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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17410 W Fulton Street Goodyear, AZ 85338

New

$467,120

3 Beds

2.5 Baths

1,939 SqFt

Status Active

MLS # 6696778

Property Type Single Family Residence

Price Type --

Welcome to El Cidro, where luxury living meets vibrant outdoor spaces. Our home features a spacious three-car garage, ideal for storage and convenience. Inside, discover a deluxe gourmet kitchen and a laundry room with ample storage. Offering spacious backyards and a wonderful community park with picnic tables, a basketball court, and two playgrounds. Gather with neighbors for picnics, games, and leisurely strolls along scenic pathways. Experience the perfect blend of modern comforts and natural beauty in our welcoming community. Welcome home.

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792 E Cowboy Cove Trail San Tan Valley, AZ 85143

$467,000

4 Beds

2.5 Baths

2,879 SqFt

Status Active

MLS # 6660207

Property Type Single Family Residence

Price Type --

Discover this exquisite 4-bedroom, 2.5-bathroom energy-efficient residence nestled in the charming Johnson Ranch. As you step inside, a grand formal living room welcomes you with neutral paint, 2-inch blinds, and luxurious vinyl plank flooring. The family room seamlessly connects to the kitchen, creating an ideal space for entertaining. The gourmet kitchen is a highlight, featuring stainless steel appliances with wall ovens, granite counters, glass backsplash, a pantry, recessed lighting, ample white cabinets, and a two-tier island with a breakfast bar. Upstairs, all bedrooms and a generously-sized loft await. The main bedroom, accessible through double doors, boasts an ensuite with dual sinks and a walk-in closet. Enjoy the expansive backyard with a blend of artificial and natural gras

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6219 S Vista Point Drive Gold Canyon, AZ 85118

$467,000

3 Beds

2.5 Baths

1,763 SqFt

Status Active

MLS # 6627830

Property Type Single Family Residence

Price Type --

SPECTACULAR SUPERSTITION MOUNTAIN VIEWS to enjoy from the UPDATED & TRANQUIL BACKYARD that has pavers, retractable awning, MISTING SYSTEM, Pergola w/ceiling fan, built-in GAS BBQ GRILL with GRANITE counter top.! Perfect for entertaining or just relaxing and taking in the BREATHTAKING SUNSETS! Inside you will find a BEAUTIFUL UPDATED KITCHEN with GRANITE COUNTERS, breakfast bar, STAINLESS STEEL APPLIANCES & Pantry which overlooks the dining area. TOP OF THE LINE GE front load WASHER & DRYER, ALL NEW TOILETS, NEW WATER HEATER, NEWER HVAC, NEW VINYL WOOD LOOK FLOORING on steps and in the 3 upstairs bedrooms. Master has full bath & double sinks. Downstairs has tile floors & SPACIOUS GREAT ROOM! Extra storage under the steps. Located just steps away from the HEATED COMMUNITY POOL & SPA!! This is a GATED COMMUNITY located across from the popular GOLD CANYON GOLF COURSE which offers TWO 18 hole CHAMPIONSHIP GOLF COURSES, the SIDEWINDER AND DINOSAUR!!

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1321 E Weatherby Way Chandler, AZ 85286

$467,000

3 Beds

2 Baths

1,434 SqFt

Status Active

MLS # 6680168

Property Type Single Family Residence

Price Type --

Welcome to this 1434 sq feet, 3BRs/2 Bath Gem in the Highly sought after Gated community of La Paloma. This house has been tremendously taken care of and it shows as soon as you walk in. Most of the home has been Newly Painted AND Brand Spanking New Vinyl Flooring has been installed in all the right places. Kitchen offers Granite countertops, attractive Backslash, and Stainless Steel Appliances. Backyard is an outdoor persons' Dream with Mimumum upkeep possessing Turf and Pavers. What more do I need to Say!

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