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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Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

11017 W Wood Street Tolleson, AZ 85353

$509,990

4 Beds

3 Baths

2,375 SqFt

Status Active

MLS # 6695680

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!!! This single-story home features a central open design with patio access for easy living and entertaining. The luxe owner's suite is situated toward the back for privacy, while the secondary bedrooms feature toward the entrance—one of which boasts a separate flex space perfect for independent residents. A 3-car garage provides additional storage space. Photos are of a model home, not the actual home.

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12521 N 172nd Lane Surprise, AZ 85388

$509,990

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6597528

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN!!! Belice with 3 bedrooms + flex space, 2 bath and a 3 car garage. Multi slide door at great room that leads out to the extended covered patio. Large walk in shower at owner's bath with 6x18 tile surrounds in Persuade White. Stainless steel gas appliance package. Sonoma Maple Painted Linen -off white cabinets with 42'' uppers in the kitchen and roll outs at pantry and a pull out trash drawer. DT One Quartz ''Evening Gray'' countertops in kitchen and owner's bath with a undermount 60/40 sink. Upgrade flooring includes MZ Norwood Oak 6x24 tile in all areas of the home except bedrooms/closets. Dual sinks in the hallbath. Soft water loop, gas drop to dryer. Gas stub for future BBQ. Interior two tone paint ''Agreeable Gray'' and so much more. HOA fees are apprx.

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12114 W Marguerite Avenue Avondale, AZ 85323

$509,990

3 Beds

2 Baths

1,985 SqFt

Status Active

MLS # 6646000

Property Type Single Family Residence

Price Type --

PACK YOUR BAGS... It's our popular Belize. 12x8 sliding glass door that leads out to your extended covered patio. Walk in shower at owner's bath. Gas appliance package including a cooktop. Kinsdale painted - Linen cabinets with rollouts at pantry and pullout trash drawer with two bins. Soft close doors and drawers in the kitchen. Quartz ''Concrete Gray'' countertops in the kitchen and at the enhanced kitchen island. Flooring includes 6x36 Magnolia Bend tile in all areas of the home except bedrooms & closets.16 SEER rated gas A/C unit and so much more. Seller to write contract. Verify all information with onsite agent.

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10810 W Luxton Lane Tolleson, AZ 85353

$509,990

5 Beds

4 Baths

2,945 SqFt

Status Active

MLS # 6682076

Property Type Single Family Residence

Price Type --

New home under construction. Estimated completion is June 2024. - 2,945 sq ft, Two story home with 5 bedrooms, loft, Den, 4 full baths, 3-car Tandem garage and covered back patio. Includes professionally designed features and finishes with our AW Collections Rockwell Essential! Beautifully landscaped front yard with pavers on driveway. This home also includes 9FT ceilings, kitchen Island with granite kitchen countertops, white cabinets in kitchen and bath, walk-in pantry, stainless steel appliance package, ceiling fan prewire in all bedrooms and den, ceramic wood-looking plank tile throughout, carpet in bedrooms and den, pendant light prewires, blinds throughout, garage door opener, and so much more! This home also offers a 2-panel sliding glass door to the back patio so you can enjoy the backyard from your kitchen and family area. Located close to the I-10 and the new Loop 202 Highways. Great location close to dining, freeways, parks, and entertainment.

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11500 E Cochise Drive Scottsdale, AZ 85259

$509,990

2 Beds

2 Baths

1,301 SqFt

Status Active

MLS # 6686575

Property Type Apartment

Price Type --

Recently renovated ground floor corner condo in the exclusive Scottsdale Mirage Crossing Resort gated community. This light-filled unit boasts a spacious open floor plan with 2 beds, 2 baths, and an attached garage. Updates include a luxurious walk-in shower in the master suite, custom window shutters, stainless steel appliances, upgraded cabinetry, granite countertops, a breakfast bar, pantry, new carpet and tile flooring, fresh interior paint, and more. The laundry room offers additional storage space with hidden shelves and includes a washer and dryer. Enjoy the private covered patio. Community amenities include greenbelts, picnic areas with gas BBQs, a heated pool and spa, a community center with a fitness gym, billiards, and more.

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12057 W Ashby Drive Peoria, AZ 85383

$509,990

4 Beds

2.5 Baths

2,160 SqFt

Status Active

MLS # 6670687

Property Type Single Family Residence

Price Type --

Vibrant Vistancia Village Home Now on Market! This tremendously popular floorplan is situated on a larger corner lot in the high-demand master-planned community as well as the very popular 85383 ZIP code, giving access to the lifestyle sought in the greater north Valley of the Sun! From indoor & outdoor living as well as access to shopping, dining, education & other amenities, this home cannot be beat. The forward-thinking versatile layout is great for a first-time owner or move-down or even a seasonal lock & leave home as the dual living areas allow for room to spread out while still feeling connected! All appliances convey, plus durable finishes plus upgraded master bath & new carpet in living areas & master suite round out the upgrades for this gem - come & see!

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10266 W Piccadilly Road Avondale, AZ 85392

$509,915

3 Beds

2 Baths

1,949 SqFt

Status Active

MLS # 6642636

Property Type Single Family Residence

Price Type --

Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS# 6642636 April Completion! Experience contemporary living at Parkside Los Cielos with our 40-1 floorplan—a single-story oasis featuring 3 bedrooms, a flex room and 2 baths. The open design effortlessly connects the dining room, kitchen, and great room. Delight in the kitchen's 42'' upper cabinets, gas range, quartz countertops, and stylish recessed panel cabinets. Two secondary bedrooms and a bathroom adorn the front for added seclusion, while the primary bedroom at the rear offers a generous walk-in closet, spa-like super shower, and dual vanities—blending opulence with functionality. Embrace a lifestyle of comfort and elegance in your new home. Structural options include: paver front porch, RV gate, upgraded square corners, 5 baseboards, 8' interior doors, soft water loop, and complete reverse osmosis system.

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4608 W Acacia Drive Eloy, AZ 85131

$509,900

2 Beds

2.5 Baths

2,121 SqFt

Status Active

MLS # 6646527

Property Type Single Family Residence

Price Type --

GORGEOUS ALTURA MODEL built in 2021! Kitchen features highly upgraded 42'' cabinets, marble backsplash, pendant lights, SS chimney hood, under cabinet lights, Gas cooktop w/5 burners, built-in trash bin, pot & pan drawers, Quartz counters, roll-out shelves (even in the pantry), soft close drawers, wall oven & microwave. You will love the plank flooring, 5-1/4'' baseboards, Glass front door, 8' interior doors, upgraded 340 glass windows, Quartz vanities, 2 full suite bedrooms w/walk-in closets & tile showers. Extended Sun room off the dining area. The laundry room has a full set of cabinets & sink. Step out back to the covered patio w/sunshades. Backyard is fully fenced & landscaped w/pavers & synthetic grass. This home has so many upgrades, is immaculate & was built in 2021.

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4817 N 93rd Drive Phoenix, AZ 85037

$509,900

4 Beds

3 Baths

2,435 SqFt

Status Active

MLS # 6705080

Property Type Single Family Residence

Price Type --

Explore this fully remodeled 4-bedroom, 3-full-bath home in Terracita, Phoenix! With a versatile den, loft, and proximity to attractions, it's ideal for a large family. Downstairs den and bath offer guest or in-law suite potential. Conveniently located 1.5 miles from State Farm Stadium and Westgate Entertainment District, and less than 1 mile to AZ 101 freeway. The kitchen boasts granite counters, wood shaker cabinets, chic fixtures, SS appliances, and a walk-in pantry. The master bedroom features a spacious walk-in bath with separate vanity area. Enjoy privacy in the clean slate backyard with no rear neighbors, and benefit from two brand-new AC units. This home is filled with so many upgrades come see for yourself!!

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43301 W Caven Drive Maricopa, AZ 85138

$509,900

4 Beds

2.5 Baths

2,909 SqFt

Status Active

MLS # 6668662

Property Type Single Family Residence

Price Type --

Meticulously maintained Hacienda 2x6 construction. 4 bedrooms + Den, 3 car garage, pool/waterfall, large corner lot w/Citrus trees. Tile flooring, Staggered Kitchen Cabinets with Crown Molding vaulted Ceilings. Very spacious single level home at 2909 sf. This split floor plan with an H configuration features 3 secondary bedrooms at the front of the home then a full bath and a kitchen open to the family room with an exit access to the patio & pool. On the opposite side of the home this wing starts with the 3-car garage then a laundry room a half guest bath and the large Master suite with an exit access to the pool. The full bath features double sinks, separate tub & shower and a HUGE closet. The section dividing the two wings features a large Living Room with Formal Dining. See More.. (See Recently added Floor Plan). Living Room Picture Windows overlook the Backyard Pool Waterfall and Putting Green. All this on a 10,777 sf corner lot in a time when lot sizes are shrinking. The Den & Entry Way are adjacent to the Living Room/Formal Dining. This is one of the nicest sections in the beautiful Villages at Rancho El Dorado with all the great amenities that make this a fabulous Master Planned Community featuring: 2 Community pools 1 heated, Tennis, Pickleball, Basketball, Gym, Clubhouse, Lakes, Golf, Tot playgrounds, & Cable tv. Owner Upgrades 2019-2024: Laminate wood plank flooring in the FM Rm & Master. New Water Heater & Softener, Quartz Kitchen Countertops and Cab Handles, New Security front Screen door and Screen Door to Master, pool tile and pool cleaned, replaced Pool Pump, Pool multi color light, New Pool filters, Solar Pool Cover, New Putting Green & Plants, Wood Paneling at Kitchen Island & West Bath, Some Rooms Repainted. Recent Roof Inspection and Roof Tiles Reset. New Fan/Light Kit in MB.

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8767 W Kimberly Way Peoria, AZ 85382

$509,900

2 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6659164

Property Type Single Family Residence

Price Type --

A genuinely comfortable place to call home... Walk in and see a plethora of updates and designer finishes: the kitchen and appliances, the primary bath with zero entry shower, the inside paint, the outside paint, the AC - the list goes on and on. Vaulted ceilings throughout and a bonus art studio/gardener's shop/sun room too! If you're looking for that ''just right'' home in a proud, close-knit, and active (but very quiet) golf community, then look no more. You found us. Come see. Price reduced. Seller is motivated.

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14810 W Antelope Drive Sun City West, AZ 85375

$509,900

3 Beds

2 Baths

2,018 SqFt

Status Active

MLS # 6661228

Property Type Single Family Residence

Price Type --

This beautiful Cromwell floor plan in the much sought after Active Adult 55+ retirement golf community of Sun City West offers 7 courses, 4 rec centers and a multitude of other activities. This is a total turn-key home offering open floor plan with vaulted ceilings, lots of natural light and porcelain wood plank flooring throughout. Remodeled kitchen with Quartz counters, tile backsplash, and new appliances. The primary bedroom has double door entry, totally updated bath with dual sink vanity, Quartz counters, glass shower with tile surround & separate tub. Guest bath also has similar updates. Spacious a ¼ acre private lot with no neighbor directly behind, and updates that include, HVAC and water heater, all flooring, kitchen, both baths, some new windows, lighting and plumbing fixtures.

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