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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27280 S State Route 89 Highway Congress, AZ 85332

$550,000

2 Beds

2.5 Baths

2,735 SqFt

Status Active

MLS # 6763756

Property Type Single Family Residence

Price Type --

Don't miss this incredible opportunity to own a versatile property with two parcels, totaling 1.13 acres. This unique offering features a vintage 2,735 sq ft home, once a charming restaurant. Inside, you'll find new flooring, beautiful wood-beamed ceilings, vintage posts, corbels, and period-style light fixtures, adding character to every corner. The property boasts two separate living quarters, and a guest studio making it perfect for multi-family living or rental opportunities. In addition, there's a spacious 2,100 sq ft detached metal building, ideal for vehicles, equipment, or storage. With a 30x70 ft garage door for easy access, this building offers endless possibilities. The property benefits from prime frontage on Hwy 89 and offers ample parking, making it perfect for a business venture or investment. While the main building has vintage charm and may need some TLC, it's brimming with potential. Whether you're looking for a rental income opportunity or a unique home, this property is full of possibilities!

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20034 N 273rd Lane Buckeye, AZ 85396

$550,000

3 Beds

2.5 Baths

2,478 SqFt

Status Active

MLS # 6765303

Property Type Single Family Residence

Price Type --

ENDEAVOR MODEL WITH A SPOOL ON A LARGE CORNER LOT! 2,478 sq. ft. of living space. 3 Bedroom, Flex Room, & 2.5 bath. Main living areas feature wood floors! Great Room fireplace, floor outlet, & SS speakers. Kitchen w\ Quartz counters, soft close drawers & cabinets, glide-out shelves, center island, large walk-in pantry, & R.O. system. Owners' Suite w\door to patio, power blinds, low threshold tiled shower w\glass door & seat, dual sinks, toilet room & large walk-in closet. 2 Guest bedrooms are adjoined by a Jack & Jill bathroom, w/a tiled shower & seat, perfect for guests! Hallway bath w/pedestal sink. Laundry room with sink. 4 ft Extended Garage with water softener & overhead storage. Private walled backyard w\ext Kool Deck & paver patio, spool w\water feature, roller shades & SS speaker

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2130 Remington Drive Sierra Vista, AZ 85635

$550,000

4 Beds

2 Baths

2,247 SqFt

Status Active

MLS # 6764103

Property Type Single Family Residence

Price Type --

Welcome to this stunning 4-bed, 2-bath home! This spacious home features a semi-open floor plan, perfect for entertaining. The home includes large energy efficient windows allowing plenty of natural light throughout. The kitchen is equipped with modern appliances and a center island, perfect for gatherings. The master suite offers a tranquil retreat including an en-suite bathroom featuring a soaking tub, dual vanities, and a walk-in closet. Step outside to your private oasis! Enjoy your own sparkling in-ground pool and spa, perfect for year-round fun. Relax under the covered patio which features two automated shades. The backyard includes low maintenance lush landscaping and lawn all completely irrigated.

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4245 S 247th Drive Buckeye, AZ 85326

$550,000

5 Beds

3 Baths

3,694 SqFt

Status Active

MLS # 6765716

Property Type Single Family Residence

Price Type --

This stunning former model home is move in ready with updated flooring and fresh paint throughout. Situated in the serene neighborhood of Rancho Vista. Offering 5 bedrooms, 3 full baths, a 3-car garage and backyard oasis perfect for Arizona outdoor living. Step inside and be greeted by the separate formal living and dining area. Continue into the heart of the home, the stunning gourmet kitchen with all new cabinets, boasting expansive granite countertops and backsplash. Enjoy the seamlessly connected kitchen, dining room and family room. Downstairs, you'll also find a large laundry room, a guest bedroom and fully remodeled bathroom. Venture outside through double doors and discover your own private oasis, where meticulously designed landscaping sets the stage for relaxation and entertainment. Enjoy the low-maintenance artificial turf, a 40ft covered patio with mist system, a soothing waterfall, built-in firepit with seating and a relaxing hot tub. Upstairs, a spacious loft with built- ins ads additional entertainment space. You'll also find three secondary bedrooms and remodeled full bath. Retreat to the expansive owner's suite through double doors, where a soaking tub, separate walk-in shower, double sinks, and a large custom walk-in closet await. Welcome Home!

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16222 N 161st Drive Surprise, AZ 85374

$550,000

4 Beds

3 Baths

2,166 SqFt

Status Active

MLS # 6766768

Property Type Single Family Residence

Price Type --

Cul de sac home, updated from top to bottom, including the heated pool. On top of that, an outdoor kitchen with pizza oven! Backyard paradise with fruit trees, grape vines, hydroponic system and huge covered patio. Sunny kitchen eat-in kitchen is open to family/great room and has beautiful granite counters, island, an added coffee bar, lots of cabinets, counter space and pantry. Large living/dining room with flex space, a guest bedroom, full bath and laundry room round out the lower level. Upstairs, a large primary suite with walk-in closet, dual sinks, separate tub and shower. Two ample bedrooms with Jack and Jill bath. Solar system with low monthly loan payment means low energy costs overall. Close to great shopping, dining, spring training and Loop 303. This home has everything!

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560 S 197th Avenue Buckeye, AZ 85326

$550,000

4 Beds

3 Baths

2,369 SqFt

Status Active

MLS # 6767143

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning four-bedroom, three-bathroom residence combines rustic charm with modern luxury. With captivating beamed ceilings and breathtaking mountain views, you'll experience tranquility just minutes from major retail areas. The four well-appointed bedrooms provide ample space for family and guests, each with large windows that let in plenty of light The spacious gourmet kitchen features a high-end gas range and elegant tile floors. Cozy evenings await in the living room, where large windows flood the space with natural light. This home offers a paid off solar system and great savings. Step outside to a covered patio perfect for entertaining, complete with a gas fire pit for cozy nights. Golf enthusiasts will love the three mini putting greens.

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47435 N Meander Road New River, AZ 85087

$550,000

3 Beds

2 Baths

1,480 SqFt

Status Active

MLS # 6767323

Property Type Single Family Residence

Price Type --

HORSE PROPERTY: This unique New River property offers 98% usable flat land and is one of the best horse properties in the area. Offering a 96x48 ft lasered sand TURNOUT with a 16 ft swing gate, a second TURNOUT 48x48, a 48x-16 shed row stall covered with water and fans, a 12x10 tack room with exterior power, water, and plenty of room for additional stalls. Bridle paths/recreational trails are just steps away. The property is a quarter mile from Asphalt with easy in and out access roads. Welcome to Country Living, just outside of the city limits. Fall in love with the interior Country-Western motif, with wood-like tile and high-end laminate flooring throughout. There is a spacious great room with vaulted ceilings, a cozy kitchen with ample cabinets, counter space, a gas stove a beautiful copper farmhouse sink. 3 Large bedrooms w/walk-in closets, updated bathrooms and indoor laundry room offering tons of storage and a large sink. Covered back patio and a 32x15 cement patio, covered dog run that is snake and critter proof. 2 car garage with AC, Property is a quarter mile off of Asphalt with easy in and out access roads. NOT IN A FLOOD ZONE!!!

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11352 E Starkey Avenue Mesa, AZ 85212

$550,000

3 Beds

2 Baths

2,234 SqFt

Status Active

MLS # 6769404

Property Type Single Family Residence

Price Type --

Gorgeous 3 bedroom home presents wonderful curb appeal with paver walkway and meticulous landscaping and 2 car garage. Front room offers a formal living room and a seating area for relaxing. Great room layout encompasses the family room with gas fireplace, kitchen and dining area. Open chef's kitchen is equipped with stainless steel appliances, pantry, tons of cabinet/counter space and a breakfast bar. Escape to the master suite featuring large window seat and walk-in close. Spa like master bathroom boasts dual vanities, large garden tub, tiled walk-in shower with a seat and a second walk-in closet. Step out back onto the extended covered, paver patio to enjoy the beautiful, tropical-like backyard featuring artificial grass and lush landscaping providing extra shade. A true oasis!

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11083 W Burnett Road Sun City, AZ 85373

$550,000

3 Beds

2 Baths

2,034 SqFt

Status Active

MLS # 6769241

Property Type Single Family Residence

Price Type --

**HUGE PRIVATE RESORT STYLE BACKYARD** WITH STUNNING **SALTWATER POOL** GAZEBO** THIS ONE HAS IT ALL** BEAUTIFULLY UPDATED** WOOD LOOK TILE FLOORING** UPGRADES EVERYWHERE** NEW APPLIANCES** GAS STOVE** NEW WINDOWS** NEW AC-2 years** PLANTATION SHUTTERS** WATER SOFTENER** MURPHY BED IN GUEST ROOM** NEWER WATER HEATER **GIGANTIC SUN ROOM WITH AC NOT INCLUDED IN SQ FOOTAGE **OWNED SOLAR MEANS NEXT TO NOTHING UTILITY BILLS**HIGHLY ACCLAIMED 55+ COMMUNITY **WITH 30 ACRES OF WINDING FULLY STOCKED LAKES** NON-MOTORIZED BOAT RECREATION **FOUR CLUBHOUSES **COMMUNITY POOLS **PLETHORA OF CLUBS AND GROUPS** SPORT COURTS **MOVE RIGHT IN AND LIVE THE LIFE YOU HAVE DREAMED!**

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22870 W Sunset Lane Congress, AZ 85332

$550,000

3 Beds

2 Baths

1,933 SqFt

Status Active

MLS # 6771222

Property Type Single Family Residence

Price Type --

Don't let the lot size fool you! This easy to manage horse property is strategically set up to accommodate horses, LQs and RVs. Step into the warmth of this enchanting home where every room whispers tales of tradition and heritage. The home is the perfect size for a full time retreat or a winter get away. With wooden beams and handcrafted accents, this home is unlike any other. Enjoy picture perfect sunsets as you unwind in the front courtyard. Out front is a red barn with water and electric offering endless possibilities for horse enthusiasts or those seeking additional storage. The property does have income potential and is turn key. It is fully fenced with an electric gate and all pens have automatic waterers. A portion of the turnouts can be removed and enlarged into a riding arena or

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2349 W Del Campo Circle Mesa, AZ 85202

$550,000

4 Beds

2 Baths

1,586 SqFt

Status Active

MLS # 6779561

Property Type Single Family Residence

Price Type --

Very nice home, Includes 3 bedrooms plus a small room and 2 bathrooms, current owner has kept this home in a very good shape, Master bedrooms has an addition. Lots of kitchen cabinets, tile flooring through out, a big grassed back yard perfect for entertaining, 2 car garage, RV gate, with a RV parking place. Close to City of Tempe, I-101, I-202 & I-60 freeways, ASU and restaurants.

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18429 W Robin Lane Surprise, AZ 85387

$550,000

4 Beds

2.5 Baths

1,989 SqFt

Status Active

MLS # 6774539

Property Type Single Family Residence

Price Type --

Beautiful 4 bed + den, 2.5 bath RV GARAGE home in Surprise's North Copper Canyon. The original owners upgraded just about everything, including extending the attached RV garage to 48 FEET! The designer kitchen includes upgraded cabinets, granite countertops, stainless steel appliances, an apron sink, a giant island with loads of storage, and a walk-in pantry! Wood-look tile floors flow throughout the open floor plan, with plush carpet in the bedrooms. The primary bathroom includes double sinks, a walk-in shower, and a large walk-in closet. RV garage is 48 feet long, 14' Tall Front door and includes a 10' garage door leading to the backyard. There is also an RV gate for additional toy parking! The backyard has a gorgeous fully covered pergola with cafe lights perfect for entertaining!

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