major retail areas. The four well-appointed bedrooms provide ample space for family and guests, each with large windows that let in plenty of light The spacious gourmet kitchen features a high-end gas range and elegant tile floors. Cozy evenings await in the living room, where large windows flood the space with natural light. This home offers a paid off solar system and great savings. Step outside to a covered patio perfect for entertaining, complete with a gas fire pit for cozy nights. Golf enthusiasts will love the three mini putting greens.

View Property

47435 N Meander Road New River, AZ 85087

$550,000

3 Beds

2 Baths

1,480 SqFt

Status Active

MLS # 6767323

Property Type Single Family Residence

Price Type --

HORSE PROPERTY: This unique New River property offers 98% usable flat land and is one of the best horse properties in the area. Offering a 96x48 ft lasered sand TURNOUT with a 16 ft swing gate, a second TURNOUT 48x48, a 48x-16 shed row stall covered with water and fans, a 12x10 tack room with exterior power, water, and plenty of room for additional stalls. Bridle paths/recreational trails are just steps away. The property is a quarter mile from Asphalt with easy in and out access roads. Welcome to Country Living, just outside of the city limits. Fall in love with the interior Country-Western motif, with wood-like tile and high-end laminate flooring throughout. There is a spacious great room with vaulted ceilings, a cozy kitchen with ample cabinets, counter space, a gas stove a beautiful copper farmhouse sink. 3 Large bedrooms w/walk-in closets, updated bathrooms and indoor laundry room offering tons of storage and a large sink. Covered back patio and a 32x15 cement patio, covered dog run that is snake and critter proof. 2 car garage with AC, Property is a quarter mile off of Asphalt with easy in and out access roads. NOT IN A FLOOD ZONE!!!

View Property

11352 E Starkey Avenue Mesa, AZ 85212

$550,000

3 Beds

2 Baths

2,234 SqFt

Status Active

MLS # 6769404

Property Type Single Family Residence

Price Type --

Gorgeous 3 bedroom home presents wonderful curb appeal with paver walkway and meticulous landscaping and 2 car garage. Front room offers a formal living room and a seating area for relaxing. Great room layout encompasses the family room with gas fireplace, kitchen and dining area. Open chef's kitchen is equipped with stainless steel appliances, pantry, tons of cabinet/counter space and a breakfast bar. Escape to the master suite featuring large window seat and walk-in close. Spa like master bathroom boasts dual vanities, large garden tub, tiled walk-in shower with a seat and a second walk-in closet. Step out back onto the extended covered, paver patio to enjoy the beautiful, tropical-like backyard featuring artificial grass and lush landscaping providing extra shade. A true oasis!

View Property

11083 W Burnett Road Sun City, AZ 85373

$550,000

3 Beds

2 Baths

2,034 SqFt

Status Active

MLS # 6769241

Property Type Single Family Residence

Price Type --

**HUGE PRIVATE RESORT STYLE BACKYARD** WITH STUNNING **SALTWATER POOL** GAZEBO** THIS ONE HAS IT ALL** BEAUTIFULLY UPDATED** WOOD LOOK TILE FLOORING** UPGRADES EVERYWHERE** NEW APPLIANCES** GAS STOVE** NEW WINDOWS** NEW AC-2 years** PLANTATION SHUTTERS** WATER SOFTENER** MURPHY BED IN GUEST ROOM** NEWER WATER HEATER **GIGANTIC SUN ROOM WITH AC NOT INCLUDED IN SQ FOOTAGE **OWNED SOLAR MEANS NEXT TO NOTHING UTILITY BILLS**HIGHLY ACCLAIMED 55+ COMMUNITY **WITH 30 ACRES OF WINDING FULLY STOCKED LAKES** NON-MOTORIZED BOAT RECREATION **FOUR CLUBHOUSES **COMMUNITY POOLS **PLETHORA OF CLUBS AND GROUPS** SPORT COURTS **MOVE RIGHT IN AND LIVE THE LIFE YOU HAVE DREAMED!**

View Property

22870 W Sunset Lane Congress, AZ 85332

$550,000

3 Beds

2 Baths

1,933 SqFt

Status Active

MLS # 6771222

Property Type Single Family Residence

Price Type --

Don't let the lot size fool you! This easy to manage horse property is strategically set up to accommodate horses, LQs and RVs. Step into the warmth of this enchanting home where every room whispers tales of tradition and heritage. The home is the perfect size for a full time retreat or a winter get away. With wooden beams and handcrafted accents, this home is unlike any other. Enjoy picture perfect sunsets as you unwind in the front courtyard. Out front is a red barn with water and electric offering endless possibilities for horse enthusiasts or those seeking additional storage. The property does have income potential and is turn key. It is fully fenced with an electric gate and all pens have automatic waterers. A portion of the turnouts can be removed and enlarged into a riding arena or

View Property

2303 S 337th Avenue Tonopah, AZ 85354

$550,000

4 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6776063

Property Type Single Family Residence

Price Type --

Coming Soon! A stunning, to-be-built home awaits! This brand-new 4 bed, 3 bath residence features not one but two master bedrooms and comes complete with an RV garage . Set on over an acre of horse property, this split-floor plan gem offers a perfect blend of modern upgrades and convenience, all just 7 minutes from the freeway. NO HOA.

View Property

18429 W Robin Lane Surprise, AZ 85387

$550,000

4 Beds

2.5 Baths

1,989 SqFt

Status Active

MLS # 6774539

Property Type Single Family Residence

Price Type --

Beautiful 4 bed + den, 2.5 bath RV GARAGE home in Surprise's North Copper Canyon. The original owners upgraded just about everything, including extending the attached RV garage to 48 FEET! The designer kitchen includes upgraded cabinets, granite countertops, stainless steel appliances, an apron sink, a giant island with loads of storage, and a walk-in pantry! Wood-look tile floors flow throughout the open floor plan, with plush carpet in the bedrooms. The primary bathroom includes double sinks, a walk-in shower, and a large walk-in closet. RV garage is 48 feet long, 14' Tall Front door and includes a 10' garage door leading to the backyard. There is also an RV gate for additional toy parking! The backyard has a gorgeous fully covered pergola with cafe lights perfect for entertaining!

View Property

2978 Glenview Drive Sierra Vista, AZ 85650

$550,000

3 Beds

2.5 Baths

2,373 SqFt

Status Active

MLS # 6774663

Property Type Single Family Residence

Price Type --

This is a beautifully remodeled home in Winterhaven that is totally handicap accessible to include zero entry, pocket doors, special shower with seat and high toilet, and tile floors throughout the home. The completely remodeled kitchen includes a counter with sink that raises and lowers by motor and makes the perfect prep station. You'll find all new tile floors, new windows, remodeled kitchen custom cherry cabinets and granite counters, along with high end appliances, automated window coverings, new HVAC, water treatment system, new tile roof and owned solar system. There's a water feature out back along with a covered patio, built in grill, astroturf for the puppies to play, established landscaping and an awesome view of both the golf course and Huachuca Mtns. This is a Beauty!

View Property