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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106 W Wickieup Lane Phoenix, AZ 85027

New

$500,000

3 Beds

2 Baths

1,764 SqFt

Status Active

MLS # 6706949

Property Type Single Family Residence

Price Type --

Welcome to this beautiful property with luxurious features and stylish accents. The fresh interior paint and neutral color scheme create a tranquil atmosphere. The living room offers warmth with a cozy fireplace, and the primary bedroom includes a spacious walk-in closet. The primary bathroom features double sinks for added convenience. The kitchen stands out with an elegant backsplash that complements the island, all equipped with stainless steel appliances. Enjoy outdoor living on the covered patio or cool off in the private in-ground pool in the fenced backyard. A storage shed is available for your storage needs. This property strikes a perfect balance between elegance and practicality, making it a welcoming home for anyone.

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13744 W Amaranth Street Peoria, AZ 85383

$500,000

2 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6645653

Property Type Single Family Residence

Price Type --

In the highly desirable Vistancia Village lies this beautifully presented residence. Along with access to wonderful community features including Swimming pool, clubhouse and sports courts it offers a peaceful corner location. The interiors begin with a long hallway passing the work from home office or sitting room into the open plan living space. This incorporates the family room, gourmet kitchen with modern appliances, dining room and large sliding doors to the patio. The spacious rear yard is the perfect blank canvas for desert landscaping or swimming pool. The primary bedroom suite delivers a large bedroom, a beautifully appointed bathroom and fitted closet. The bright secondary bedroom enjoys a private bathroom and closet. The bright secondary bedroom enjoys a private bathroom and closet. With a 3 car garage, water softener, reverse osmosis and security system it offers a move-in ready opportunity to enjoy this beautiful region.

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2016 S Hammond Drive Tempe, AZ 85282

$500,000

4 Beds

3.5 Baths

1,883 SqFt

Status Active

MLS # 6704613

Property Type Townhouse

Price Type --

ATTENTION TO ALL interested in such RARE LISTING as this phenomenal 4 BEDROOM, 3 ½ BATH, PRISTINE, BASEMENT TOWNHOME within WALKING DISTANCE of ASU! Four Parking spaces, including the SINGLE CAR GARAGE are a luxury in this area. This sweet property is nestled quietly in a quaint, little PRIVATE CUL-DE-SAC flanked with stately paver-driveways, shaded by the canopy of mature trees and lush foliage. The Interiors are flooded with sunlight from the abundant windows illuminating the FRESH NEW CARPET & PAD, FRESH INTERIOR DESIGNER PAINT, the NEW TOILETS & CONNECTIONS and the LOFTY, LOOMING CEILINGS with Tile in all the Right Places. FRENCH DOORS, SPLIT-OAK STAIR-RAILINGS, BUILT-IN CAN LIGHTING, the METAL ROOF, and almost a PRIVATE BATH PER OCCUPANT are coveted UPGRADES. The efficient GALLEY KITCHEN boasts QUARTZ COUNTERS, STAINLESS SINK with GOOSE NECK FAUCET and some STAINLESS APPLIANCES. This is a MOVE-IN READY property with the REFRIGERATOR, WASHER & DRYER CONVEYING. Three bedrooms & 2 Baths are Second Level. The Great Room, Dining, ½ Bath and Kitchen are Main Floor and the Basement with Bedroom, Full Bath and Laundry offers the option of either a GAME ROOM or OFFICE. EXTRAS include a GARAGE DOOR OPENER & EPOXY FLOOR, INTERIOR SPRINKLERS for Fire Protection, LARGE CLOSETS and an EXTERIOR FRONT PATIO and MASTER BALCONY. ITS PRIME LOCATION near ASU, Tempe Beach Park, Shopping, Restaurants and Freeways: 101, US60, 202 and I-10 make this property a GEM not to be missed!

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1838 N Mitchell Street Phoenix, AZ 85006

$500,000

2 Beds

1 Bath

943 SqFt

Status Active

MLS # 6705755

Property Type Single Family Residence

Price Type --

Ready to put down roots in a vibrant, historic downtown community? This charming 2-bedroom, 1-bathroom home in the Coronado Historic District might just be what you've been searching for! With easy access to parks, shops, and restaurants, it offers the perfect blend of convenience and character. The 943 square feet feel surprisingly spacious, thanks to the open layout and clever use of separate spaces, like the cozy dining room nook. Sunlight pours in through the windows, illuminating the historic touches, such as the rounded wall corners, that give this home its unique charm. Come and make this place your own today—experience the warmth and character of the Coronado Historic District firsthand!

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17850 N 68th Street Phoenix, AZ 85054

$500,000

2 Beds

2 Baths

1,092 SqFt

Status Active

MLS # 6609261

Property Type Apartment

Price Type --

LOCATION, LOCATION, LOCATION! UNOBSTRUCTED MOUNTAIN AND CITY LIGHT VIEWS! NEW CONSTRUCTION! Adjacent to hundreds of acres of Reach 11 City of Phoenix hiking trails. 1,000ft away from Lifetime fitness, and within 2 miles to over 3,000,000sf of premier shopping and restaurants including Desert Ridge, Kierland Commons, Scottsdale Quarter, and Scottsdale/101! Home features updated quartz counters, tile backsplash, upgraded kitchen cabinet and laundry cabinets. Plenty of natural light. Community elevators make way for single level living. Private 2 car garage with additional 100sf storage unit.

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1250 N Abbey Lane Chandler, AZ 85226

$500,000

3 Beds

2.5 Baths

2,150 SqFt

Status Active

MLS # 6636880

Property Type Townhouse

Price Type --

Absolutely gorgeous home located in a gated community. Great location near IKEA and the I10 freeway. Enjoy all the amenities of the community, which include a gym, pool, dog park and more! Lots of shopping nearby, you wont want to miss this one!

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4608 E Desert Drive Phoenix, AZ 85044

$500,000

2 Beds

2 Baths

1,596 SqFt

Status Active

MLS # 6645498

Property Type Townhouse

Price Type --

Single level Garden Home in the Pointe South Mountain. Situtated in back of the community on a cul-de-sac. Home features 2 bedroom split for plan with a den/office. Both bedrooms have walk in closets. Both bathrooms updated. Flooring is 16x16 Travertine in all main living areas and carpet in bedrooms. Fireplace has been converted to gas. Relax in the spacious outdoor patio area with views of south mountain. Pointe community features 4 pools, 2 of them are heated. Walking path to South Mountain just steps away.

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7530 E Mariposa Drive Scottsdale, AZ 85251

$500,000

3 Beds

3 Baths

1,631 SqFt

Status Active

MLS # 6689305

Property Type Townhouse

Price Type --

Welcome to your new home in Scottsdale's Villa Monterey 55+ community, a haven of comfort and style. This inviting residence boasts stunning white marble flooring throughout, with elegant wood flooring downstairs and plush carpeting upstairs. The bathrooms showcase exquisite Italian tile. Bask in the sun-filled living spaces and entertain in your private courtyard. Experience hassle-free living in this welcoming community with the community pool, hot tub, family gathering space And pickle ball court. Ideally situated near the shops and dining. The attractions of Old Town Scottsdale, Fashion Square, and Scottsdale Quarter all near by.

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6620 N 418th Avenue Tonopah, AZ 85354

$500,000

4 Beds

2 Baths

2,720 SqFt

Status Active

MLS # 6668546

Property Type Single Family Residence

Price Type --

STILL AVAILABLE TO SHOW. SELLER IS STILL LOOKING AT BACK-UP OFFERS. This stunning four-bedroom, two-bath split-level residence is situated on a sprawling acre lot, offering the perfect blend of space and serenity. The exterior boasts a three-car garage, a shed, and 2 gazebos, providing ample room for storage and outdoor enjoyment. Step inside, and you'll be greeted by a spacious family room, creating an inviting atmosphere for relaxation and entertainment. The well-appointed kitchen is a chef's delight, featuring an abundance of cabinet space and a generously sized pantry for all your culinary needs. Throughout the home you will find custom shutters and sun screens on all windows. A unique feature of this home is the versatile formal dining room, which can double as an office or playroom, , catering to your family's dynamic lifestyle. The four bedrooms provide comfort and privacy, making it an ideal home for families or those who love to host guests. The master suite offers a tranquil retreat with a sitting room and built in Library. The master bath is large with double sinks a separate garden tub and shower. The laundry room is equipped with cabinets, clothes folding area and a sink. Enjoy the beautiful weather and mountain views on the covered back patios, perfect for outside dining or simply unwinding. Shared well access ensures a reliable water supply for your household needs. This home is more than just a house; it's a haven where comfort, style, and functionality converge. Don't miss the opportunity to make this gem yours!

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15830 N 5th Drive Phoenix, AZ 85023

$500,000

3 Beds

2.5 Baths

1,861 SqFt

Status Active

MLS # 6662959

Property Type Single Family Residence

Price Type --

Discover Tamarac at Moon Valley's allure! This well-maintained 3-bed, 2.5-bath gem effortlessly blends style and comfort. Vaulted ceilings create an airy ambiance, complemented by a full interior paint job. The main floor hosts a master bedroom with a soaking tub and a separate shower for ultimate relaxation. The versatile loft adds allure with 2 additional bedrooms and 1 bath upstairs. The kitchen boasts granite counters and a complete water filtration system. Outside, the corner lot charms with tranquil landscaping. The side yard features turf and a fenced area for pets to frolic. The HOA ensures front yard maintenance and exterior paint. Home is right around the corner from the community pool and mailbox! Easy access to freeways, shopping, dining, and parks!

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18192 E Via Jardin -- Gold Canyon, AZ 85118

$500,000

4 Beds

2 Baths

2,167 SqFt

Status Active

MLS # 6667927

Property Type Single Family Residence

Price Type --

Come and see this beautiful 4-bedroom, 2-bathroom home with split floor plan located on a large corner lot! This fully landscaped yard comes complete with a spacious covered patio, large side yard with 6 raised garden beds and automatic irrigation system throughout! There is ample space for relaxation and entertaining. Inside the home you will find an open floor plan with updated appliances and flooring, hard-wired ethernet throughout the house, and breathtaking mountain views from your family room and primary bedroom. Nestled in the serene surroundings of Gold Canyon, this home offers easy access to hiking trails, golf courses, a community playground and all of the amenities this charming town has to offer! Don't miss your chance to call this peaceful retreat your own!

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16254 W Tuscany Way Surprise, AZ 85374

$500,000

2 Beds

2 Baths

2,035 SqFt

Status Active

MLS # 6664856

Property Type Single Family Residence

Price Type --

Welcome to this beautifully updated single level golf course home in the highly desirable community of Sun City Grand. As you enter the home you are greeted with a wall of windows framing the beautiful golf course views, an open floor plan with fresh neutral colors and rich travertine style tile. The over sized master bedroom boasts bay windows, a huge walk in closet and recently remodeled bathroom with granite countertops and walk in shower. Venture down the hallway to the chef's kitchen with Island, granite countertops, stainless steel appliances that all look out to the warm and inviting family room with stacked stone gas fireplace. Whether you would like the privacy of your quaint front patio or the wide open views on your back patio of the 17th tee box of the Desert Springs Golf Course, this home provides you the canvas to enjoy the amazing outdoor living that Arizona has to offer! Welcome to your next Home Sweet Home!

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