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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11129 E Ulysses Avenue Mesa, AZ 85212

$615,995
3 Beds
2 Baths
1,907 SqFt
Status Active
MLS # 6780602
Property Type Single Family Residence
Price Type --
With an idyllic blend of comfort and elegance, this move-in ready home perfectly fits your lifestyle. The stunning kitchen is highlighted by a designer backsplash, modern maple Latte and white linen cabinets, and upgraded quartz countertops. The open-concept kitchen flows effortlessly into the great room and dining room, making this floor plan ideal for entertaining. The home is complete with designer curated finishes throughout. Don't miss this opportunity to own your dream home!

5330 W Walatowa Street Laveen, AZ 85339

$615,990
5 Beds
4 Baths
2,908 SqFt
Status Active
MLS # 6674395
Property Type Single Family Residence
Price Type --
MLS#6674395 Ready Now! The Pinnacle at Tierra Montana Encore presents a two-story layout with a generously sized primary suite downstairs. This suite boasts an expansive shower with tub, dual sink vanity, and a spacious walk-in closet suitable for all seasons. Additionally, there's a guest bedroom and full bath conveniently located towards the front of the home, ideal for overnight visitors. The open-concept gathering room connects to the dining and kitchen area. Upstairs, you'll find three bedrooms, two bathrooms, and a versatile loft space, perfect for hosting game nights. Structural options include: bedroom 5/bath 4, shower in lieu of tub in two at bath 4, tub and shower at owner's bath, extended walk in closet at owner's suite, paver from porch and gourmet kitchen. 4' garage extension, garage service door, pre-plumb for future

6979 S Wilson Drive Chandler, AZ 85249

$615,000
3 Beds
2 Baths
2,137 SqFt
Status Active
MLS # 6787032
Property Type Single Family Residence
Price Type --
Welcome Home to this gorgeous single-level, move-in-ready home in South Chandler. As you enter through the custom steel security screen and front door you are greeted with a neutral color palate, clean lines, and a view straight through to the backyard. This well-cared for two-owner home features a large master bedroom and bathroom with a walk-in closet, water closet, dual sinks, and a separate tub and shower. This master bedroom is split from the 2 guest bedrooms that are located on the opposite side of the house. The flex room, located near the front entrance, offers endless options. The beautiful kitchen has been updated with stainless steel appliances, freshly painted white cabinets, and has reverse osmosis water at the kitchen sink. The cozy gas fireplace is the perfect addition this Welcome Home to this gorgeous single-level, move-in-ready home in South Chandler. As you enter through the custom steel security screen and front door you are greeted with a neutral color palate, clean lines, and a view straight through to the backyard. This well-cared for two-owner home features a large master bedroom and bathroom with a walk-in closet, water closet, dual sinks, and a separate tub and shower. This master bedroom is split from the 2 guest bedrooms that are located on the opposite side of the house. The flex room, located near the front entrance, offers endless options. The beautiful kitchen has been updated with stainless steel appliances, freshly painted white cabinets, and has reverse osmosis water at the kitchen sink. The cozy gas fireplace is the perfect addition this time of year not just for ambiance but to quickly heat the house as well. Throughout the house you'll notice all new door hardware, faucets, light fixtures, baseboards, and electrical outlets. In 2022, two brand new AC units were installed followed by new interior and exterior paint, new carpet and baseboards, and a new 50-year roof in 2023. In 2024, the seller replaced the sunscreens and backyard irrigation. He also added artificial grass to the front yard. The 3-car split garage offers flexibility and includes side-mounted electric openers with battery backup that control insulated doors, tons of electrical outlets, built-in storage, and access to the attic and the backyard. When entering the backyard from the family room or master bedroom you'll find a covered patio with epoxy-coated stamped concrete and an electric rolling shutter perfect for hot summer evenings, cold winter mornings, and those dirty summer haboobs. Past the patio, you'll find beautiful green grass and a mixture of trees, shrubs, and rocks. If that's not enough, this home also includes Ring security devices, a washer & dryer, and all kitchen appliances. The only things you'll need to make this home yours are furniture and clothes. Welcome Home.

2825 W Pinto Place Wickenburg, AZ 85390

$615,000
3 Beds
2 Baths
2,061 SqFt
Status Active
MLS # 6748925
Property Type Single Family Residence
Price Type --
Enjoy gorgeous views from both north & south covered patios of this lovely 2061 sqft 3 bdrm, 1.75 bath home which features a bonus room that could be used as a den/office/other, living room, spacious kitchen w/ breakfast bar, sizable dining area & stainless steel appliances, split floorplan, large master bdrm, master bath w/ double sinks & walk-in closet, tankless hot water heater installed 1/2023, energy star windows, ceiling fans, cooling/heating installed 1/2023, Platinum water softener installed 1/2023, 9' ceilings, additional attic insulation 3/2023, oversized 2-car garage, private back courtyard, mature landscape w/ front & back yard watering system, no HOA, & leased solar ($124.68/month, no yearly increase). All this on a 46,730 sq ft parcel in the popular Saddle Ridge subdivision

2431 W Eagle Feather Road Phoenix, AZ 85085

$615,000
4 Beds
2 Baths
2,309 SqFt
Status Active
MLS # 6747132
Property Type Single Family Residence
Price Type --
As you enter this meticulously maintained 4-bedroom, 2-bathroom home, you are greeted by a bright and elegant atmosphere, from the front room's charming shutters to the gleaming tile flooring that guides you toward the dining and living areas. Just off the entrance, classic glass French doors open to a versatile den/office. The kitchen has been tastefully updated with pendant lights, freshly painted cabinets, a coordinating tile backsplash, and granite countertops. The spacious primary bedroom offers a personal retreat, featuring an updated en-suite bathroom w/ a walk-in shower, a private toilet room, and a generous walk-in closet. Step outside to enjoy the extended covered patio that overlooks a sparkling pool. Additional features of the home include two AC units & garage cabinetry Living off the I-17 and Carefree Highway fantastic due to its proximity to a variety of shopping centers (Norterra & Anthem) and diverse dining options that cater to every tastebud. The area offers a blend of convenience and vibrant local culture, perfect for a place to make home.

35518 N 30th Drive Phoenix, AZ 85086

$615,000
3 Beds
2 Baths
2,191 SqFt
Status Active
MLS # 6767894
Property Type Single Family Residence
Price Type --
Welcome to this beautiful old-world Italian style single-story home in the quiet, family-friendly Tramonto community. With 3 bedrooms, 2 full baths, & ample garage space for 3 cars, this residence is a must-see. This one-owner home features an open atmosphere with a spacious kitchen containing black appliances and ample storage space. The great room features a cozy gas fireplace & large newly-updated picture windows. Enjoy the spacious primary bedroom with en suite bathroom complete with a separate tub and shower, as well as a generous walk-in closet. Step outside into your own personal oasis with a calming water feature and eye-catching light layout. Tramonto residents enjoy pools, sport courts, & many green spaces. Furnishings are available as well, reach out now to arrange a tour!

1529 E Edgewater Drive Tempe, AZ 85283

$615,000
4 Beds
2.5 Baths
2,144 SqFt
Status Active
MLS # 6766284
Property Type Single Family Residence
Price Type --
This 4 bedroom residence w/loft is situated just down the street from the lake that you can enjoy boating and kayaking in the private community The Lakes. Enjoy 4 generously sized bedrooms on the second floor plus a versatile loft that overlooks the living room with vaulted ceiling. Relax by the large wood burning fireplace in the family room. Nestled in a tranquil neighborhood that offers a rec center with a Health and Fitness club ,Olympic size pool, spa, Pickel ball courts ,Tennis , Sand Volleyball, Basketball, Children's playground, and more. Conveniently located near lakeside restaurants and a short walk to Tempe Union Elementary/Middle schools and Marcos De Niza High. There is easy freeway access to 60 and 101 and to Sky Harbor Airport and ASU campus

8818 W Quail Avenue Peoria, AZ 85382

$615,000
3 Beds
2 Baths
1,790 SqFt
Status Active
MLS # 6769179
Property Type Single Family Residence
Price Type --
Welcome Home! This recently updated 3 bed/2 bath home invites you to come and make it your own! Located in a desired neighborhood and is on large corner lot! Just minutes from shopping, entertainment and restaurants! This home portrays pride of ownership with recently updated: tile flooring, updated bathrooms, heating and cooling unit, tankless water heater, sunscreens, custom baseboards, door trims and exterior/interior paint! It also has owned solar with grandfathered in rates! The backyard is perfect for entertaining with the pool and the newly added cabana! This home really speaks for itself, come check it out!

5160 E Karen Drive Scottsdale, AZ 85254

$615,000
3 Beds
2 Baths
1,592 SqFt
Status Active
MLS # 6778445
Property Type Single Family Residence
Price Type --
COME CHECK OUT YOUR NEXT HOME! This single level home in Scottsdale has a beautiful recently renovated kitchen with quartz counters and lots of cabinet space. This home has a split floorplan with a larger Owners' suite. It has a new vanity with a granite top in the owners' bathroom and a tiled walk-in shower. There is a patio door to the courtyard for enjoying your morning coffee or a glass of wine. Bedrooms 2 and 3 are split from the owners' suite. Bathroom #2 has a new vanity with a granite top as well. Tile and laminate floors throughout. Enjoy the spacious private yard with a detached 2 car garage. NO HOA.

7752 W Mary Jane Lane Peoria, AZ 85382

$615,000
4 Beds
3 Baths
2,515 SqFt
Status Active
MLS # 6774496
Property Type Single Family Residence
Price Type --
Pride of Ownership! Situated on a spacious corner lot, this beautiful haven offers a 3-car garage, RV gate, & NO HOA! Discover an inviting living room & a desirable great room paired w/wood flooring, gas fireplace, & French doors that create a seamless indoor-outdoor transition. Tall vaulted ceilings add to the airy feel, complemented by ceiling fans & plantation shutters. Fabulous kitchen displays coffered ceilings, recessed lighting, a custom island w/a breakfast bar, granite counters, plenty of cabinets & built-in appliances. The main bedroom ensures a peaceful retreat, showcasing plush carpet, two-toned paint, an ensuite w/dual sinks, & 2 walk-in closets. Tranquil backyard includes a covered patio, storage shed, & a refreshing pool for year-round enjoyment. Come check out the beauty.

5372 S Cat Claw Drive Gold Canyon, AZ 85118

$615,000
3 Beds
2 Baths
2,320 SqFt
Status Active
MLS # 6785100
Property Type Single Family Residence
Price Type --
Amazing, spacious 3 bedroom/2 bath PLUS a dedicated office with built-in desks and storage. Light, open floor plan with over 2300 square feet for relaxing, entertaining, and personal space. Bay windows in primary room and kitchen. Air conditioned Arizona room with huge windows and 2 separate indoor access doors, one from primary bedroom and another from the kitchen, then out to the patio to grill using gas stub. The 2.5 garage has wall to wall storage and a work counter with it's own cabinets for tools; there is also a charger for electric vehicle. This is a vibrant 55+ adult community with so many activities to get involved: Year round community pool and spa, 2 golf courses, Tennis courts, Pickleball, Pottery patio with kiln and a Monthly calendar filled with various activities.

41670 W Barcelona Drive Maricopa, AZ 85138

$615,000
6 Beds
4.5 Baths
4,149 SqFt
Status Active
MLS # 6783411
Property Type Single Family Residence
Price Type --
Home, sweet home! This wonderful 6 bed, 4.5 bath residence is looking for its new owners! A stunning facade w/stone accents, low-care landscape, a 3 car garage, and a paver driveway are just the beginning. Discover a spacious great room and formal dining area w/elegant wood-look tile flooring, plantation shutters, dazzling light fixtures, and custom palette throughout. The fabulous kitchen is comprised of white cabinetry w/crown moulding, granite counters, SS appliances, and an island w/a breakfast bar. Continue upstairs and into the cozy loft w/soft carpet, where you can spend a relaxing Sunday afternoon! You'll also find not one, but two primary bedrooms, each one boasting a private ensuite w/dual sinks and a walk-in closet! Double doors open up to a cozy den, ideal for an office. Lastly, the expansive backyard w/its covered patio, is a blank canvas w/tons of potential to become your own personal oasis! Your new home is waiting for you, hurry and act now!

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