Worried About Future Mortgage Rate Increases? Here’s How to ‘Stress Test’ Your Finances

When it comes to real estate, there are always going to be upswings in the market that will have an impact on your mortgage payment and overall financial health. However, with a fluctuating market here to stay, you may be wondering how you can guard your biggest investment and your finances against rate increases. If you’re concerned about rates on the rise, here are a few tips to test out you’re fiscal well-being.

Calculate Your Debt-To-Income Ratio

It’s beneficial to determine your DTI ratio prior to purchasing a home, but since debt and housing costs are always fluctuating, calculating this number again can be a wakeup call. By adding up your monthly expenditures (including any debt), and dividing that number by your pre-tax income, you’ll be able to determine your DTI percentage. While it’s ideal to have a percentage of less than 28%, if your expenditures have risen above this number, it may be time to take a look at your monthly budget and see what you can cut out.

Do You Have Emergency Savings?

Many people make a habit of putting money into their retirement funds each paycheck, but it’s equally important to have emergency savings you can access in the event of car repairs, home maintenance issues or an unforeseen medical problem. While it’s often suggested that a person should have a minimum of 3 months of expenses at their disposal, saving more than this can make you even more prepared in the event that a rate increase requires you to dive into other funds.

Review Your Budget

It’s easy enough to have a monthly budget, but the hard part for most people is sticking to it on a day-to-day basis. If you’ve veered off the trail a little bit in this regard, sit down to review your expenditures and determine what your financial outlook would be if you experienced an interest rate bump next month. In the event that there’s very little cushion and no money for savings, it may be worth your time to craft a new budget that gives you a bit more wiggle room.

Many people are uncertain about what the short-term economy will bring for their mortgage rates, but by reviewing your budget and maintaining emergency savings, you can be better prepared for the future. If you’re currently considering purchasing a home, give me a call for more information – J.P. Cook – 602-320-4253.

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7161 E Rancho Vista Drive Unit 6001 Scottsdale, AZ 85251

$2,950,000

4 Beds

2 Baths

2,590 SqFt

Status Active

MLS # 6760219

Property Type Apartment

Price Type --

This is it. Welcome to the most incredible Optima Camelview condominium to ever be offered on the re-sale market. Designed & originally owned by the developer of this state of the art award winning community. Out of 688 units, this exquisite residence was their choice. Boasting 4 Bedrooms, 2 Baths, 2,590 sqft, ~1000 sqft of both covered and uncovered terrace space & the most breathtaking Camelback Mountain & McDowell Mountain Views. This unit features a fantastic open floor plan, endless floor-to-ceiling glass, 3 Patio/Terraces (perfect for relaxing & entertaining), a natural gas piped in bbq, fire pit and fire place, designer finishes through-out, automated blinds & so much more. The master suite is extremely spacious w/ a huge walk in closet (w/ it's own window!) & a very large bath.

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10040 E Happy Valley Road Unit 301 Scottsdale, AZ 85255

$2,950,000

4 Beds

4 Baths

4,632 SqFt

Status Active

MLS # 6764421

Property Type Single Family Residence

Price Type --

A rare opportunity awaits with IMMEDIATE GOLF MEMBERSHIP AT CLOSE OF ESCROW in the prestigious guard-gated community of Desert Highlands. The monthly HOA dues conveniently include member golf fees. This 4-bedroom home, including a detached casita, is perfectly nestled along the 4th fairway of the world-renowned Jack Nicklaus Signature Golf Course, offering breathtaking views of both the course and surrounding mountains. From the moment you arrive, the captivating curb appeal draws you in, and as you step through the door, you're welcomed by an atmosphere of elegance, tranquility, and seamless functionality. Private backyard retreat with pool/ spa, large covered patio, fire pit with seating is a perfect sanctuary for entertaining year round, providing the ultimate living experience.

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9027 N 82nd Street Scottsdale, AZ 85258

$2,950,000

5 Beds

3.5 Baths

4,364 SqFt

Status Active

MLS # 6781793

Property Type Single Family Residence

Price Type --

MUST SEE!!! McCormick Ranch culdesac home on oversized lot (one of the largest in entire neighborhood) that has been completely reimagined & remodeled with a modern floor plan. The single level home offers a 888 sq ft guest home with full kitchen, laundry, & 10 foot ceilings. The main home offers luxury, convenience, & designer touches. Large chefs kitchen with Thermador appliances, including bonus butlers pantry & butlers fridge, water filtration & water bottle filler, built in espresso maker, & oversized quartz waterfall island. Super sized utility room with double washer/dryer & custom lockers & storage. Primary suite with oversized shower, dual shower system & large soaker tub. Open great room with floor to ceiling wood burning fireplace, surround sound & smart features throughout

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5430 E Royal Palm Road Paradise Valley, AZ 85253

$2,950,000

5 Beds

3 Baths

2,733 SqFt

Status Active

MLS # 6779945

Property Type Single Family Residence

Price Type --

One acre + North/south lot close to Paradise Valley Country Club. 3 C Schools. Survey is included and located in document tab. House is a tear down and value is in the land. Property has all utilities - Sewer has been brought to corner of property. Great views- non-hillside lot. Do not walk property without permission. Buyer to do due diligence before writing offer. Owner/agent. Carry is possible with 25% down, 10% interest.

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6501 E Willow Springs Lane Cave Creek, AZ 85331

$2,950,000

4 Beds

3 Baths

3,400 SqFt

Status Active

MLS # 6703214

Property Type Single Family Residence

Price Type --

Welcome to this stunning contemporary Home on 4+ acres nestled amidst picturesque mountain ranges! A nearly new Home, this property offers both luxury and serenity in an Estate Homes area with no HOA restrictions. Collectors and hobbyists will love the 56' pull-through RV GARAGE and 4 large car bays. Modern finishes, abundant natural light, and thoughtful design elements extend throughout. FURNISHINGS are available separately. Enjoy indoor-outdoor living with a telescoping wall of glass in the Great room and a well-appointed kitchen with a waterfall quartz island. The Owner's suite is a luxurious retreat, featuring a spa-like bathroom and private patio. Outside, a large covered patio provides shade for entertaining, while the expansive land offers endless possibilities for customization. Would you add a guest casita, pool, spa, pickleball, an arena, or a barn? Relish the peaceful small-town lifestyle while still enjoying city water and paved roads. Nearby Cave Creek offers shopping, dining, and entertainment. Don't miss this extraordinary opportunity to make this property your own and start living the life you've always dreamed of.

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6936 E 1st Street Scottsdale, AZ 85251

$2,950,000

2 Beds

2.5 Baths

3,000 SqFt

Status Active

MLS # 6692878

Property Type Townhouse

Price Type --

Nestled in Arizona's most sought-after city, The NINES are a new collection of residences in Old Town Scottsdale brought to you by Two Hawks Design and Development. This custom home offers 3,000 SF of living space, 2 bed, 2.5 bath, 1 bonus room, a 2-car garage, and NO HOA FEES!!! Sleek modern architecture opens to three light-filled levels of refined interior luxury. This home offers expansive windows, a private backyard, a rooftop terrace, 2 additional outdoor patios, and bespoke details and finishes. This custom contemporary home invokes a simple refined style of living with unbeatable proximity to Scottsdale's premier lifestyle amenities. Discover fine dining, high end retail, and the Scottsdale Arts District just steps from your door.

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9290 E Thompson Peak Parkway Unit 113 Scottsdale, AZ 85255

$2,950,000

5 Beds

4.5 Baths

4,917 SqFt

Status Active

MLS # 6743770

Property Type Single Family Residence

Price Type --

Located within the premier guard-gated community of The Country Club at DC Ranch, this custom-built estate spans over 4,900 sqft of elegant, thoughtfully designed living space, offering a harmonious blend of modern sophistication and timeless charm. Upon entry, you are greeted by meticulously manicured landscaping and a grand entrance through custom iron double doors. This highly desirable, single level split floorplan seamlessly connects the expansive great room, adorned with soaring ceilings, a cozy fireplace, and views into the backyard. The chef's kitchen is equipped with stainless steel Thermador appliances including dual ovens and a 5-burner induction cooktop, a butcher block island, granite countertops, and large walk-in pantry. The luxurious primary suite features a spa-like bathroom with a soaking tub, dual vanities, a large tiled walk-in shower, and private access to the backyard. Additional amenities include pre-wired surround sound throughout the home, a den which could serve as a home theater, 3 bedrooms and 2 full bathrooms on the East side of the home, as well as a detached casita. The south facing backyard serves as your own private oasis, where a resort-style pool and spa are surrounded by lush landscaping and serene mountain and golf course views. The outdoor kitchen, fire pit, and expansive covered patio create an ideal setting for alfresco dining and entertaining year-round. With its prime location within the DC Ranch neighborhood, this residence offers a lifestyle of upscale amenities and convenience. The community offers 33 miles of manicured paths and trails, 47 community pocket parks, 2 community centers, and is located adjacent to the McDowell Sonoran Preserve and just 5 minutes north of the 101 Freeway in North Scottsdale. The property is also conveniently located within walking distance of Market Street's retail shops and restaurants. Membership to the Country Club at DC Ranch is available by separate application, approval, and membership fee.

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3562 E Presidio Circle Mesa, AZ 85213

$2,950,000

8 Beds

7 Baths

9,419 SqFt

Status Active Under Contract

MLS # 6772866

Property Type Single Family Residence

Price Type --

Welcome to this breathtaking 8 bedroom, 7 bathroom estate in the prestigious Montana Dorado neighborhood, spanning an impressive 9419 square feet. A dramatic double staircase and designer lighting greet you upon entry, setting the stage for the luxury that unfolds. To the left, a formal living room, and to the right, a dining room capable of hosting a 16-person table, showcase the home's grandeur. High-end tile guides you to an expansive family room with 22' ceilings and a striking floor-to-ceiling brick fireplace. The chef's dream kitchen features a large granite-topped center island, breakfast nook, and premium appliances including Sub-Zero and Wolf, complemented by a large butler's pantry and wine cooler. Pocket sliding glass doors open to a covered patio and a backyard oasis with a lengthy pool, slide, waterfall, swim-up bar, jacuzzi, and a step-down BBQ area, perfect for entertaining. Enjoy two glass fire pits, an in-ground trampoline, and a putting green, all with the privacy of no backyard neighbors. The home also boasts an office, workout studio with a dual head steam shower, game room with kitchenette, and two generous laundry rooms. Security is paramount with commercial steel exterior doors, hardwood 8' interior doors, and a home security system with cameras. The 4-6 car garage features EV Charging, built-in cabinets, epoxy floors, and a mini split room. An RV gate adds to the convenience. This home is a masterpiece of design and functionality, offering unparalleled luxury and comfort.

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9125 N Lava Bluff Trail Fountain Hills, AZ 85268

Open House

$2,950,000

4 Beds

4.5 Baths

4,253 SqFt

Status Active

MLS # 6632276

Property Type Single Family Residence

Price Type --

*** SPECTACULAR VIEWS*** of Four Peaks & surrounding mountains, this STUNNING FireRock home is ideally situated looking out over 2 golf course fairways & a LAKE! The ULTIMATE in soft Contemporary living w/a GREAT Room highlighted by 14ft beamed ceilings, a 2-way Stone Fireplace & floor to ceiling windows to enjoy EXTRAORDINARY VIEWS all around! Main house is approx. 3,851sf PLUS approx. 402sf in a GUEST CASITA. This den could be a media/theater room! This Chef's kitchen boasts Quartz countertops, Custom Designed Cabinetry, & a Wolf induction Cooktop & Oven. A gorgeous spacious Primary Suite which has dual vanities, a sep. shower & tub & a customized walk-in closet. EPITOME of RESORT STYLE LIVING w/ OUTSTANDING VIEWS, pool,spa & built-in BBQ! Beautiful Porcelain 24 x 48 tile floors have now replaced the carpeted secondary bedrooms and all porcelain 24 x 48 tile floors throughout refinished 6/24. Additionally, there is an anti-crack membrane to help prevent the porcelain tile floors cracking or breaking!

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30 Navajo Trail Sedona, AZ 86351

Open House

$2,949,900

5 Beds

4 Baths

4,760 SqFt

Status Active

MLS # 6753405

Property Type Single Family Residence

Price Type --

RED ROCK VIEWS!!! This 5 bedroom, 4 bathroom, plus Arizona Room, 1.3 acre property is located in a gated community and has been remodeled with all details in mind. Easy to navigate floor plan, vaulted ceilings with wood ceilings/beams, copper accents throughout (including sinks and tubs) and all on one level. HEATED 6 CAR GARAGE. Main house offers 4,295 sqft, Pecan Double Front Door with copper inserts, Living & Family Room each with gas hand cut stone Fireplaces, Formal & Informal Dining Room, Laundry Room in both Guest Suite and Primary Bedroom, 4 additional Bedrooms are split from Primary Bedroom, Bar with 2 Fridges & Wine Chiller and Gourmet Kitchen includes Subzero Refrigerator, Wolf Stove, Dishwasher, Island & Breakfast Bar. Garage features parking. for 4 Cars (heated) and Copper Garage Doors. Casita offers 457 sqft, Rooftop Deck with BREATHTAKING PANORAMIC VIEWS,Kitchen includes Subzero Refrigerator, Wolf Stove, Dishwasher, Island & Breakfast Bar. Garage features parking for 4 Cars and Copper Garage Doors. Casita offers 457 sqft, Rooftop Deck with BREATHTAKING PANORAMIC VIEWS, Kitchenette. Circular Driveway can take you secondary driveway to the back yard and Casita or to the Courtyard, both with Copper Gates. Driveway provides lots of parking options or hosting or family gatherings.

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12641 E Shadow Ridge Drive Scottsdale, AZ 85255

$2,944,900

4 Beds

4.5 Baths

4,190 SqFt

Status Active

MLS # 6717144

Property Type Single Family Residence

Price Type --

TO BE BUILT opportunity. Estimated completion 20 months from contract. New gated community by Camelot Homes... Featuring sweeping mountain vistas and pristine desert surroundings, Shadow Ridge is the ultimate Scottsdale sanctuary. Boasting spacious lots, this follow-up to our award-winning White Horse and Bronco communities combines bright, contemporary design with timeless indoor-outdoor appeal, all in a highly-desirable location a stones throw from Tom's Thumb trailhead. Price is not final. Additional options to be added later for final price.

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39347 N Old Stage Road Cave Creek, AZ 85331

$2,925,000

3 Beds

3.5 Baths

3,711 SqFt

Status Active

MLS # 6560312

Property Type Single Family Residence

Price Type --

Premier Offering, Pre-Construction. Nestled in the hillside above and just beyond Ranho Mañana, you'll find 'The Village at Go John Canyon' by Del Rey Development. A hidden gem, a secluded enclave of fine custom homes. Each estate parcel is over 4.35 acres and borders the Desert Foothills Land Trust with direct, private trail access to the Cave Creek Regional Park. Here you'll find pure paradise with over 3000 acres of hiking, mountain biking and horseback riding. Enhanced by nature, each select residence affords unparalleled views and total privacy in a peaceful mountain paradise. Del Rey offers stylish architecture and each home is delivered complete with heated pool and landscape.

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