3 Different Types of Loan That Will Negatively Impact Your Ability to Get a Mortgage

A good credit rating is built on a number of financial factors including paying your bills on time and the length of your credit history, but loans can also be a source of bolstering your credit score in a positive way. While this means that loans can actually be a good thing, there are also the kinds of loans that can have a damaging impact on acquiring a mortgage. If you’ll soon be pursuing your own home purchase, here are some loans that may have a negative impact.

Borrowing For Education

When you are young, student loans are an ideal means of paying down your debt and developing a positive credit history. However, if these loans are left to linger they can have a marked effect on your chances of a mortgage approval. Since paying back your student loans will be one of the first times in your financial life that you’ll be able to prove your reliability, you should ensure you pay them on a consistent basis in order to lower your overall debt-to-income ratio.

Credit Card Debt

Many people don’t think of the purchases that go on their credit card as loans, but the money on your credit card does not really belong to you until it’s paid off. While credit cards can be a great boon for establishing your credit in the early days, if you rack up a lot of credit card debt and do not pay your minimum payments by the due date, it will cause a considerable dip in your credit score. In addition, taking on too many cards can be a negative signal to lenders.

Payday Loans

In recent years, payday loans have sometimes been broken out separately from other loans on a person’s credit report. However, unlike many other types of loans, payday loans can be seen in a bad light by lenders because they can be indicative of someone who’s experienced significant financial setbacks, which would negatively impact their ability to pay a mortgage. While some mortgage lenders will not decline an application due to payday loans, some have already started to take this step.

Acquiring loans can be a good means of developing a credit history, but there are types of loans that may look bad on your mortgage application and won’t be of service if you can’t pay them off consistently. If you’re considering submitting a mortgage application, give me a call for more information – J.P. Cook – 602-320-4253.

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4849 N Camelback Ridge Road Scottsdale, AZ 85251

$1,985,000

1 Bed

2 Baths

1,521 SqFt

Status Active

MLS # 6552938

Property Type Apartment

Price Type --

This unique loft style home features 20' ceilings in the living area with spacious indoor/outdoor living and a lower garden/yard. This home is exceptional with its soaring ceilings and phenomenal views of Camelback Mountain. Featuring 1 bedroom, 2 full baths, a den and 2 reserved parking spaces. Tucked at the base of Camelback Mountain, Ascent is a new, private gated residential enclave adjacent to The Phoenician Resort - one of Arizona's premier luxury resorts. Home designs feature contemporary architecture integrating warm, natural materials, expansive windows, stacking door systems opening to a large outdoor patio with fire feature and BBQ Thoughtfully designed by Nelsen Architects and Vallone Interior Design. Luxury finishes include exquisite Bulthaup Kitchens, hardwood floors, ..... Sub Zero-Wolf appliance package, window coverings, washer and dryer are also included. A private rooftop terrace and the Mountain Club pool and fitness facility are amenities Ascent homeowners will enjoy.

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2449 W Sunrise Drive Phoenix, AZ 85041

$1,985,000

5 Beds

5 Baths

4,034 SqFt

Status Active

MLS # 6762451

Property Type Single Family Residence

Price Type --

Escape the hustle and bustle of the city just minutes from the heart of it all! Nestled on over 5 acres this 5-bed, 5 bath estate backs up to the Phoenix Preserve, with direct access to South Mountain's hiking trails from your backyard. Panoramic 360-degree mountain views, enjoy peace and tranquility as you gaze out over the city in this serene desert retreat. This home is an entertainer's dream, with a sparkling diving pool, built-in BBQ, and an expansive backyard designed for hosting family and friends. Step inside to find a beautifully updated interior with a chef's dream of a kitchen. Adding to its appeal, the property includes a separate 1-bedroom, 1-bath suite with its own kitchen, living room, and views. Experience resort-style living & close to everything Phoenix has to offer! This exceptional estate spans three separate parcels totaling 224,118 sq ft (5.14 acres), providing ample space for outdoor activities and privacy. With individual parcel sizes of 81,108 sq ft, 55,896 sq ft, and 87,114 sq ft, there's plenty of room for your imagination. The guest attached guest suite is 622.5 sq ft of the total 4,034 sq ft. There are 1,261 sq ft of outdoor covered living area. The expansive lot allows for parking toys, housing horses, or creating customized landscaping. The interior boasts newer flooring and fresh paint throughout, enhancing the home's appeal. This property truly offers a unique combination of tranquility and convenience, all while being just minutes from the vibrant offerings of Phoenix!

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12328 E Black Rock Road Scottsdale, AZ 85255

$1,983,995

3 Beds

3.5 Baths

2,860 SqFt

Status Active

MLS # 6708931

Property Type Single Family Residence

Price Type --

*NEW CONSTRUCTION: SPRING 2025 COMPLETION. Interior Finishes have been added!* Stunning Callum floor plan with Modern exterior under construction on an elevated home site! Gorgeous 13' ceilings, a casita with private entrance and 3 outdoor spaces are some of the reasons this plan is a top seller. Professionally designed, tasteful neutral color scheme. Additional upgrades include SS Wolf appliances, a double oven, 48'' Sub Zero Fridge & extended Kitchen island. The great room has a 72'' linear fireplace & a 16' multi-slide pocket door, perfect for cozy nights at home. This is the low-maintenance, LUXURY, lock & leave home you have been waiting for! Located in the stunning guard-gated community, Sereno Canyon. The ultimate resort lifestyle community in North Scottsdale by Toll Brothers. Come take a tour today!

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6762 W Hombre Road San Tan Valley, AZ 85144

$1,975,000

4 Beds

3.5 Baths

4,100 SqFt

Status Active

MLS # 6768203

Property Type Single Family Residence

Price Type --

Welcome to ''The Resort''. This CUSTOM HORSE PROPERTY will capture your heart from the moment you walk into the custom iron gated PRIVATE courtyard. Property boasts 4 over-sized bedrooms (office could be the 5th) with walk in closets in each with their own private bathroom. Just minutes away from the Equestrian center and downtown Queen Creek. Amazing views of the San Tan Mountains, Superstitions and Four Peaks with city lights. When you bring your horses and toys they deserve THE VERY BEST-this home is a must see! 4 car+ attached garage, plus a 28' X 50' RV garage, fully insulated with both having epoxy flooring and a 12 x 16 storage loft area with ladder and safety railings. 2 large covered Horse stalls, paddock and large tack/feed room for the equestrian enthusiast.

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3430 E Kachina Drive Phoenix, AZ 85044

$1,975,000

7 Beds

5.5 Baths

6,048 SqFt

Status Active

MLS # 6781862

Property Type Single Family Residence

Price Type --

Located on Phoenix's stunning South Mountain preserve w/ expansive mountain views. The paradise perfect backyard is complete w/ a gazebo, built-in BBQ, fireplace, pebble finished pool & spa & private gate to access the mountain for your morning hike. The gourmet kitchen features high-end stainless-steel appliances & gas cooking. Over 20' vaulted ceilings & Travertine flooring. 2 bedrooms, 2 full baths & a powder room down. The primary bedroom is upstairs featuring a 2-way fireplace, balcony, 2 walk-in closets & additional washer & dryer. One of the secondary bedrooms upstairs has its own kitchenette, a total of 5 bedrooms & 3 full baths up, including a separate staircase for secondary rooms. Recent updates include; exterior paint, full roof underlayment replaced, carpet, blinds & more!

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7468 E Baker Drive Scottsdale, AZ 85266

$1,975,000

5 Beds

4 Baths

4,276 SqFt

Status Active

MLS # 6786273

Property Type Single Family Residence

Price Type --

Welcome to your dream oasis in the heart of North Scottsdale! Discover modern luxury in Trovia! This 5-bed, 3.5-bath home boasts a fully updated kitchen with granite countertops and new appliances. Outside, enjoy a basketball court, putting green, raised garden beds, fruit trees, and a heated pool/spa. The split floorplan offers a spacious main suite. Perfectly located near schools, shopping, and outdoor activities, this property epitomizes Arizona living.

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5327 E Pinchot Avenue Phoenix, AZ 85018

$1,975,000

5 Beds

4.5 Baths

3,066 SqFt

Status Active Under Contract

MLS # 6772922

Property Type Single Family Residence

Price Type --

This stunning, newly constructed home offers 3,066 square feet of luxurious living space, featuring 5 bedrooms, 4.5 bathrooms, pool and an attached 2-car garage. The modern design includes high-end finishes throughout, ensuring both comfort and style. The master suite is a true retreat, boasting an oversized walk-in shower with rainfall showerhead, built-in bench, and LED accent lighting. The large walk-in closet offers custom-built organizers, while the elegant bathroom features a 70'' soaking tub and backlit vanity mirrors. The spacious kitchen is a chef's dream, complete with a 9' quartz waterfall island, luxury appliances, and a 48'' dual-oven gas range. The custom range hood and solid oak floating shelves add a sophisticated touch, while the expansive pantry and temperature-controlled wine cellar provide ample storage. Designed for privacy and entertainment, the backyard includes a 20'x20' pergola, a built-in grill with a granite eat-in bar, and a firepitperfect for hosting gatherings. The newly refinished pool with a PebbleTec surface, in-pool bar table, and Baja shelf offers resort-like living. Plus, all new smart pool equipment allows for easy control of features via smartphone. Additional highlights include:

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2203 E Scenic Drive Payson, AZ 85541

$1,975,000

4 Beds

5 Baths

5,618 SqFt

Status Active

MLS # 6726593

Property Type Single Family Residence

Price Type --

EXQUISITE MODERN MOUNTAIN RETREAT located within the desirable community of Chaparral Pines, with expansive mountain and golf course views! This stunning four-bedroom, five-bath home, including a dedicated office, offers luxurious living both indoors and out. Completely updated and move-in ready, this home boasts a spacious, open floor plan spread across three levels, all accessible by a 3-stop elevator or gentle stairs, perfect for hosting family and friends. The main level welcomes you with a jaw-droppingly grand great room, drenched in natural light from expansive windows that blend indoor elegance with breathtaking views of hole #7 and the Granite Dells in the background. The floor-to-ceiling stone fireplace and a wet bar add to the sophisticated atmosphere, while the radiant heated floors add an additional touch of comfort and luxury. The recently remodeled kitchen, updated in 2020, features quartz countertops, new appliances, and custom cabinetry, and the large breakfast bar and adjacent dining area are ideally situated to enjoy the magnificent views. The main-level master suite opens to an expansive deck, perfect for morning relaxation, and includes a luxurious en suite bath with a sizable walk-in closet. Also on the main level, you'll find a beautifully designed office with built-ins and a sink, a laundry room, and a powder room for guests. Split from the master suite, a short ascent of stairs leads to two private guest bedrooms, each with walk-in closets and en suite baths. The lower level offers a generous living area with a theater setup, wet bar, and outdoor access to a patio featuring a fireplace and hot tub. The fourth bedroom, a spacious guest master suite, is situated for maximum privacy. This home also provides ample storage and flexible spaces to suit your needs with a basement level workshop, multiple closets, an indoor/outdoor dog kennel, and a potential wine cellar that's currently used as a kids toy/play area. The oversized 3.5-car garage accommodates three vehicles, a golf cart, and includes additional storage space.

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12839 S 34th Court Phoenix, AZ 85044

$1,975,000

3 Beds

3.5 Baths

4,952 SqFt

Status Active Under Contract

MLS # 6747486

Property Type Single Family Residence

Price Type --

Immaculate Custom Pueblo Santa Fe Retreat in Ahwatukee Foothills Nestled into your private 1.5 acres in the stunning Ahwatukee Foothills, this custom Pueblo Santa Fe style home offers unparalleled mountain views from every window in every direction. Spanning nearly 5,000 square feet, the home is a masterpiece of design, featuring natural wood beams, flawless Mexican Saltillo tile, and pristine hardwood flooring. The Interior Santa Fe style's characteristic elements include round walls and edges, corner fireplaces, vigas, and a series of rooms fronted by covered porches, called portales, echoing the Pueblo rooms designed around a central plaza. Large custom iron & solid wood doors, adobe-inspired built-in lighting fixtures, every detail speaks to its exceptional craftsmanship. The multi-level resort-style backyard is an entertainer's dream, boasting balconies, patios, heated pool, in-ground jacuzzi, and pergola, all framed by a natural desert landscape. All outdoor planters will convey, enhancing the home's serene outdoor ambiance. You'll find 5 fireplaces strategically placed throughout, providing warmth and elegance. The primary retreat upstairs offers a private sitting area, a large walk-in closet, and a luxurious bathroom with a separate shower and jetted tub. Every bedroom provides direct outdoor access and its own private balcony, ensuring a seamless indoor-outdoor living experience. This home has been meticulously cared for by the original owner. Recent upgrades include a new Mexican tile roof (2024) and replacement of all 4 AC units within the last 7 years. The windows are in excellent condition, further underscoring the home's attention to detail and quality maintenance. No corners have been cut in this well-loved property, making it a truly unique opportunity in the heart of Ahwatukee. This home offers luxury, privacy, and timeless beauty.

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8265 E Kramer Circle Mesa, AZ 85207

$1,970,000

5 Beds

4.5 Baths

5,134 SqFt

Status Active

MLS # 6743893

Property Type Single Family Residence

Price Type --

TOTAL REMODEL on arguably the best lot in Savona! Cul-de-sac AND backs to a wash! Total Privacy! Plus CASITA, OFFICE, and THEATER rooms. Inside upgrades include: Wolf + Sub Zero appliance package, double ovens, custom cabinetry, porcelain kitchen counters, brick & stone backsplash + accents, quartz bath counters, new lighting, plumbing fixtures, & LED can lights thru out, surround sound/multiple zones, security system, 20' x 10' multi slide door, cantera stone fireplaces, + more! Outside upgrades include: new commercial grade misting system, heated pool + spa, epoxy garage floor w/soft water hose bib for car washing, new garage doors, new eave trim lighting, gas firepit, HUGE yard w/new turf + putting green, surround sound speakers, and more! Close to everything!

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30416 N 64th Street Cave Creek, AZ 85331

Open House

$1,969,995

4 Beds

3.5 Baths

4,010 SqFt

Status Active

MLS # 6770393

Property Type Single Family Residence

Price Type --

Experience the pinnacle of Arizona living in this stunning custom home located near N 64th Street, just minutes from the vibrant hubs of Scottsdale, Desert Ridge, and High Desert. Nestled on a sprawling 1.4-acre lot with no HOA restrictions, this exquisite property combines the serenity of desert living with the convenience of nearby urban amenities. The heart of this home is its resort-style backyard, featuring a sparkling pool, lush landscaping, and ample outdoor spaces designed for relaxation and entertaining. Whether hosting gatherings under the stars or enjoying a peaceful morning coffee while taking in breathtaking desert views, this backyard is your personal oasis. Inside, you'll find a meticulously crafted home with a thoughtfully designed split floor plan that provides both privacy and functionality. The open living spaces are adorned with high-end finishes, custom details, and large windows that bring in natural light and highlight the beauty of the surrounding desert landscape. With plenty of room to bring your vision to life, this property is ideal for car enthusiasts, equestrians, or anyone dreaming of adding additional amenities like a guest house or workshop. Located in Cave Creek, this home offers the perfect blend of tranquility and accessibility, with proximity to upscale shopping, fine dining, outdoor recreation, and top-rated schools. Don't miss this rare opportunity to own a luxurious retreat that embodies the freedom and beauty of Arizona living. Make this breathtaking home your desert sanctuary today!

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3852 E Expedition Way Phoenix, AZ 85050

$1,964,000

7 Beds

6.5 Baths

6,850 SqFt

Status Active

MLS # 6702557

Property Type Single Family Residence

Price Type --

$135,000 Price Drop and another $30,000 in remodeling since listed! Rare Basement Mirador in Aviano, w/$225K+ of remodeling in 2023/2024 Incl. Kitchen Expansion, 2nd Flr Laundry, Tile, Master Suite, Upgraded Pavers, Added 2nd Garage Entrance w/Drop Zone. Dual Gone-With-The-Wind style staircases, 9, 10 & 20ft ceilings, dbl kitchen islands w/quartzite waterfall edge, stainless steel appliances, wine cooler & butler's pantry w/ 2nd sink, 2 add'l refrigerators & all-in-one W/D, office/den, 4 car garage, 1st floor in-law suite w/separate garage entry, heated pool, spa, nat. gas fireplace & built in BBQ. Movie theater, seats, and 98 & 82 in. smart TVs. Aviano Club/Community features heated resort pool/spa, fitness center, tennis, pickleball. greenspaces, walking trails and parks. EASY TO SEE.

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