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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18525 N Madison Road Maricopa, AZ 85139

$493,000
4 Beds
2.5 Baths
3,274 SqFt
Status Active
MLS # 6693212
Property Type Single Family Residence
Price Type --
Welcome to your dream home in Maricopa Meadows! This 4 bed, 2.5 bath oasis boasts upgrades throughout, including new energy-efficient windows and a newly installed HVAC system upstairs. The loft features a surround sound system, perfect for entertainment. Master bedroom is conveniently located downstairs, while the remaining bedrooms upstairs offer walk-in closets and ceiling fans for comfort. The modern kitchen is equipped with new appliances, including a stove and dishwasher, making meal prep a breeze. Outside, the expansive backyard is a true paradise with a gated-off pool featuring a beautiful waterfall. The patio is equipped with misters, creating a refreshing retreat for outdoor gatherings. With upgrades at every turn and luxurious features both indoors and out,

17853 W Southgate Avenue Goodyear, AZ 85338

$492,919 - 3Br/3Ba -  for Sale in El Cidro Phase 2 Parcel 1a, Goodyear
New
$492,919
3 Beds
2.5 Baths
2,333 SqFt
Status Active
MLS # 6701357
Property Type Single Family Residence
Price Type --
Corner Lot!!! Luxury New Build Appx 5-6 mo., Owner's Suite & Office Plus Storage, 3 Beds & Flex/Office with Double Doors, 2.5 Baths, Oversized Garage & Paver'd Driveway. You will love the feeling of the Open Entry & the Elegance of 8' Doors throughout. Prepare Culinary Masterpieces in the Chef-Inspired Kitchen, Equipped with a Gas Range and Large Walk-In Pantry. Host Family & Friends in Style by Merging Indoor-Outdoor Living with 12' Multi-Slide Glass Door and addl' 8' Slide Glass Door. You will love the Spacious Owner's Suite, Huge Closet, & Oversized Owners Bath. Just Minutes from Shopping, 1-10 and Loop 303 and Goodyear Sports and Aquatics Center! Pics & Virtual Tour of model not subject. This home is To Be Built.

4482 W Mountain Laurel Drive San Tan Valley, AZ 85144

$492,565
3 Beds
2 Baths
2,000 SqFt
Status Active
MLS # 6688553
Property Type Single Family Residence
Price Type --
This gorgeous Ginger plan is estimated to complete in July. It is surrounded by other single level homes offering ample privacy. The north south exposure highlights the mountain views. This home has been fully loaded with all of the most popular options and upgrades; white shaker cabinets, natural wood-look tile, custom backsplash, matte black plumbing fixtures, and beautiful granite countertops.

1833 Cumberland Road Ash Fork, AZ 86320

$492,500
3 Beds
2 Baths
1,838 SqFt
Status Active
MLS # 6525887
Property Type Manufactured Home
Price Type --
Brand new upgraded 2022 CAVCO West Model DE-32603A sitting on a nicely treed 10 acre lot. Property is connected to APS grid and sits just off Cumberland Rd. Large eat in kitchen w/island and ALL NEW ss appliances, solid wood cabinets & upgraded counters. Split master bedroom with its own attached den/ sitting area that can easily be converted into a 4th bedroom. Spacious additional bedrooms that have been pre wired for ceiling fans. Large laundry room/ mud room makes leaving the outdoors a breeze. Enjoy the wide open sky and stunning views of Bill Williams mountain to the east. Plenty of room to build out a barn & keep horses or other live stock. Approx. 45 mins from Flagstaff & Prescott & just 20mins from Williams. Call today for more information

5350 E Deer Valley Drive Phoenix, AZ 85054

$492,500
2 Beds
2 Baths
1,246 SqFt
Status Active
MLS # 6699861
Property Type Apartment
Price Type --
AZ Luxury Resort Style Living at It's Best in Toscana at Desert Ridge! Ready for Move in. Just Bring your toothbrush & Clothes! LOL! Furnishings available! This lovely Split Floorplan unit offers:2 bedrooms,1.75 baths, workstation Balcony. Open and Light and Bright! 2 garage tandem parking spaces #787/788 w/oversized locked storage cage. Kitchen is open to great room w/Stainless Appliances & Granite Countertops, Gas Cooktop/Oven.1 Bedroom on each side of great room for privacy. Elegant wood-like tile floors,Upgraded carpet & slate tile. builtin work station in Laundry room. Gas Fireplace in Great Room. 24 Hour Guard Gate. Near High Street & Desert Ridge Marketplace. World class Shopping & Restaurants & More! You will be spoiled enjoying the Spa like amenities of Toscana.

12815 W Milton Drive Peoria, AZ 85383

$492,500
4 Beds
2.5 Baths
2,230 SqFt
Status Active
MLS # 6677604
Property Type Single Family Residence
Price Type --
Beautifully renovated, loving cared for! This Vistancia beauty is just waiting to wow you from start to finish! Desert Beauty adorned the front yard, professional designed with beautiful cactus and agave, to desert blooming plants, rip-rack rock river beds, gives this home an AZ welcome home. Step inside to see every inch of square foot of this floor plan was utilized to allow space for everyone. Greeted by soaring ceilings, lots of natural light and warm earth tone colors adorning the walls and luxurious vinyl plank flooring. Open concept living with the formal family and dining room adjoined to family room and kitchen area, lots of space to entertain large parties. Kitchen, Family and breakfast nook all open to each other. Kitchen boast granite counters, island, pantry, newer ... stainless steel appliances, and tons of warm wood cabinets for a timeless richness. First floor you will also find den/office or 4th bedroom with closet. Guest bath with new sink/vanity with storage. Laundry room has nice storage area, easy convert for mud room- shoe bench area. Second floor features new carpeting through out. Loft, Bedroom 2 & 3 and bath 2 with full tub and lots of counter space. Spacious Owner's suite will knock your socks off with the gorgeous mountain views & AZ desert sunsets! Owners bath complete with separate tub and remodeled tiled walk in shower, double sinks, large walk-in closet and beautiful tile flooring. Patio has brick pavers extending the area for plenty of space to enjoy the gorgeous AZ weather. Go Organic and step outside to your new fruit and veggie garden, fresh citrus & veggies ripening year round. Not a gardener, thats ok, easy convert and plenty of space for a sparkling pool! Easy walk to Vistancia Elementary School. All this located in the highly sought after community of Vistancia with community pool, waterslide, recreational events for everyone! You will not be disappointed!

20124 W Exeter Boulevard Buckeye, AZ 85396

$492,377
3 Beds
2 Baths
1,940 SqFt
Status Active
MLS # 6672106
Property Type Single Family Residence
Price Type --
The ranch-style Augusta offers thoughtfully designed living space. The foyer leads to an open floor plan with a Gourmet Kitchen, a great room, and dining room and center meet doors to a covered patio. You'll find a spacious owner's suite next to the dining room, showcasing a walk-in closet and an attached deluxe bathroom. This plan offers two bedrooms and a bath. Home is complete with a two car garage with extra storage space.

1531 S Owl Drive Gilbert, AZ 85296

$492,000
3 Beds
2.5 Baths
1,452 SqFt
Status Active
MLS # 6673506
Property Type Single Family Residence
Price Type --
You've found the perfect place to call home in the desirable 'gardens' community. This fully renovated 1452 sq ft single family home is 'move-in' ready. updated and lovingly maintained by the current and ONLY owner, this professionally decorated and beautiful alluring home has a concrete roof and sits on a prime oversized lot in a Qulet tree lined street with N/S exposure, just minutes away from the 202,bus lines, ASU East, restaurants and robust shopping centers. This pristine home is situated in the highly desirable neighborhood of' The Gardens' and only 2 blocks form the tree-lined Cosmo Dog Park with washing stations, that hosts community activities, and lit for night time use. The well manicured ,HOA maintained, {$133} front and side yard with full cozy and inviting wrap around porch, creates a warm and welcoming first impression. Enjoy the lush GREENBELT, where you can simply unwind with a book, a cup of coffee or a cool beverage. Recently painted in 2022 with neutral inviting colors. home has sunscreens on West facing windows. HOA includes all exterior maintenance and landscaping. The well lit living room, with recessed lighting, is spacious enough for a sectional+plus and has an open view to the kitchen. The sun-filled living room boasts two large E facing windows to capture the morning sun and overlooking the greenbelt. Wiring for the TV and other electronics is encased in the wall keeping all your cords out of sight. Neutral driftwood LVP downstairs will compliment any décor. The desirable home boasts 10ft ceilings, giving you an airy ambience. The newly remodeled {2022} kitchen has an oversized concrete countertop to accommodate any party size and neutral soft-close shaker cabinets {20+} that extend to the ceiling with cabinet underlighting, giving youan abundance of extra storage space. Large pantry and Updated stainless steel refrigerator in 2022 {Negotiable}, Stainless steel gas stove 2022 {Negotiable}. Opens to the family room. Both rooms have multiple dimmable recessed lights. 5 3/4 baseboards surround. Excellent condition. REV-a-Shelf for pots and pans. The elegant, modern master bath is remodeled and includes a large walk in shower with 3/8 frameless tempered glass doors and high end Hansgrohe fixtures. The soothing tranquil bathroom is lit by recessed lighting. built in modern cabinetry gives gives you an abundance of extra storage space. Double vanity copper gilded sinks with brushed bronze faucet grace on a beautiful 1.5 thick concrete countertop, along with stone flooring, brings luxurious appeal to this room. Recently remodeled (2021)boutique style walk in closet with recessed lighting, , doubles the original space. MBR has ample room for a king sized bed and dresser with luxury and privacy due to split floor plan. The MBR faces east, so you can wake up to a beautiful sunrise. As you ascend the solid wood planked staircase you will be astonished with the recently updated BONUS Retreat {loft} 13' x 14+'. Recently updated cabinetry {2021}, that extends the entire East wall and has space galore for all your office needs and files. Cable network CAT 6 data lines is present in every room. Give the youngster's a place to relax with their friends. Plenty of room for furniture/TV/lounge chairs and popcorn for a family movie night. The loft and the MBR bath have Energy-Efficient {low-E} windows that have a tilt-out feature that allows you to easily clean from the inside. 3 Bedrooms and 2 Full bathrooms upstairs, with one en-suite attached to the MBR and also newly remodeled half bath downstairs with a cabinet for your bathroom necessities, perfect for when you have guests visiting. The entire home has wood blinds for privacy, including the garage. The oversized garage has 6ft double door cabinetry surrounding the perimeter, and a large work area with multiple electrical outlets. There's additional overhead storage above the garage door that gives you an additional 4ft x 16ft of additional storage. There is also additional overhead storage installed. This home also features economical GAS hot water {40 GAL New 2021}. New Craftsman garage door opener with 2 remotes {2022}. Maintence free backyard has pavers and irrigation. It also has a built in GAS BBQ grill. New HVAC installed Sept 2022 {18 SEER 4 TON} is whisper quiet It has an extended 5yr parts and 10yr labor warranty transferrable to the buyer. Backyard also has outdoor lights around the yard along with a misting system, allowing you and your guests year round access. A special closed off area hides you trash cans and HVAC. Ceiling fans in every room. installed surveillance system gives you a sense of security. sensor lighting also surrounds the outside property. The Gardens offer 3 pools {heated}, tennis and volleyball courts, sand areas, and multiple playgrounds. The GARDENS offers a fantastic location with proximity to top-rated schools, shopping centers, bus line, ASU East, dining options, and easy access to the 202 Freeway. Perfectly priced for the current market. 1531 S Owl Dr, Gilbert, Arizona

14244 N 160th Drive Surprise, AZ 85379

$492,000 - 4Br/3Ba -  for Sale in Legacy Parc Parcels E And F, Surprise
Open House
$492,000
4 Beds
2.5 Baths
1,866 SqFt
Status Active
MLS # 6692348
Property Type Single Family Residence
Price Type --
Welcome to a beautiful property that relaxes the senses with its neutral color paint scheme. The kitchen makes a statement with a stunning accent backsplash and a center island, making meal prep a delight. New appliances contribute to its modernity. The primary bedroom is a sanctuary, boasting a large walk-in closet for your convenience. Privacy is key in this property, with a fenced-in backyard perfect for quiet outdoor relaxation. A private in-ground pool beckons on warm days, and a patio offers a place to soak up the sunshine. The home undergoes a breath of fresh air with fresh interior paint, giving an undeniably cozy feel. Don't miss out on this chance to own a slice of comfort wrapped in sophistication.

4111 E Bradford Avenue San Tan Valley, AZ 85143

$491,990 - 4Br/3Ba -  for Sale in Bella Vista Farms, San Tan Valley
New
$491,990
4 Beds
3 Baths
2,219 SqFt
Status Active
MLS # 6701851
Property Type Single Family Residence
Price Type --
Welcome to your dream home! This charming spanish-style abode features Ashton Woods' coveted Sunflower floorplan. With 4 beds, 3 baths, and 2,219 sqft of space, it's perfect for your family and even has a spacious 2.5-car garage. Inside, enjoy modern living with included stainless steel gas appliances a 4-panel glass slider, and upgraded 8' doors. Don't miss out on this opportunity for luxury and convenience! Don't miss out on this opportunity!

17750 W Hatcher Road Waddell, AZ 85355

$491,960 - 4Br/3Ba -  for Sale in Zanjero Pass Phase 1, Waddell
New
$491,960
4 Beds
3 Baths
2,052 SqFt
Status Active
MLS # 6701913
Property Type Single Family Residence
Price Type --
This Gorgeous sprawling floor plan has 2052 SF , w/3 bedrooms, 3 bathrooms, and a 2 car garage! Almost ready for you! Est COE in Jun/Jul 2024. This home features a fresh, neutral color palette, offering 36'' burlap shaker cabinetry, a large kitchen island, white quartz countertops, 9' ceilings and tile flooring. It also includes features you'll love like a soft water loop, under cabinet lighting in the kitchen, dual pane low-E windows, multi-zone thermostat, and a smart home system. The exterior features front yard landscaping, a covered patio and private backyard. Conveniently located off the 303, this gated community is near Costco, Walmart, and shopping. **Finishes may vary from sample photos and virtual tour.

2030 E Michigan Avenue Phoenix, AZ 85022

$491,489
3 Beds
3.5 Baths
1,734 SqFt
Status Active
MLS # 6659513
Property Type Single Family Residence
Price Type --
IMMEDIATE MOVE-IN!!! CONTEMPORARY URBAN STYLE COMMUNITY! Ask about Builder Incentives! POOL/ Mountain views! 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! Loaded with standard features beyond everyone else! Bedroom balcony's and first floor patio. 2 Greatroom Balcony's! Shaker Style contemporary cabinets, quartz counter tops, stainless steel appliances, including refrigerator, Luxury Plank Vinyl floors throughout! Carpet at bedrooms. Listing includes spectacular finishes, along with Urban Stair Railing! 5 minutes to Loop 101 and 51 Hwy, Mayo, Kierland, Scottsdale Quarter and Desert Ridge! * Community Pool, Fitness Center comin

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