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

3 Different Types of Loan That Will Negatively Impact Your Ability to Get a MortgageA 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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7117 E Rancho Vista Drive Unit 4011 Scottsdale, AZ 85251

$1,795,000
3 Beds
2 Baths
1,944 SqFt
Status Active
MLS # 6705754
Property Type Apartment
Price Type --
Welcome to this truly special Optima Camelview 3 Bedroom 2 Bath 1944 SF showstopper! This breathtaking property underwent a complete remodel by the impressive Wild Development Design & Renovation team. Simply a must see in person, you will be awed from the moment you walk inside by the abundance of floor-to-ceiling glass windows, gorgeous & spacious open kitchen/bar and well laid out living/dining spaces. This property boasts a rare two private patios (one off of the living room & one off of the master) - both featuring lively city & lush landscaping views. The spacious master suite is separate from the two guest bedrooms and offers a custom closet, soaking bath & roomy shower. Both guest rooms have multiple walls of glass and are light & bright. Walk-in laundry room. Two side by side premium private parking spaces, one with tesla/electric vehicle charging. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

7147 E Rancho Vista Drive Unit 4011 Scottsdale, AZ 85251

$1,795,000
3 Beds
2 Baths
1,922 SqFt
Status Active
MLS # 6722919
Property Type Apartment
Price Type --
A true Optima Camelview renovation masterpiece. Taking over a year to complete, there is simply no condominium like this in all of Optima Camelview. The attention to detail is unparalleled. From the moment you walk in you'll be awed by the very specious open floor plan which looks out towards the endless floor to ceiling glass windows and huge completely private terrace. Lavishly renovated from head to toe, no expense was spared in adding every luxury and feature to this breathtaking retreat. Exquisite custom cabinetry and countertops throughout. An extensive Wolf and Sub Zero appliance package, breathtaking custom quartzite slab gas fireplace, smart accent lighting controlled via Lutron Caseta, automated blinds through out +++ All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

6243 E Sunnyside Drive Scottsdale, AZ 85254

$1,795,000
4 Beds
3 Baths
3,124 SqFt
Status Active
MLS # 6763734
Property Type Single Family Residence
Price Type --
Here is a rare opportunity to own in the highly desired and gated Equestrian Manor. With slump block construction, this is a very solid build. The Roof was replaced in 2022. This functional floorpan offers 2 fireplaces, a wet bar and high ceilings in the family room, spacious eat in kitchen, wood shutters and more. Given this property is nestled at the end of a cul de sac on 0,81 acres, with a circular driveway, and sparking pool/ jacuzzi, it provides a great space for entertaining family and friends. This home is being sold AS-IS.

2123 E Aris Drive Gilbert, AZ 85298

$1,795,000
5 Beds
6 Baths
4,235 SqFt
Status Active Under Contract
MLS # 6724152
Property Type Single Family Residence
Price Type --
I'M GORGEOUS!! Step into luxury and comfort with this exquisite residence nestled in the prestigious Legacy at Freeman Farms. This home is a haven of sophistication boasting 5 bedrooms, 4 full baths, 2 half baths, and a wealth of unparalleled amenities. Meticulously maintained and thoughtfully designed, this sprawling single-level home features custom wood flooring, elegant tray ceilings, and upgraded ceiling-to-floor cabinetry. The kitchen is a chef's dream with quartz and granite countertops, Viking appliances, large walk in pantry, and four beverage drawers for effortless entertaining. Experience ultimate convenience with 5 HVAC zones, a separate pool bathroom, and a 4-car garage complete with cabinets and EV chargers. Smart home enthusiasts will appreciate the Nest and Arlo systems seamlessly integrated throughout. Entertainment reaches new heights with a dedicated home theater featuring stadium seating, a 12 Speaker Dolby Atmos system featuring Klipsch speakers for a cinematic experience like no other. Outside, the true resort-inspired backyard is an oasis unto itself. Lounge by the large custom pool with a slide and swim-up bar, serenaded by dual water features. Gather around the sunken entertainment area with an outdoor kitchen, gas firepit, and outdoor speakers under a grand pergola. Gorgeous landscaping and lush turf adds to the allure of this meticulously landscaped retreat. This home is truly one of a kind, offering far too many upgrades to list here. View the documents tab for a comprehensive overview. Don't miss your chance to own this remarkable property that epitomizes luxury living in highly desirable Gilbert.

4643 E Montecito Avenue Phoenix, AZ 85018

$1,795,000 - 4Br/4Ba -  for Sale in Jeffery Leigh Lots 1-20, 26-64, Phoenix
Open House
New
$1,795,000
4 Beds
3.5 Baths
3,411 SqFt
Status Active
MLS # 6773660
Property Type Single Family Residence
Price Type --
This impeccably built residence blends modern craftsmanship with coastal-inspired charm in the highly sought-after Arcadia neighborhood. As you step inside, you're greeted by a grand foyer and high ceilings setting the tone for the home's thoughtful design. The spacious eat-in kitchen features an oversized island, granite countertops, stainless steel appliances and custom cabinetry. The light-filled family room offers a cozy fireplace, built-ins and sliding glass doors that lead to a patio and spacious backyard. On the main floor, you'll find a versatile guest room or office with a full bath, providing flexible space for any lifestyle. Upstairs, the home boasts three generously sized bedrooms, including a master suite with views of Camelback Mtn. The master suite is a true retreat, featuring a luxurious soaking tub, separate shower, and a walk-in closet with a custom closet system that provides ample storage. The corner lot's mature landscaping creates a welcoming curb appeal, while the home's prime location keeps you connected to the best of Arcadia living including LGO, Kachina Park, the canal, and top-rated schools in the Hopi district.

2508 W Mesquite Street Chandler, AZ 85224

$1,790,000
4 Beds
3.5 Baths
4,188 SqFt
Status Active
MLS # 6766098
Property Type Single Family Residence
Price Type --
ASSUMABLE LOAN at 2.5%! Quiet country feel within minutes to 101, 60 & 202 in the City of Chandler! 1.3-acre lot, this stunning home offers a perfect blend of modern convenience and country charm. 4 spacious bedrooms and 3.5 luxurious bathrooms, the home is designed for both comfort and practicality. Whether you're an outdoor enthusiast or car aficionado, the massive 40x40 RV garage complete with an evaporative cooler and a car lift is the ultimate space for your vehicles, tools, and hobbies. For professionals or those working from home, the dedicated office provides a quiet and functional space. If you love horses or animals, the property features stalls equipped with power, water, and air conditioning, along with a lit and irrigated pasture!

1206 N La Costa Lane Flagstaff, AZ 86004

$1,786,000
4 Beds
5 Baths
3,965 SqFt
Status Active
MLS # 6776912
Property Type Single Family Residence
Price Type --
Welcome to your gorgeous mountain home in Flagstaff's amenity-rich Continental Country Club neighborhood. Enjoy 2.17 private acres in town—minutes from outstanding schools, golf, and trails! This updated home has panoramic forest views, private patio and deck areas, and easy-maintenance landscaping. The main floor boasts vaulted ceilings, a primary suite, two living spaces with fireplaces, 2 half-baths, a dining area, and an open kitchen with views overlooking the acreage. Upstairs, a 2nd ensuite, a 3rd bedroom, and another full bath. Downstairs has a 4th bedroom, full bath, gym/flex space, and living space--with in-law quarter potential. The expansive floorplan is both elegant and functional. Newer roof (2023) and outside paint (2022). City utilities and services.

8277 E Tailspin Lane Scottsdale, AZ 85255

$1,775,999
4 Beds
2.5 Baths
2,853 SqFt
Status Active
MLS # 6725375
Property Type Single Family Residence
Price Type --
Discover unparalleled luxury living in this exquisitely remodeled 4-bedroom, 2.5-bathroom retreat nestled in a serene neighborhood. Boasting a host of premium amenities, this home offers a blend of sophistication and functionality. Step into the chef's kitchen, where culinary dreams come to life with high-end Thermador appliances (inc. nugget ice maker, espresso machine, and wine fridge) sleek countertops, and ample storage in custom cabinetry. Entertain in the adjoining dining and living areas, enhanced by natural light and stylish finishes. The master retreat beckons with its spa-like atmosphere, featuring a separate tub, spa, and dual vanities for a private escape. Three additional bedrooms provide flexibility for guests or a home office, each offering comfort and contemporary design. Outside, indulge in resort-style living with a shimmering pool to cool off on warm Arizona days, complemented by a professionally landscaped putting greenan entertainer's delight and a golfer's paradise right at home. Adding exceptional value, this residence features owned solar panels, ensuring energy efficiency and significant cost savings. Enjoy the peace of mind and environmental benefits while reducing utility expenses year-round. Located in a sought-after community with easy access to amenities, schools, and recreational facilities, this home presents a rare opportunity for luxurious living in a prime location.

15359 N Fort Apache Place Prescott, AZ 86305

$1,775,000
3 Beds
4 Baths
2,983 SqFt
Status Active
MLS # 6715411
Property Type Single Family Residence
Price Type --
Exceptional modern craftsman style new home in iconic Talking Rock Ranch. Select your own colors, cabinets, appliances and more in this luxury home on nearly 1 acre. The builder has included a wide array of luxury products in this price, but if you would like to change or update the finishes, you still have time to personalize your new home! This spacious home lives large with an open floorplan and split bedroom layout. At 2983 sq feet, home offers dual master walk in closets & spacious primary bath, 3 guest bedrooms with 2 ensuite baths, plus a powder room. They kitchen has a large walk in panty and a large kitchen island. The great room is grand with high beamed ceilings and a contemporary fireplace. Build time is 8-10 months.

7117 E Rancho Vista Drive Unit 6008 Scottsdale, AZ 85251

$1,775,000
2 Beds
2.5 Baths
1,911 SqFt
Status Active
MLS # 6765905
Property Type Apartment
Price Type --
Welcome to this completely renovated 1,911 sqft penthouse. This exceptional 2 bedroom 2.5 bathroom condo features extensive floor-to-celing glass, a spectacular and highly upgraded gourmet kitchen with quartz waterfall island, a well conceived open floor plan, superior finishes, 2 beautiful and PRIVATE balconies, gorgeous interior views, 2 master bedrooms, 2 designated parking spots, and an attractive and upgraded laundry room. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

9200 N American Ranch Road Prescott, AZ 86305

$1,775,000
4 Beds
3.5 Baths
3,118 SqFt
Status Active
MLS # 6773013
Property Type Single Family Residence
Price Type --
Enjoy daily, unobstructed views of Granite Mountain from this new custom Crystal Creek Builders home. A front-to-back great room with a statement fireplace leads into a gourmet kitchen featuring Thermador appliances and an attached butler's pantry. Four bedrooms, each with its own bathroom access. Three-car side-load garages offer a sleek look and easy access. Spacious front and back patios provide ample space to relax and enjoy the gorgeous Prescott views. A spacious laundry room, statement powder room, mudroom, and luxury finishes are found throughout the home. American Ranch combines a rich equestrian heritage with the beauty of the Prescott National Forest. American Ranch not only offers an exceptional array of outdoor adventures but also boasts a fully staffed Equestrian Center extensive trails, and diverse amenities including a community center with a fitness room, ranch house, and recreational facilities like tennis and basketball courts, a heated pool, and more.

3045 N Marigold Drive Phoenix, AZ 85018

$1,775,000
3 Beds
3 Baths
2,289 SqFt
Status Active
MLS # 6710761
Property Type Single Family Residence
Price Type --
''TO BOLDLY GO WHERE 'SCOTTSDALE'S PREMIER LUXURY BRAND' HAS NEVER GONE BEFORE'' - RELEASING A GEOMETRICALLY PERFECT, UNIQUE CREATION IN A SECLUDED ARCADIA NEIGHBORHOOD TO FORM PART OF THE 'RESIDENCES OF DISTINCTION' COLLECTION, MAKING A GRAND STATEMENT IN DESIGN! LIVE WHERE TWO STREETS MERGE ON A SIGNATURE CORNER LOCATION NEAR THE PRESTIGIOUS ARIZONA COUNTRY CLUB! Street-side it's spectacular with contrasting white & black geometric design against the green front yard landscaping. Pivot through the floor-to-ceiling glass entry door and waiting across the threshold is simply a MAGNIFICENT MASTERPIECE!! The entire home has 'Never-been-seen-before' signature 'RESTORATION HARDWARE' chandeliers, is SINGLE LEVEL with hand designed wood inlay ceilings, Skylights, Engineered Hardwood Flooring, Real Moss wall-art, 'jaw-dropping' custom designed Barn Doors & focal point Fireplace with Brazilian Quartz Backdrop. 3 bedrooms (DUAL PRIMARY SUITES), 3 BATHROOMS, & SEPARATE OFFICE/DEN for accommodation is sensational. The primary suite has it's own PAJAMA LOUNGE, and the en-suite bathroom has separate TUB & SHOWER, dual vanities, and massive WALK-IN CLOSET! The Signature 'European style' black & white 2-toned Kitchen fully integrated with COVE/WOLF/SUBZERO APPLIANCES includes GAS RANGE & BUILT-IN COFFEE MAKER, is almost a statement within itself and opens to Formal Dining room & Great room. Venturing outdoors is a pure experience & immediately creates BACKYARD ENVY! WRAP AROUND LAP POOL perfect for fitness enthusiasts, BAJA TANNING SHELF & JACUZZI perfect for laid back relaxation, BBQ & BEVERAGE CENTER perfect for entertaining, COVERED PATIOS perfect for sundowners & 'El-Fresco dining, HUGE BACKYARD perfect for 'furry friends' or Kickball.. And with Inside Laundry, 2 CAR GARAGE & E-V CHARGING STATION, off street parking.... THIS IS NOT JUST A STATEMENT BUT AN ENTIRE STORY!! FEATURING - Everything from the Underground Plumbing/ Up is completely Brand New including Electrical, Plumbing, Gas Lines, HVAC, Roof, Tankless Water Heater, Pool & SPA including Pool Equipment & Heater, Landscaping, H2O System & Ambient Lighting, 2 Car Garage with non-slip Flooring & Built-in Cabinetry, Dual Pane Windows & Sliders Throughout, Signature Chandeliers & Fans, All New Appliances including washer & Dryer. Custom designed Window Treatments & Hardware, Every Item is Handpicked for this Magnificent Abode!