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

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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7300 E Earll Drive Unit 1012 Scottsdale, AZ 85251

$620,000
2 Beds
2.5 Baths
1,625 SqFt
Status Active
MLS # 6769038
Property Type Apartment
Price Type --
Look no further! This beautiful 2-bedroom unit is ready for you to move in and enjoy! Check out the harmonious open floor plan, enhanced with hardwood flooring, large windows, and a perfectly matched neutral palette throughout. Spotless kitchen boasts plenty of white cabinetry, recessed lighting, subway tile backsplash, stainless steel appliances, a prep island with a breakfast bar, and sleek quartz counters. Rest and rejuvenation await in the romantic primary bedroom, complete with direct outdoor access, an ensuite with dual sinks, and a walk-in closet. Don't miss the stacked washer & dryer! Unwind under the covered patio while sipping your favorite beverage. PLUS! Wonderful community amenities include clubhouse, sparkling pool, spa, fitness center, and many more. Indulge in a luxurious lifestyle Scottsdale has to offer! Walking distance to a highly desired Old Town Scottsdale with fine dining and shopping. This unit is perfect for minimal maintenance and peace of mind! Furniture can be available for purchase for fully turn key ready. This condo was previously a model unit from builder, featuring the best upgrades offered. You'll feel as if you are on vacation everyday while living here!

3785 N 150th Lane Goodyear, AZ 85395

$620,000
2 Beds
2 Baths
1,641 SqFt
Status Active
MLS # 6714594
Property Type Single Family Residence
Price Type --
Gorgeous Home on a Golf Course Lot in the Active Adult Community of PebbleCreek with Resort Style Living. Highly upgraded split floor plan with 2 Bedrooms, 2 Baths plus a Den. Beautiful upgraded 42'' Kitchen Cabinets with Quartz/Leather finish Countertops, Island with Breakfast Bar, Built-in Wine Cooler, Sub Zero Fridge, Gas Stove La Cornue En France with Hood, overlooking Formal Dining Room. Elegant Family Room with Large windows and views with Mountains and Golf Course. Spacious Laundry Room with lots of Cabinets, laundry sink and Upgraded Washer/Dryer. Master Bedroom with walk-out to a Covered Patio. Remodeled Master Bathroom with oversized walk-in Shower, Double Sinks and Walk-in Closet. Peaceful, Covered Patio with Built-in BBQ and lots of room to Entertain. **Dream Home**

632 N 72nd Place Scottsdale, AZ 85257

$620,000
4 Beds
2 Baths
1,990 SqFt
Status Active
MLS # 6727478
Property Type Single Family Residence
Price Type --
Fresh paint, new flooring, new kitchen features waterfall counter top, new restrooms. Homes has been remodeled and is ready for its new owner. Dual pane windows through the home. Shopping retail, entertainment, and restaurants very close.

18182 W Young Street Surprise, AZ 85388

$620,000
5 Beds
3.5 Baths
3,636 SqFt
Status Active
MLS # 6739794
Property Type Single Family Residence
Price Type --
MOTIVATED SELLERS!! Home Sweet Home! This exquisite 5-bedroom, 3.5-bathroom residence features a 2-car garage, elegant stone accents, and a welcoming front patio. Inside, the living/dining room boasts a cool palette, plantation shutters, and attractive wood-look flooring. The great room features double French doors that open to the backyard for seamless indoor-outdoor living. The impeccable kitchen comes with granite counters, wood cabinetry with crown moulding, recessed lighting, SS appliances, a pantry, and an island with a breakfast bar. The versatile bonus room is perfect an office or study. The cozy loft upstairs provides a peaceful retreat. Discover a sizeable main bedroom offering plush carpeting, a quaint sitting nook, an ensuite with dual sinks, and a walk-in closet. Outside, the backyard oasis showcases a covered patio, stylish pavers, a ramada, a firepit for evenings under the stars, and a sparkling pool. Make this gem yours!

886 S Pleasant Drive Chandler, AZ 85225

$620,000
4 Beds
2.5 Baths
2,137 SqFt
Status Active
MLS # 6743825
Property Type Single Family Residence
Price Type --
Welcome to your dream home in beautiful Chandler, Arizona! This stunning 4-bedroom, 2.5-bathroom residence offers the perfect blend of comfort and elegance. Step inside and be greeted by an inviting floor plan with abundant natural light creating a warm and welcoming atmosphere. The luxurious master suite is a serene retreat, complete with a generous walk-in closet and a spa-like en-suite bathroom featuring dual vanities, a soaking tub, and a separate shower. Three additional well-sized bedrooms provide plenty of space for family, guests, or a home office. Step outside to your private oasis—a beautifully landscaped backyard with a sparkling pool that promises endless hours of relaxation and fun. Whether you're hosting summer barbecues, enjoying a quiet evening under the stars... or simply taking a refreshing dip, this backyard is perfect for both entertaining and unwinding. Additional features of this exceptional home include a 3-car garage, solar panels, new AC units and proximity to top-rated schools, parks, and shopping. Don't miss this opportunity to own a slice of paradise in Chandler. Schedule your showing today and experience the perfect combination of luxury and comfort!

3649 E Cody Avenue Gilbert, AZ 85234

$620,000
4 Beds
2 Baths
1,884 SqFt
Status Active
MLS # 6753565
Property Type Single Family Residence
Price Type --
Your beautifully REMODELED 4 bedroom home w/ a POOL in Carol Rae Ranch is now for sale! Inside you will find spacious dining & living areas, luxury vinyl flooring, graceful archways, and neutral palette throughout. The fabulous kitchen is comprised of ample cabinetry w/ample counter space, a pantry, stainless steel appliances, and an island complete w/a breakfast bar. Double doors open up to the primary bedroom, boasting a walk-in closet and a private ensuite w/dual sinks. This home also features a water softener! Finally, the lovely backyard includes a covered patio and a fenced pool perfect for the warm summer days! THIS IS HOME, make it your first stop!

1540 W Lawrence Lane Phoenix, AZ 85021

$620,000
4 Beds
2 Baths
1,895 SqFt
Status Active
MLS # 6769284
Property Type Single Family Residence
Price Type --
This lovely 4 bed, 2 bath well-loved home in the highly sought after Royal Palm neighborhood is ready for you to make it your own. Open kitchen overlooks lush green backyard. Bonus room with separate exterior access could be used as an Office/Den/Family Room. Large Primary bedroom with direct access to backyard & patio. Oversized lot with long patio, wrap around yard, play house & a fenced garden area too. Plenty of room to add on extra livable space or put in a pool. 2 car garage with built in cabinets and a large attached shop/storage room is perfect for all of your projects. With some fresh paint and new flooring, this home will shine! This family friendly neighborhood is close to Royal Palm Park, restaurants, grocery stores & bike paths. It is in district for Sunnyslope High School. This home is being sold AS IS.

2509 E Darrel Road Phoenix, AZ 85042

$620,000
3 Beds
2.5 Baths
2,835 SqFt
Status Active
MLS # 6765409
Property Type Single Family Residence
Price Type --
Seller will consider contributing to buyer's loan costs and/or interest rate buy down with the right offer! Gorgeous golf course lot makes a perfectly serene backyard escape to enjoy! Spacious 3-bedroom, 2.5-bath, 3-car garage home located in the coveted gated community of Fairways at the Legacy. The master bedroom is conveniently located downstairs, offering privacy and ease of access. Nestled on the golf course, this home offers course views and wonderful views of South Mountain with no rear neighbors! The spacious floor plan includes an inviting living area, sky-high ceilings, an open kitchen, and a large entertainment bonus room perfect for hosting family and friends.

6795 W Miner Trail Peoria, AZ 85383

$620,000
4 Beds
3 Baths
2,799 SqFt
Status Active
MLS # 6768885
Property Type Single Family Residence
Price Type --
THIS IS THE ONE you've been looking for! Located on an interior corner lot in the highly sought after tucked away Sonoran Mountain Ranch community, this meticulously maintained home offers offset tile & luxury vinyl flooring throughout the first floor while plush carpeting graces its 2nd level. Upon entering & overlooking your covered front porch, you will find the formal living/dining/flex room with decorative window casings. Be prepared to be wowed by the large stunning kitchen complete with Black Galaxy Granite Counters, staggered Cherry Cabinets adorned with Crown Molding & ample storage, SS Appliances including a double oven, large island with even more storage, R/O, recessed lighting & pantry too. There is a nicely sized eat-in kitchen area that is open to your roomy family room complete with a built-in large media niche , surround sound speakers & decorative window casings. Beyond the family area is a fantastic flex room with glass French Doors, perfect for that home office, playroom, hobby room or guest quarters/5th BR. Right next to it is a full bath too, great for guests! As you make your way up to the 2nd level you will notice the built-in work desk at the foyer, 4 generously sized bedrooms, laundry room complete w/cabinets, W/D to stay & 2nd bath. The 2nd bath has a dual sink vanity with plenty of storage as well. The owner's suite is large & tucked away from the other bedrooms. Its private en-suite is perfectly placed at the owner's suite & hosts 2 separate vanities each with its own sink & storage areas, separate tub/shower, private water closet and HUGE closet! BR 2 has a custom white shiplap wall & decorative window casing & BR 4 boasts a walk-in closet & decorative wood accent wall. Each bedroom has amazing mountain views too! Time to head out to your backyard oasis! Because your new home is located on an oversized pie-shaped elbow lot there is plenty of room for everyone! Its large, covered patio leads you to an extended paver patio sitting area, great for dining al fresco! On the east side of the home there is a beautiful refreshing fenced play pool with a new Wi-Fi pool pump while the west side of the home has lush grass & mature trees. Don't forget to check out the large, 3 car tandem garage which has 2 access doors leading you into the home complete with built-in cabinets, workbench & a service door to the yard. New (23') AC system with Digital thermostats & mobile phone app capability too! With perfect curb appeal an Elegant Stone Elevation, beautiful mountain views & located on a private interior lot, this home has it all! Call for your private showing today!

5419 E Grove Avenue Mesa, AZ 85206

$620,000
4 Beds
2.5 Baths
2,681 SqFt
Status Active
MLS # 6771187
Property Type Single Family Residence
Price Type --
Awesome home for sale in Stonegate Estates! This corner-lot home greets you charming with beautiful curb appeal from the moment you drive up. The interior is airy and bright, featuring vaulted ceilings and a great floorplan that's perfect for entertaining! The kitchen is spacious, with plenty of cabinetry for storage, kitchen island, and lots of additional counter space. It opens up to the dining area and large family room, plus an additional dining room or den! The master bedroom is massive, capable of fitting even larger furniture, and has a bay window with automatic privacy blinds. The master bathroom has a separate garden tub and walk-in shower, with a massive walk-in closet. All secondary bedrooms are spacious, with access to a secondary bathroom and powder room. The backyard has a covered patio that can be completely enclosed with automatic patio cover, a paver extended patio, grass, and view fencing to the park behind, meaning no rear neighbors! If that's not all, there's interior laundry with plenty of space for folding table or additional cabinetry, additional cabinets in the garage, and located in a well-maintained neighborhood! Minutes to the freeway without freeway noise, and near Dana Park for all the shopping, dining, and entertainment needs! Welcome home

7837 N 6th Street Phoenix, AZ 85020

$620,000
3 Beds
2 Baths
1,839 SqFt
Status Active Under Contract
MLS # 6730822
Property Type Single Family Residence
Price Type --
Welcome to this delightful 3-bedroom, 2-bath gem in north central Phoenix! With its spacious layout, convenient location, and abundant outdoor space, this home offers the perfect blend of comfort and convenience. Three generously sized bedrooms provide ample space for relaxation and rest. Whether you're looking for a cozy retreat or a home office, these rooms offer versatility and comfort. Two well-appointed bathrooms ensure convenience for your daily routines. The bright and airy eat-in kitchen is perfect for casual meals. Imagine sipping your morning coffee by the window overlooking the lush backyard and diving pool. For special occasions or intimate gatherings, the formal dining room awaits. Relax in the formal living room or head to the family /entertainment room The spacious family room provides a cozy spot for movie nights or simply unwinding after a long day. Natural light floods the room, creating a warm and inviting atmosphere. Centrally located, this home offers easy access to shopping, dining, entertainment, and more. You'll love being part of this vibrant community. The laundry room doubles as a workshop, providing space for DIY projects, crafts, or storage. Lace-up your sneakers and explore the nearby walking and biking trails. Plus, the Piestewa Freeway is just minutes away, making your commute a breeze. Conveniently park your vehicles or use the garage for additional storage. Don't miss out on this fantastic opportunity to own a piece of Phoenix paradise. Make this house your home!

7608 N 17th Avenue Phoenix, AZ 85021

$620,000
4 Beds
2 Baths
1,612 SqFt
Status Active Under Contract
MLS # 6760382
Property Type Single Family Residence
Price Type --
This fully remodeled home rivals any HGTV makeover. The beautiful and functional kitchen / greatroom has a 16 foot wide wall of sliding glass doors that open to the large covered patio, backyard, and the gorgeous pool. Truly connecting indoor and outdoor living. The kitchen is equipped with stainless steel appliances and a beautiful waterfall edge island. The home also has a walk-in pantry and a generous laundry room. This bright, happy home brings functional style to a great location.

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