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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7609 E Indian Bend Road Unit 3005 Scottsdale, AZ 85250

$625,000

3 Beds

2 Baths

1,541 SqFt

Status Active

MLS # 6764433

Property Type Apartment

Price Type --

This stunning condominium is located on the third floor offering access using stairs or the elevator. It is a fully furnished residence that can sleep up to 6. This three bedroom two bath home is located within a gates community. The private balcony over looks the pool and you're steps away from the Scottsdale Silverado Golf Club. Walking distance to Railroad Park and the Canal takes you to Tempe Town Lake. Restaurants, shopping and entertainment are literally in your backyard. The perfect location for living your best life. Better yet this community does allow Short Term Rentals. So investors come one come all!!

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26405 W Zachary Drive Buckeye, AZ 85396

$625,000

2 Beds

2 Baths

2,015 SqFt

Status Active

MLS # 6767875

Property Type Single Family Residence

Price Type --

SELLER IS OFFERING $10,000.00 towards concession or 2/1 BUY DOWN. PRESERVE WITH NORTH/SOUTH FACING ON GORGEOUS GOLF COURSE & CORNER LOT WITH MOUNTAIN VIEWS! TILE floors,Plantations Shutters & water softener throughout. Living Room with Custom Built Media Wall with fireplace insert and Custom Built Wet Bar wall. Kitchen w/Granite counters, backsplash, upgraded cabinets-soft close w/pull out shelves, reverse osmosis, pendant lights, & walk in pantry. Beautiful guest bedroom. Guest bathroom with granite counter & shower. Owner's Suite has a beautiful walk in tiled shower w/seat, granite counters, dual sinks & walk in closet. Ext Laundry w/tons of cabinets. Back porch with ELECTRIC shades, fire pit w/ great views & much more! OWNED SOLAR PANELS!! INCLUDES Refrigerator, Washer and Dryer!

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555 N Ocotillo Drive Wickenburg, AZ 85390

$625,000

3 Beds

2 Baths

1,879 SqFt

Status Active

MLS # 6764922

Property Type Single Family Residence

Price Type --

Nestled on 1.4 acres of scenic horse property in the heart of Wickenburg, this beautifully updated 3-bedroom, 2-bathroom home offers a perfect blend of modern comfort and rural tranquility. With breathtaking panoramic views surrounding the property, you'll experience peace and privacy while still being close to town. Inside you'll discover a thoughtfully remodeled interior, where the kitchen shines with its 2024 upgrades, featuring sleek countertops, updated cabinetry, and new appliances, making it a dream space for cooking and entertaining. Fresh, stylish flooring flows throughout, providing a clean, contemporary feel, while the newly updated AC system ensures comfort year-round. Outside, you'll find a comfortable oasis perfect for relaxation and entertaining. The heated pool... offers the ideal spot to cool off during warm Arizona days, while the included above-ground spa promises relaxation under the stars. Additionally, the property boasts an oversized, over-height garage/shop, perfect for projects, storage, or accommodating larger vehiclesan excellent bonus for any hobbyist! Designed with both comfort and practicality in mind, this Wickenburg retreat offers the perfect space to enjoy rural living with modern conveniences, making it a must-see for those seeking a peaceful escape in Wickenburg!

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7467 E Pleasant Run -- Scottsdale, AZ 85258

$625,000

2 Beds

2 Baths

1,590 SqFt

Status Active

MLS # 6766453

Property Type Single Family Residence

Price Type --

Welcome to your beautifully upgraded 2 bedroom master suite in the highly sought after community off Pleasant Run.The kitchen features new cabinets, granite counter tops, stainless steel appliances with ample pantry space. The expansive greenroom boasts vaulted ceilings and a cozy fireplace. Relax on your private patio wile overlooking lush gardens.

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6381 W Kristal Way Glendale, AZ 85308

$625,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6768457

Property Type Single Family Residence

Price Type --

Looking for a great property and great location? This is the one that you are looking for! This 4 bedroom, 2 bath single story ranch style home offers hardwood and tile flooring in all living space areas, carpeting in all the bedrooms for your comfort. Kitchen and baths have been remodeled and updated with white cabinetry and black quartz counter-tops and kitchen island. Large pantry in the kitchen to fit all of your kitchen gadgets and food storage is a wish fulfilled for every home cook. This home is handicap friendly as there are two walking showers and wider doors, the home was adjusted to be used as an Assisted Living. The location is in close proximity to Abrazo Arrowhead Campus, near Midwestern University, close to 101 FWY and Arrowhead Mall.

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810 W Allen Street Phoenix, AZ 85041

$625,000

4 Beds

2.5 Baths

2,885 SqFt

Status Active

MLS # 6768782

Property Type Single Family Residence

Price Type --

You'll fall in love with this immaculately maintained South Mtn area home. Embracing an open floor plan, the home boasts upgrades including 2 NEW HVAC units (5/24), walk-in closets for master and single bedroom, plantation shutters, granite countertops, etc. (see documents tab for full list). Convenient downstairs master suite enjoys a separate exit to putting green. The spacious Loft overlooking the family room accesses an oversized VIEW deck. Two of the three upstairs bedrooms have hard-surface LVP w/newer carpet in the third bedroom, all w/C-fans & plantation shutters. Many family memories will be made in your Backyard Oasis with a removable fence at your Pebbletec pool w/waterfall & baja shelf. You'll love the adjustable cover at the Pergola extended covered patio

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6253 E Phelps Road Scottsdale, AZ 85254

$625,000

3 Beds

2 Baths

1,999 SqFt

Status Active

MLS # 6776628

Property Type Single Family Residence

Price Type --

If you yearn to own a home that is surrounded by mature trees, green grass, and open spaces then this is your next home. Located in the desirable patio home community of North Ranch towards the end of a cul-de-sac just steps from the community heated pool and spa. Relax at the breakfast bar with your morning coffee and enjoy any time of day in the large dining area which can accommodate all your family and guests. The cozy family room off the kitchen has a wood burning fireplace for the cooler winters. New Air Handler in 2024, outside main water line replaced in 2024, roof recoated in 2023, garage door and opener replaced in 2023. Granite counters in kitchen with stainless appliances. Bathrooms updated with quartz counters, new faucets, refinished cabinets and new shower and bathtub. The HOA maintains the front landscaping as well as your back patio area, so it makes for a great lock and leave. Enjoy having a glass of wine on the back patio which overlooks the common grassy area. This home is close to great restaurants and shopping at Kierland Commons and Scottsdale Quarter

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2120 N Whitetail Way Flagstaff, AZ 86004

$625,000

3 Beds

2 Baths

1,518 SqFt

Status Active

MLS # 6770003

Property Type Townhouse

Price Type --

Welcome to this rare 3 bedroom, 2 bath single level townhome in the beautiful pines in Continental Country Club. Enjoy the open floorplan, tongue and groove cathedral ceilings, stone, wood burning fireplace, covered deck in the trees and 2 car garage on a quiet, private cul-de-sac. Relax with your morning coffee or evening bevvies listening to the sounds of birds and the breeze in the pines. Bring the kids and grandkids to Bear Paw, only a minute away, for mini golf, swimming and more. Or, play golf and pickleball to your heart's content at Continental Country Club and enjoy family, friends and great food at the Oakmont. Single level, 2 car garage, quiet location, close to everything you want to enjoy - it checks all of your boxes! Furnishings available! (30 day minimun for rentals.)

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7774 E Mariposa Drive Scottsdale, AZ 85251

$625,000

2 Beds

2 Baths

1,440 SqFt

Status Active

MLS # 6772159

Property Type Single Family Residence

Price Type --

Retire in Style in the Prestigious Community of Villa Monterey. The largest 55+ Community located in the Heart of Scottsdale. Enter through your periwinkle front door to a large great room with huge sliding glass door to view the outdoor garden and enjoy those cool Arizona evenings. Recently smoothed ceilings throughout this light and bright 2 bedroom 2 bath home. The kitchen has custom cabinetry, leathered granite counter tops opening to the dining room with beautiful chandelier. The master bedroom with plenty of space to unwind features a HUGE closet and large bath with vanity and a marble walk-in shower! The second bathrom has a vibe of its own! Attention to detail!! RETREAT to your huge covered patio on a Premium Corner Lot with custom iron gates. Enjoy your mature landscaping and - grass patch with a stunning garden as if you almost have a mini botanical garden in your own backyard! New Anderson double pane tinted windows keep the house cool. The laundry room has built in cabinetry for tons of storage space with private access to your backyard patio. Do you want it all?? Here it is!

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19625 W Pinchot Drive Buckeye, AZ 85396

$625,000

4 Beds

2.5 Baths

2,656 SqFt

Status Active

MLS # 6771563

Property Type Single Family Residence

Price Type --

This stunning 3-year-old North/South facing residence features a designer kitchen with custom subway tile backsplash, 42-inch cabinets, Quartz countertops, and gourmet gas appliances. Enjoy the spacious ''Harry Potter'' pantry and a panoramic slider that opens to your backyard oasis with a sparkling play pool and gazebo, complemented by synthetic grass for low maintenance.The versatile 3-car tandem garage offers ample storage, while the upstairs boasts four oversized bedrooms and a spacious loft. Conveniently located near Costco, restaurants, Fry's Marketplace, freeways, and schools, this home combines luxury and accessibility. Plus, solar panels (loan-to-own) keep your energy costs low. Stop by and visit today!

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1383 E Washington Avenue Gilbert, AZ 85234

$625,000

4 Beds

3 Baths

2,050 SqFt

Status Active

MLS # 6772748

Property Type Single Family Residence

Price Type --

Welcome to your new Gilbert home on an AMAZING 11,138 sqft lot with a private pool. This 4 bedroom 3 full bathroom home has a first floor bedroom and full bath, formal dining room with gas fireplace, vaulted ceilings and a walkout balcony off the primary bedroom. The home had major updates done in 2023 including new AC and furnace, new roof, LVP flooring on the main level, quartz countertops in the kitchen, and new windows. Relax in the pool during our hot Arizona summers with a huge backyard that has endless possibilities to become an entertainers dream! This perfect location is close to downtown Gilbert and Freestone Park. This home has everything you're looking for with the lot size, pool, updates, and location!

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4120 E Donato Drive Gilbert, AZ 85298

$625,000

2 Beds

2 Baths

2,114 SqFt

Status Active

MLS # 6774491

Property Type Single Family Residence

Price Type --

Discover the charm of this exceptional home situated on a desirable corner lot in a wonderful, gated community. Offering a split floor plan that ensures privacy and functionality, this home is perfect for modern living. The inviting great room, complete with a cozy gas fireplace, is bathed in natural light, creating a warm and welcoming ambiance. The large kitchen is a chef's delight featuring an expansive island and a gas cooktop, ideal for both everyday meals as well as entertaining. The home also includes a versatile den, perfect for a home office or reading nook. Retreat to the spacious primary suite, boasting a luxurious bathroom for your personal sanctuary. Step outside to the patio courtyard with a firepit, an idyllic setting for relaxing evenings in a quiet neighborhood. Enjoy the added benefit of numerous amenities while taking advantage of the golf course, pool and spa, tennis and pickleball courts, fitness center, and clubhouse. This home is a rare find, offering a blend of comfort, style, and community to help you live your best life!

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