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

For 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.

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5321 E Elmwood Street Mesa, AZ 85205

Open House

$495,000

3 Beds

2.5 Baths

1,795 SqFt

Status Active

MLS # 6671437

Property Type Single Family Residence

Price Type --

BEAUTIFUL Golf Course home with RESORT style backyard and sparking POOL. The perfect outdoor living space. This Spanish styled home is just waiting for YOU to add your own style and updates. Bright and Light 3 bedroom, 2.5 bath home with 2 car garage. **New AC unit**

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2418 W Ellis Street Phoenix, AZ 85041

$494,999

5 Beds

3 Baths

2,644 SqFt

Status Active

MLS # 6634090

Property Type Single Family Residence

Price Type --

This well maintained, 5-bedroom 3-bathroom, 3-car garage home, nestled in a quiet neighborhood at Copper Creek is a must see! It features an open floorpan with vaulted ceilings and abundance of natural light throughout. Chef's kitchen with white cabinets, granite countertops and a large island/breakfast bar. Four bedrooms upstairs including a spacious primary suite and a loft. One bedroom and full bath located downstairs. Neutral paint, flooring and finishes throughout. The spacious, low maintenance backyard, complete with a large pergola and artificial grass turf, is perfect for relaxing or entertaining.

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6363 W Muirfield Way Florence, AZ 85132

$494,990

3 Beds

2 Baths

2,010 SqFt

Status Active

MLS # 6659978

Property Type Single Family Residence

Price Type --

Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender.'' Lifestyle is around every corner of this community. Enjoy all the amenities that you have come to expect in 55+ living. This home is a must see with an estimated completion date of March 2024.

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15758 W Kendall Street Goodyear, AZ 85338

$494,990

5 Beds

3 Baths

2,233 SqFt

Status Active

MLS # 6689440

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!!! This single-level home showcases a spacious open floorplan shared between the Great Room, kitchen and dining area, with access to the covered patio for outdoor lounging and entertaining. The owner's suite enjoys a private location at the back of the home, complemented by an en-suite bathroom and walk-in closet. The four secondary bedrooms are comfortable and private retreats for household members and overnight guests. Photos are renderings of a model home, not the actual home.

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3527 E Jasmine Way San Tan Valley, AZ 85143

$494,980

4 Beds

2.5 Baths

2,343 SqFt

Status Active

MLS # 6682075

Property Type Single Family Residence

Price Type --

Move-in Ready, view fence homesite with no neighbors behind and an excellent location, within walking distance to the pool! This 4-bedroom single-story layout features an open concept placed for entertaining your family and guests. The home boasts white cabinets, granite countertops and large tile throughout. Last chance to own at Bella Vista Farms; one of the largest master-planned communities in San Tan Valley with a pool, sport complex and many parks. Each home comes standard with features that go beyond helping you save on utility bills, they allow your whole family to live better and breathe easier too. Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

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422 E Huber Street Mesa, AZ 85203

$494,949

3 Beds

2 Baths

1,748 SqFt

Status Active

MLS # 6582614

Property Type Single Family Residence

Price Type --

SELLER OFFERING $5k in concessions!! This wonderful 3-bed & 2-bath property harmoniously blends comfort and charm. Offering a 2-car garage and a desert landscape. Discover an inviting layout showcasing a formal living room w/fireplace, a bright dining room adjacent to the kitchen, and a versatile family room w/French doors to the back. Plantation shutters, vaulted ceilings, designer paint, and a mix of tile & wood-look flooring enhance the home's relaxed ambiance. The kitchen boasts built-in appliances, granite counters, ample wood cabinets, a pantry, and a breakfast bar. Main bedroom is a private retreat with a full bathroom. Den has a double-door entry. You'll love the spacious backyard featuring an open patio, cozy deck, & a sparkling play pool & Spa for year-round enjoyment!

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14150 W Boca Raton Road Surprise, AZ 85379

$494,900

6 Beds

3 Baths

2,673 SqFt

Status Active

MLS # 6665776

Property Type Single Family Residence

Price Type --

Spacious home with 2 downstairs bedrooms and 4 upstairs bedrooms. This home has been a well kept up rental property for many years and owners want to retire. Needs new carpet or vinyl flooring and a little TLC. Seller may give a cash credit back to buyer at COE for new flooring. All offers will be reviewed. Seller may carry back loan short term with 35% down, competitive rate OAC. Currently tenant occupied until February 28 2024.

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3702 W Mescal Street Phoenix, AZ 85029

$494,900

3 Beds

2 Baths

1,630 SqFt

Status Active

MLS # 6663377

Property Type Single Family Residence

Price Type --

The perfect home in North Mountain Village awaits! Gorgeous remodel has it all, including ENERGY EFFICIENCY! The beautiful kitchen has quartz counters, lots of storage, breakfast bar, & coffee nook, & opens into the dining and sitting rooms. Across the breakfast bar is the cozy living room & stunning fireplace. Step out to the large covered patio, enjoy the hot tub under the stars, or dine poolside before taking a dip in the pebble finish pool. This backyard oasis has lemon, orange, & fig trees! Primary ensuite has gorgeous walk-in shower, dual vanities, & large closet. Guest bath has stunning claw foot soaking tub. Guest bedroom has fabulous Murphy bed; perfect for guests, office space, or more. Energy efficient & smart home: solar energy, & dual pane windows. Extra insulation, water softener, bluetooth pool cleaner, ceiling fans, and more. Close to State Farm Arena, freeways, shopping, light rail, and exciting Metro Center redevelopment!

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4570 Fletcher Court Wickenburg, AZ 85390

Open House

New

$494,900

2 Beds

2 Baths

1,568 SqFt

Status Active

MLS # 6694530

Property Type Single Family Residence

Price Type --

Move in READY! This is THE JUNIPER MODEL YOU HAVE BEEN LOOKING FOR! HIGH ELEVATION*PRIVACY*VIEWS FROM YOUR SPACIOUS, COVERED FRONT PATIO* DESERT VIEWS FROM YOUR BACK PATIO* ORIGINAL WATER FEATURE GRACEFULLY COMPLIMENTS YOUR MAGNIFICENT SUNSET VIEWS*LOW MAINTENANCE YARD w/ WATER SYSTEM*EXTENDED GARAGE*SECURITY SCREEN DOOR*GREAT WINDOW TREATMENTS*PLANTATION SHUTTERS*STYLISH LIGHT FIXTURES 7 FANS* LOCATED ON A CUL-DE-SAC*YOU COULDN'T ASK FOR MORE* MAKE THIS JUNIPER MODEL YOURS! AMENITIES GALORE*

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2030 E Michigan Avenue Phoenix, AZ 85022

$494,511

3 Beds

3.5 Baths

1,734 SqFt

Status Active

MLS # 6660938

Property Type Single Family Residence

Price Type --

MAY, 2024 MOVE-IN! NEW CONTEMPORARY URBAN STYLE COMMUNITY! Ask about Builder Incentives! POOL VIEW! 3 bedrooms, all ensuite, plus powder room. 2 car garage, 2 X6 Construction, Sheared Ext Walls (All plywood wrapped) Spray Foam insulation and insulated garage door for EXTREME ENERGY EFFICIECY! This home is loaded with standard features and appointments, beyond everyone else! Bedroom balcony's and first floor patio. 2 Greatroom Balcony's! Quartz kitchen countertops, stainless steel appliances, including refrigerator, Luxury Plank Vinyl floors, carpet. 5 minutes to Loop 101 and 51 Hwy, Mayo, Kierland, Scottsdale Quarter and Desert Ridge! * Community Pool, Fitness Center coming!

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7917 W Melinda Lane Peoria, AZ 85382

$494,500

3 Beds

2 Baths

1,520 SqFt

Status Active

MLS # 6659422

Property Type Single Family Residence

Price Type --

Gorgeous POOL HOME in Fletcher Heights! Don't miss this renovated single story featuring 3 bedrooms plus flex space/2 bath home. Enter into the lovely family room that flows into the dining area and chef's kitchen with NEW stainless appliances, breakfast bar, painted cabs and walk in pantry! Stunning views of the sparkling pool with waterfall out of your slider. The Primary suite boasts walk in closet, two sinks and separate tub and shower. The flex space can be used as a home office/extra living space/anything! RV gate as well as 2 separate side yards! All new LVP, plush carpet, fixtures, etc! -Full interior paint -LVP -Baseboards -Light Fixtures -SS appliances -Carpet -SS sink -Plumbing fixtures -Paint cabs -Hardware -Resurface counters -Pool repairs/cleaning -Landscaping -Etc.

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23367 W Florence Avenue Buckeye, AZ 85326

$494,061

5 Beds

3 Baths

2,753 SqFt

Status Active

MLS # 6618729

Property Type Single Family Residence

Price Type --

Brand New Home with Beautifull Kitchen, Large Kitchen Island! 5 Bedrooms, 3 Baths, & Study. Large family room separate from living room. Walk in shower in Primary, Covered Patio with slider door. Hurry this home will go quickly!! Home can close in Octoebr/November. This is a High Performance Home with smart technology, makes it so you can truly live in your element!!!!

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