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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10351 E Jan Avenue Mesa, AZ 85209

$495,000
4 Beds
2 Baths
2,170 SqFt
Status Active
MLS # 6686949
Property Type Single Family Residence
Price Type --
Welcome to this spacious four-bedroom, two-bathroom home with a den and great room, nestled in a wonderful community. Boasting a generous 2,170 square feet of living space, this home provides ample room for comfortable living and entertaining. Enjoy the airy and bright atmosphere created by the vaulted ceilings throughout. Retreat to the master bedroom featuring a walk-in closet. The dining area includes a breakfast bar, breakfast room, and walk-in pantry. Step outside to the covered back patio, surrounded by block fencing for privacy and relaxation. With its spacious layout and desirable amenities, this home offers the perfect combination of comfort and community living.

17185 S Mescalero Drive Munds Park, AZ 86017

$495,000
3 Beds
2 Baths
1,238 SqFt
Status Active
MLS # 6685198
Property Type Single Family Residence
Price Type --
The original home, constructed in 1969, underwent expansions in 2005 and has since received updates, including a repainted exterior and interior, as well as the addition of a 50-amp Tesla charging station. Inside, this spacious residence features a generous living area with new vinyl flooring. Three sizable bedrooms. Upgraded bathrooms, a wood stove, and a covered front porch contribute to the property's charm. Convenience and security are ensured with ample parking, a chain-linked backyard, and a rebuilt back deck. Both the front and back yards boast mature trees, creating a serene ambiance. An enclosed back porch provides a cozy retreat, complete with an on-demand water heater for chilly days. Additionally, a spacious shed in the backyard offers ample storage space for tools and toys.

15252 N 100th Street Scottsdale, AZ 85260

$495,000
3 Beds
2 Baths
1,607 SqFt
Status Active
MLS # 6688936
Property Type Apartment
Price Type --
Come see this Beautiful 2 Bedroom plus den 2 Bathroom Condo in a Great Area of Scottsdale. This condo has a nice large great room perfect for relaxing and entertaining guests. The kitchen is open with lots of counterspace and upgraded cabinets and looks over into the great room so you can be part of the entertainment. The guest bedroom is good sized and shares a hall bathroom. The large primary bedroom has an ensuite complete with a walk-in closet, dual sinks, and a walk-in shower. There is an inside laundry and a storage area. Enjoy the great Arizona weather on your private patio looking over a common area with grass and trees and a views of McDowell Mountains. This complex is gated, has several pools and spas, is close to shopping, freeways, schools, restaurants, etc. Water, Sewer, Tra Trash included in HOA Fees.

12434 N 25th Place Phoenix, AZ 85032

$495,000
3 Beds
2 Baths
1,478 SqFt
Status Active
MLS # 6698145
Property Type Single Family Residence
Price Type --
This North Phoenix , John F Long home offers quick access to freeways, upscale shopping, and fine dining. Offering 3 bedrooms, 2 bathroom, and a spacious living room with built-in cabinets and large patio slider, flooding the home with natural light. The kitchen has been updated with modern appliances and ample cabinetry. Recent updates include a new roof (2020), and AC unit (2019). Solar panels, and added insulation/ sealed ductwork, earning Energy Star certification in 2022, ensuring year-round comfort. Additional improvements include a new mini-split in the garage, new pergola and pavers on the patio, elevating outdoor living. The main plumbing line was replaced, and plumbing cleanouts were added in 2023, further enhancing the property's value and functionality. Don't miss this one.

11872 S Tomi Drive Phoenix, AZ 85044

$495,000
3 Beds
2 Baths
2,152 SqFt
Status Active
MLS # 6693283
Property Type Single Family Residence
Price Type --
This very popular 3 bedroom floor plan is now available on the Ahwatukee Country Club Golf Course! Expansive golf course and mountain views greet you from your back patio where you will enjoy the best of Arizona living. This home has a formal living room with full wall fireplace, spacious dining room, open concept kitchen with granite counters and pull-out cabinets, open to large, light and bright family room perfect for entertaining or peaceful relaxation. Secondary bedrooms are good sized for guests or a home office, and the sizeable primary bedroom includes a dressing area. All this and a beautiful recreation center with indoor outdoor pools, pickleball, fitness classes, wood shop, travel opportunities, clubs and activities for all! This is a must see home!

40954 N Wild West Trail Anthem, AZ 85086

$495,000
3 Beds
2 Baths
1,577 SqFt
Status Active
MLS # 6695861
Property Type Single Family Residence
Price Type --
Premium view lot! The backyard faces a large open wash with unobstructed mountain views and features a paver patio seating area, synthetic grass, covered patio with extended slab, accent lights, natural vegetation and a gazebo. The interior has neutral tones throughout, vaulted ceilings, built-in cabinetry, travertine flooring in heavy traffic areas and crown molding. The large primary bedroom includes a walk-in closet. You will have plenty of storage with an oversized 2.5 car garage. Exterior of home was painted in 2021. Walking distance to Gavilan Peak Elementary School. The SOLAR WILL BE PAID OFF at close of escrow. The Solar system generates income from APS to the owner. In the last 12 months owner paid no APS bills and in fact received a check in January of 2024 from APS for $1,275. Anthem is an unincorporated master planned community in north central Maricopa County. It was founded by Del Webb in 1999 and initially built out in 2008; a new development recently added 202 homes to the community. It was awarded Best Master Planned Community in 2001, named one of Phoenix Magazine's Best Family Friendly Neighborhoods in 2012 and awarded Best Master Planned Community for Children in 2016. Anthem is home to residential, commercial, office, industrial and public uses, making it unique as a master planned community. From award-winning parks to quality landscaping, sports programs for all ages to trails, golf courses and more, Anthem is home to more than 27,000 residents and nearly 300 store-front businesses. Anthem is called a master planned community because it is self-contained and self-sustaining, allowing residents to share common resources and contribute to the common good of the community and region. Del Webb's design philosophy can be seen in every detail of Anthem's design plan, from the width of streets to the type of landscaping options, high number of recreational amenities to pre-set purposes of commercial plazas. After initial buildout, governance of the community was turned over to an executive staff and homeowner-led Board to carry Del Webb's master plan forward. Anthem by the numbers 27,000 residents (approx.) 10,305 homes 3 homeowners' associations 2 senior living communities 5,920 acres (9.25 sq. miles) of land 15 miles of walking, biking and pedestrian trails 60 acres of turf 350 acres of desert landscaped area 1,400 acres of protected washes and open space 20,000+ trees 4.4 million sq. ft. of common walls and view fences

1736 E Bridgeport Parkway Gilbert, AZ 85295

$495,000
3 Beds
2.5 Baths
1,915 SqFt
Status Active
MLS # 6699120
Property Type Townhouse
Price Type --
Welcome to your dream home in The Lakes at Annecy of Gilbert, AZ! This stunning 3-story townhome condo offers a perfect blend of modern elegance and cozy comfort, all wrapped up in a welcoming lakeside community where urban-style living meets the charm of a French village! As you step inside, you'll be greeted by the spacious first floor den with elegant French doors, perfect for a home office or entertainment space. Ascend to the second level and discover the heart of the home - a stylish main living area boasting an open loft-style feel. Natural light floods in, creating an inviting atmosphere throughout. The gourmet kitchen is a chef's delight, with white shaker cabinets, quartz countertops, stainless steel appliances, an oversized pantry with ample storage, and a massive island with seating for six. Whether you're hosting a dinner party or enjoying a casual meal, this space is sure to impress! On the third level, you'll find three bedrooms and two bathrooms, which include the peaceful primary suite. With extended height ceilings and windows that offer tree-filled views, the primary suite feels like your very own haven, providing the ultimate sense of calm after a long day. Outside, The Lakes at Annecy brims with all the charm and character you could hope for; with mature trees and a picturesque lakeside setting. Enjoy access to three sparkling community pools (one of while is just outside your door) and spas, waterfront common areas, and a vibrant community atmosphere where neighbors become friends. And the location couldn't be better - situated next to SanTan Village, you'll have easy access to a wealth of shopping, dining, and entertainment options right outside your door! Don't miss your chance to call this exceptional home your own! Prepare to see why the ease and convenience of condo living can't be beat as you're sure to fall in love with this charming corner of Gilbert!

4051 E Meadow Drive Phoenix, AZ 85032

$495,000
3 Beds
2 Baths
1,346 SqFt
Status Active
MLS # 6697358
Property Type Single Family Residence
Price Type --
Welcome to your spacious oasis in the heart of convenience and comfort! Step inside and be greeted by the seamless flow of an open floor plan, where the cozy living area effortlessly blends with the dining space, creating an inviting atmosphere perfect for gatherings and relaxation. The cabinetry in the kitchen not only adds a touch of elegance but also provides ample storage for all your culinary essentials.Venture beyond your doorstep and find yourself within walking distance to schools and pristine parks, making it ideal for seeking convenience and community. Plus, with easy access to freeways, commuting is a breeze. Endless shopping and dining options at nearby Desert Ridge, where a plethora of restaurants and entertainment venues await to satisfy every craving and whim.

3840 W Dublin Street Chandler, AZ 85226

$495,000
3 Beds
2 Baths
1,398 SqFt
Status Active
MLS # 6698839
Property Type Single Family Residence
Price Type --
Updated gem in a secluded neighborhood with community pool and green belts. Sleek, renovated kitchen with granite countertops and beautifully stained cabinetry. This corner lot offers a quiet patio w/pergola and an ample-sized backyard w/lush lawn. Huge master suite upstairs, two additional bedrooms downstairs. Neutral tile flooring in the main living areas. Freshly painted, new 4-ton AC, garage door opener, and roof. Both bathrooms have recently been stylishly updated. Close to Chandler and Desert Breeze Park. Easy access to the 101 & 202-loops, restaurants, key businesses and in Kyrene school district. Come check this one out.

10414 W Windsor Avenue Avondale, AZ 85392

$495,000
4 Beds
2 Baths
2,324 SqFt
Status Active
MLS # 6698923
Property Type Single Family Residence
Price Type --
Discover your new home at 10414 W Windsor Ave in Avondale, AZ! This spacious single-level gem boasts over 2300 sqft, perfect for a big family. Conveniently located near I10 & 101 Freeways, plus restaurants, outlets, and the Cardinal Stadium. Enjoy easy upkeep with tile flooring throughout, a modern shower in the master bedroom, and a cozy fireplace. Beat the Arizona heat with your very own pool! Plus, a paid-off solar system means savings on energy bills. Don't miss out on this fantastic opportunity!

35882 N Quiros Drive San Tan Valley, AZ 85143

$495,000
3 Beds
3 Baths
2,281 SqFt
Status Active
MLS # 6700398
Property Type Single Family Residence
Price Type --
Come check out this wonderful DR Horton Home. Has a 4 car garage and RV gate on the side. Home sits on large lot with a wash behind. Features an open concept with a large sliding glass door, perfect for enjoying Arizona's gorgeous weather. Home features stunning plank tile, brand new paint throughout as well as new carpet in all the bedrooms. Highly ENERGY EFFICIENT HOME comes with paid off solar system as well as radiant roof barrier in the attic!! Insulated garage doors for the summer. Come see for yourself why Circle Cross Ranch is one of the best-selling master plan communities in San Tan Valley.

2985 E Ravenswood Drive Gilbert, AZ 85298

$495,000 - 3Br/2Ba -  for Sale in Country Shadows, Gilbert
New
$495,000
3 Beds
2 Baths
1,683 SqFt
Status Active
MLS # 6701211
Property Type Single Family Residence
Price Type --
This home looks like a new-build and features mountain views from living area and backyard. In April, owners had the interior completely repainted- including walls, closets, ceilings, doors, and all trim. New fans and light fixtures, new vanities and fixtures in both bathrooms, bathtubs redone, shower, tub surround and floor newly tiled in primary bath, new glass shower enclosure in primary bath. The granite countertops and new cabinet doors, drawers, and hardware give the kitchen a beautiful updated look. All window blinds are new and the window in the dining room, as well as one the primary bath, will be replaced. All doorknobs are new and the home- including tile, grout, and windows were professionally cleaned. This home is truly turn key! Other improvements made: Gas water heater 2019 Laminate flooring in bedrooms Feb. 2020 Water softener May 2020 AC and Furnace March 2021 Refrigerator April 2021 Exterior paint May 2022 Washer/ Dryer December 2022 Dishwasher May 2023

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