On a Variable Mortgage? 3 Signs Your Mortgage Payment Is About To Increase

On a Variable Mortgage? 3 Signs Your Mortgage Payment Is About To IncreaseFor many homebuyers who are new to the market, it can be very comforting to be on a fixed rate mortgage where fluctuating interest rates cannot have an impact on your monthly payments. While a variable rate mortgage can sometimes lead to significant savings at the end of the day, there are a few ways you can tell if your monthly payment is on the upswing.

An Increase In Your Home’s Value

A marked increase in a home’s value is ideal for most homeowners who consider their home an important investment. However, the downside of an increase in the price of real estate is that your property taxes will probably be bumped up along with it. According to Josh Moffitt at Silverton Mortgage, “If your home value increases because of market conditions, taxes will follow, and it will cost more to insure the home.” In order to determine if a higher payment is on the horizon, you may want to take a look at the listings in your neighborhood.

A Miscalculation

Most people hope that a re-assessment of the value of their home will lead to a bump in its price, but if your monthly mortgage payments were calculated at a specific time during the transaction, this bump may mean a higher monthly payment for you. If there was some overlap between the assessment and the property transfer, or other fees were included in your payment, your tax professional should be able to advise you on the best course of action you can take come tax time.

Insurance Renewal Is Up

In the event that the homeowner’s insurance on your home is about to expire, there’s a possibility that you’ll be paying a bit more following renewal. Instead of leaving this to chance, ensure that your insurance company is communicating with you and keeping you abreast of changes. After all, while insurance is important to protect your investment, you have the option of looking into other insurance providers who may be able to give you a better rate.

It can be hard to plan for the increase in rates that can go along with a variable rate mortgage, but if your insurance is up for renewal and the value of the homes in your area has increased, a higher monthly payment will likely follow. Give me a call for more information. – J.P. Cook – 602-320-4253.

418 S 226th Drive Buckeye, AZ 85326

$450,000
3 Beds
2 Baths
1,735 SqFt
Status Active
MLS # 6677357
Property Type Single Family Residence
Price Type --
This is one special property! Located on the 18th green of the Sundance Golf Course. Spectacular MOUNTAN VIEWS! This wonderful 3-bedroom, 2 bathroom home features beautiful QUARTZ COUNTER TOPS, a large kitchen island plus a breakfast bar. The kitchen opens to the spacious family room and dining area. The 3rd bedroom is set up perfectly to be used as a den, office or bedroom. The primary suite features an ensuite with dual sinks and walk-in closet with updated counter tops. Step outside to your covered patio with sunshades, misters, and manicured gardens. Take a dip in the SPARKLING POOL while relaxing with your favorite beverage. The home is energy efficient with SOLAR and SUNSCREENS. Don't miss your chance to own your move-in ready home in Sundance, BEING OFFERED FULLY FURNISHED. Sundance is your premier Active Adult Community in Buckeye. Enjoy your days either golfing, swimming, tennis, pickleball, working out in the fitness center and plenty of other social activities. The Sundance Golf Club features an 18-hole golf course, pro-shop, restaurant. Make Sundance your home today. Some of the home's upgrades include: Plantation shutters Upgraded irrigation system Upgraded lighting R.O System Upgraded baseboards Crown Moulding 100 gallon water heater Built in cabinets in the garage Epoxy garage floors Pool filter, 1 year old Golf ball Sunscreens Patio Misters Paver patio New refrigerator Washer 1 year old Fruit trees (lemon and lime)

19031 N 15th Drive Phoenix, AZ 85027

$450,000
4 Beds
2 Baths
1,501 SqFt
Status Active
MLS # 6679359
Property Type Single Family Residence
Price Type --
Your dream home is here! Step inside this stunning Remodeled Residence located in North Phoenix. A dream Kitchen with gorgeous tall, slow close cabinets , brand new SS appliances and stunning quartz counters. New floors, New Roof, New AC, interior and exterior paint, and light fixtures throughout. Beautifully remodeled Bathrooms with custom vanities and an abundance of natural light. This 1501 sqft, 4bed, 2 bath home has a huge backyard, covered patio, a few citrus trees, and plenty of space to use as you wish, RV gate and plenty of parking spaces! Close to shopping, dinning, and freeway 101, and I17.

37801 N Cave Creek Road Cave Creek, AZ 85331

$450,000
2 Beds
2 Baths
1,140 SqFt
Status Active
MLS # 6679395
Property Type Townhouse
Price Type --
Must see CHARMING single level townhouse designed by renowned valley architect Bennie Gonzales features a TWO car garage, TWO large outdoor patios and GORGEOUS MOUNTAIN AND SUNSET VIEWS!!!. Travertine flooring throughout, Great Room floorplan w/Dining area. Sunny, south facing kitchen, warm wood cabinets, granite countertops, stainless steel appliances & beamed ceiling. 2 spacious bedrooms, owner's suite features an office/den/additional closet. Walk to great shopping, dining, entertainment in Cave Creek & enjoy year round outdoor activities. Owners LOVE spending time & entertaining on the oversized, south facing paver patio w/synthetic grassy area. Lots of natural area open space, wonderful community pool, heated jacuzzi & tennis court. Excellent Lock & Leave/Seasonal Rental. All skylights are new. Garage door is new. Front patio pavers new. Master bath in this unit has a walk-in shower and could be converted back to a tub/shower. 3 Month minimum rental per current HOA rules.

950 E Kelsi Avenue San Tan Valley, AZ 85140

$450,000
4 Beds
3 Baths
2,401 SqFt
Status Active
MLS # 6681792
Property Type Single Family Residence
Price Type --
Immaculate two-story home located in a desirable area, boasting ample living space. This meticulously maintained residence provides comfortable accommodation for all. Upon entering, you are greeted by a welcoming foyer that flows seamlessly into the main living area, ideal for entertaining guests or relaxing with loved ones. The well-appointed kitchen is a chef's delight with plenty of cabinet space for storage. Upstairs, the loft space is perfect for any need. The master suite is complete with a luxurious en-suite bathroom featuring dual sinks, a soaking tub, and a separate shower. The backyard is blank slate awaiting ready for your imagination to unfold! With its charming curb appeal, convenient location, and abundance of living space, this gem is sure to impress.