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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22953 S 207th Place Queen Creek, AZ 85142

$623,986

4 Beds

3 Baths

2,309 SqFt

Status Active

MLS # 6740939

Property Type Single Family Residence

Price Type --

MLS#6740939 January Completion! The Cambridge at Ellsworth Ranch Landmark is a single-story floor plan offering 2,474 sq. ft. of living space with 4 bedrooms, 3 bathrooms, a 2-car garage, and an exercise/flex room. A welcoming porch greets you at the front of the house. Upon entering, the foyer leads you down a hallway with secondary bedrooms and 2 full bathrooms on one side and a laundry room on the other. Continuing straight, you'll arrive at the spacious, open kitchen, great room, and dining area—a space sure to capture your heart. Structural options include: garage service door.

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5709 S Dante -- Mesa, AZ 85212

$623,986

3 Beds

2.5 Baths

2,290 SqFt

Status Active

MLS # 6745163

Property Type Single Family Residence

Price Type --

MLS#6745163 Ready Now! Discover the stunning Hillary Expedition Collection. This single-level home offers 2,290 square feet of well-designed living space, including 3 bedrooms, 2.5 baths, a private study, and a spacious 3-car garage on a corner lot. The heart of the home is its open-concept design, featuring a large gathering room, a chef-inspired island kitchen, and a welcoming dining area. Sliding glass doors seamlessly connect the living space to the extended covered back patio and finished backyard. The two secondary bedrooms share a convenient Jack &Jill bath, while a private study is thoughtfully positioned near the front entry. Home options include: window coverings, whole house appliance package, and finished backyard.

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4574 W Gilbert Lane San Tan Valley, AZ 85144

Open House

$623,645

5 Beds

4.5 Baths

3,291 SqFt

Status Active

MLS # 6664214

Property Type Single Family Residence

Price Type --

This home truly has it all. The SLATE plan is for those who want everything in their new home. The primary bedroom, guest room, and home office are all downstairs. The kids retreat featuring three generous sized bedrooms and a spacious loft are upstairs. This Slate features a desert contemporary exterior with all of the contemporary upgrades on the interior. Features include a gorgeous gourmet kitchen, custom backsplash, satin nickel fixtures and hardware, wood-look tile in all the common areas, and granite countertops.

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2300 E Concorda Drive Tempe, AZ 85282

$623,500

4 Beds

2 Baths

2,252 SqFt

Status Active

MLS # 6704841

Property Type Single Family Residence

Price Type --

This 4 bedroom, 2 bath large open great room floor plan includes many features: Open kitchen with massive island, lots of counter space, many cabinets, Huge diving pool, Extra large master bedroom, 3 walk in closets, updated bathrooms, corner lot, RV parking with slab and gate, large storage shed, covered patios, North/South exposure, amazing location - close to Freeways, ASU, MCC, Mesa & Tempe Schools, Banner Hospital and Fiesta Mall. Lots of great restaurants close by too! Thank you for showing!!!

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2740 S Pleasant Place Chandler, AZ 85286

$623,000

4 Beds

3 Baths

2,350 SqFt

Status Active Under Contract

MLS # 6744938

Property Type Single Family Residence

Price Type --

Fabulous 4 bedroom/3 bath home in the popular Chandler community of Carino Estates. Soaring ceilings & a beautiful wood staircase greet you as you enter. Formal living & dining rooms provide a perfect space for entertaining while the large family room is great for relaxation. Any chef would love the kitchen that boasts a plethora of upgraded cabinets, granite countertops with tile backsplash, pendant & recessed lighting, an island, breakfast bar and even a breakfast nook. The downstairs bedroom & full bath is a great space for guests. Upstairs you find the large master suite featuring a walk-in closet, separate tub & walk-in tiled shower, double sinks, his & hers closets & a sitting room that could double as an office or nursery. 2 additional bedrooms and another full bath can also be found upstairs. The back yard is a true private oasis with its covered patio, lush vegetation, large grassy yard & backing to the greenbelt so there are no neighbors directly behind. The 2-car garage and extended driveway provide plenty of parking and the RV gate leads to another concrete pad where you could park your toys. Located in a great community close to the 202 & 101 freeways and downtown Chandler with all its dining & shopping venues.

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2730 Nelson Lane Chino Valley, AZ 86323

$622,462

3 Beds

2 Baths

2,076 SqFt

Status Active

MLS # 6776501

Property Type Single Family Residence

Price Type --

BRAND NEW I Quick Move-in 1 Acre Lot in Peaceful Heritage Pointe. Nestled in Chino Valley, just outside of Prescott! This charming community offers a haven for families seeking an exceptional living experience. The homes in this community are build on 1-acre homesites, so you and your family can enjoy privacy while taking in the picturesque atmosphere. Heritage Pointe offers 7 distinct floorplans, modern amenities, open-concept layouts with designer finishes. For those enjoying travel, opt for a floorplan that includes an RV Garage! You won't want to miss out; plan a visit with us today.

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19016 W Rose Lane Waddell, AZ 85355

$621,915

6 Beds

3.5 Baths

3,159 SqFt

Status Active

MLS # 6770159

Property Type Single Family Residence

Price Type --

Amazing 2 story floorplan, Downstairs owners suite plus guest suite. Professionally decorated gourmet kitchen, quartz center island with stainless appliances, Wood plank tile in common areas, Quartz countertops, tiled backsplash, staggered Harbor cabinets, oversized great room and eat in kitchen, oversized laundry room. Massive loft upstairs, Jack & Jill bath. Enjoy the peaceful sunsets on your covered patio and mountain views. Plenty of room for everyone and extra space in the 3 car tandem garage. This home will be completed in December/January

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6798 W Andrea Drive Peoria, AZ 85383

Open House

$621,900

3 Beds

2.5 Baths

2,051 SqFt

Status Active

MLS # 6722958

Property Type Single Family Residence

Price Type --

Turnkey READY NOW-North/South Exposure. Experience the charm of Aloravita, nestled within the scenic mountains of Peoria. This community boasts breathtaking views and is conveniently located minutes away from shopping, dining, hiking trails and more! Our popular 'El Dorado' floorplan features 3 full bedrooms, 2.5 bathrooms, 2 Car-Garage and a private yard with views! Designer selected finish includes White Cabinetry, Quartz Kitchen Countertops, Wood Like Tile Throughout, and Plush Carpet in all the bedrooms. This beautiful home will have it all including 9' ceilings, Gourmet Gas Kitchen, Smudge Proof Stainless Steel Appliances, Blinds, Pre-Plumb for Soft Water, and Smart Home Technology. *Photos of similar spec to show layout, options will vary*

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10130 S Bickwell Trail Apache Junction, AZ 85120

$621,848

5 Beds

4 Baths

3,099 SqFt

Status Active

MLS # 6768168

Property Type Single Family Residence

Price Type --

Discover the exceptional difference in your home-buying experience! Welcome to Laurel at Blossom Rock, where our 2-story Ponderosa design w/ LIVE in SUITE is under construction now. Imagine an open-concept floor plan featuring a warm and welcoming kitchen that flows into a bright, airy great room. This space opens up to your private, extended covered outdoor room - perfect for relaxing or entertaining. With 5 spacious bedrooms, 3 luxurious baths, a great room with a dining area, and a flexible office space, this home has everything! Plus, we're including $81,000 in stunning upgrades to make this home truly special, and we're offering special financing to help NOW.

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28250 N 134th Avenue Peoria, AZ 85383

New

$621,469

4 Beds

3 Baths

2,318 SqFt

Status Active

MLS # 6788574

Property Type Single Family Residence

Price Type --

A soon to be complete single-story Harbor with a Ranch exterior elevation style. This 4-bedroom home plus a flex room offers 3 and a half baths and a 3 car tandem garage. The kitchen features stainless steel appliances and stylish Mocha colored cabinetry and beautiful white quartz countertops. Throughout the home, find upgraded baseboards and wood-like tile. The home and community are at the base of a mountain and are near Vistancia. Home warranty included.

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7313 E Fillmore Street Scottsdale, AZ 85257

$621,000

4 Beds

2 Baths

1,841 SqFt

Status Active

MLS # 6762777

Property Type Single Family Residence

Price Type --

Well maintained single story home with great South Scottsdale location. Close to ASU and Old Town. The appealing interior boasts updated flooring, neutral paint, a welcoming living room, large eat-in kitchen with sliding glass door leading to back patio. Kitchen equipped with updated stainless steel appliances including new D/W, granite counters, ample cabinet space, a peninsula with breakfast bar. French doors of master leads to a spacious yard. Approximately 224 sqft Casita offers exercise room/ office. Large workshop shed only steps from RV Gate. Large side yard to store all your toys. New electrical house panel and cast in 2021. Insulation updated 2021. New Hot water heater 2023. Great Investment opportunity!

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3946 W Antelope Way San Tan Valley, AZ 85144

$620,995

4 Beds

3 Baths

2,908 SqFt

Status Active

MLS # 6784619

Property Type Single Family Residence

Price Type --

*Home is still Under Construction* Check out this beautifully crafted home with well-appointed interior finishes. A large center island in the kitchen overlooks the casual dining area. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. The resort-style amenities in this community will make your family feel they're on vacation year-round. Experience the luxury you've always wanted by touring today.

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