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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5319 N 2nd Street Phoenix, AZ 85012

$1,650,000
5 Beds
4.5 Baths
3,581 SqFt
Status Active
MLS # 6770811
Property Type Single Family Residence
Price Type --
Discover your perfect family retreat in the desirable Windsor Square neighborhood of North Central Phoenix! Located in a peaceful cul-de-sac, this impressive home, built in 2016 by Porchlight, seamlessly blends contemporary design with functionality. The spacious floor plan features a large great room with soaring ceilings, creating an inviting space for relaxation and entertaining. The open formal dining area showcases a sleek contemporary fireplace, setting the stage for memorable gatherings. The stunning kitchen is a true highlight, equipped with floor-to-ceiling white cabinets, elegant granite countertops, and stainless steel appliances. The expansive island and eat-in kitchen provide ample space for casual dining and easy access to the backyard. This well-designed layout includes a spacious master suite, a dedicated office or bedroom, and a secondary bedroom on the main floor for added convenience. Upstairs, you'll find two additional bedrooms and baths, along with a generous loft area that overlooks the great room. Ideal for a home office or play area. Low-maintenance outdoor living is yours with lush turf grass in both the front and backyards. Additional features include a large laundry room, a walk-in pantry, and a 3-car garage. Don't miss the opportunity to make it yours!

15650 N 109th Place Scottsdale, AZ 85255

$1,650,000
4 Beds
3 Baths
2,787 SqFt
Status Active
MLS # 6779236
Property Type Single Family Residence
Price Type --
OPPORTUNITY KNOCKS!! This home sits on one of THE BEST LOTS in gated Cimarron Hills in McDowell Mountain Ranch! This corner lot is situated on a quiet street, backs to a large lot with SPECTACULAR MOUNTAIN & CITY LIGHT VIEWS!! (Most homes in this neighborhood have only mountain or city lights, NOT BOTH!) Everything is original int his home, providing a blank slate to make this your own. PRICED BELOW MARKET because home has not been updated. **Popular master-split floor plan, single level with 4 Bedrooms + office area, 3 baths, 3 car garage and pool. 24 Hour guard gated community built by Edmunds/Toll Brothers with it's own private club with heated pool, spa, tennis courts , work out room & outdoor entertaining space. Lots like this only become available every few years! WOW! Cimarron Hills/Cimarron Ridge is one of the two exclusive, 24/HR GUARD-GATED Toll Brothers communities in McDowell Mountain Ranch. Only for residences behind the gates, this neighborhood features its own heated, negative edge private pool overlooking the city, spa, and clubhouse with a recently renovated workout room. The Cimarron Hills Clubhouse also offers 2 tennis courts, outdoor BBQs, a grassy play area, and an indoor kitchen, perfect for hosting a private party or neighborhood gathering. Award winning McDowell Mountain Ranch is a premier master planned community located in North Scottsdale. Situated at the foothills of the McDowell Mountains, enjoy the beautiful desert serenity yet also have all the conveniences of living in-town just outside the neighborhood. The 101 Freeway is 5 minutes away, as well as restaurants, shopping, groceries, and so much more! This friendly neighborhood features 2 heated community pools/spas, playgrounds, basketball courts, tennis courts, and one of the best Pickleball leagues in town! The HOA hosts several events throughout the year for everyone to enjoy and connect with neighbors. Numerous trails, both paved & unpaved that meander throughout the community. McDowell Mountain Golf Club, designed by Phil Mickelson, with the clubhouse & restaurant, is open to the public. The City of Scottsdale Aquatic Center w/Lazy River & Library is close by, in addition to miles and miles of hiking, biking & equestrian trails at the landmark Gateway to the McDowell Sonoran Preserve trailhead.

9802 E Hidden Valley Road Scottsdale, AZ 85262

$1,650,000
3 Beds
3.5 Baths
3,400 SqFt
Status Active
MLS # 6776316
Property Type Single Family Residence
Price Type --
Idyllic Desert Mountain Views! Enjoy the serene desert setting, abundant with fine desert specimen cactus and custom water features. The home exudes Southwest charm with rustic beams and hearths. The spacious great room is a hub for entertainment, featuring an inviting bar and panoramic views that showcase Lone Mountain and breathtaking year-round sunsets. Step outside and discover delightful entertaining spaces, from the shady covered patio to an outdoor grill center with dining bar perfect for sunset cocktail hour, a hearthside gathering area all enhance by a soothing water feature. To top it all off, the roof-top patio provides 360* vistas!

18965 E Vallejo Street Queen Creek, AZ 85142

$1,650,000
4 Beds
3.5 Baths
3,835 SqFt
Status Active
MLS # 6778193
Property Type Single Family Residence
Price Type --
Amazing 4 bedroom property with SanTan Mountain Views! Be welcomed by the manicured front yard, showcasing a lovely landscape, RV Garage + oversized 2 car garage, an RV gate, an extended paver driveway, & a relaxing front patio ideal for taking your morning coffee. Inside, discover the soaring high ceilings, wood flooring, & a spacious living room, w/an inviting fireplace,& large sliding doors to the backyard that seamlessly merge the indoor & outdoor activities. The formal dining room enjoys plantation shutters & a sophisticated chandelier. Recessed lighting, granite counters, SS appliances, mosaic backsplash, shaker cabinets w/crown mouldings, a barn door to the walk-in pantry & a central island are some of the features you will adore about the pristine eat-in kitchen... The majestic main bedroom boasts a sitting area, bountiful natural light, backyard access, & a lavishing ensuite w/dual vanities, a freestanding soaking tub, a fully tiled enclosed shower, & a large walk-in closet. The outstanding backyard provides a cozy covered patio, paver pathways, & a lovely firepit that will make your night gatherings very memorable. There is an office that can be turned into a bedroom with its own bathroom and entry. This gem won't last for long!

10430 N 101st Street Scottsdale, AZ 85258

$1,650,000
3 Beds
2.5 Baths
2,848 SqFt
Status Active
MLS # 6777927
Property Type Single Family Residence
Price Type --
SPECTACULAR WATERFRONT home on Lake Serena w/GORGEOUS SUNSET/WATER VIEWS! This Geoffrey Edmunds built home boasts an abundance of natural light paired with amazing indoor/outdoor living that can be enjoyed all year! Vaulted ceilings, soaring windows with fantastic view of the sparkling pool and Lake Serena! Entertainers dream backyard with pool, spa, BBQ and go kayaking on the lake! Beautiful updated kitchen with easy access to the resort style backyard for seamless indoor/outdoor living. Bathrooms have been renovated with the most elegant touches. Spacious primary bedroom w/sitting area and water views. Large guest rooms w/updated bath. 2 NEW A/C units! Great location close to shops, golf, restaurants, hiking. YOU DON'T WANT TO MISS THIS AMAZING HOME - PERFECT LOCK AND LEAVE HOME!

5054 E Yucca Street Scottsdale, AZ 85254

$1,650,000
4 Beds
3 Baths
2,934 SqFt
Status Active Under Contract
MLS # 6753416
Property Type Single Family Residence
Price Type --
Located in the sought-after community of Eagle's Eyre, centered around a private park, with tennis, pickleball & basketball courts. Bordered by the Stone Creek golf course, is a true neighborhood where holidays are celebrated and people know one another. This gorgeous renovated home on a sprawling near half-acre of lush landscaping, shade trees, with an enormous sparkling pool, also has an RV gate. Classic timeless hardwood floors throughout & dramatic vaulted ceilings add volume. Multiple glass doors offer outdoor access points, creating the ideal Arizona lifestyle. The redesigned kitchen is highlighted by upscale stainless steel appliances, fresh white cabinetry, a custom coffee station and Cosmic Black granite with striking silver, gold & copper veining against a deep black background.

31222 N 54th Place Cave Creek, AZ 85331

$1,650,000
4 Beds
4.5 Baths
4,025 SqFt
Status Active
MLS # 6779177
Property Type Single Family Residence
Price Type --
Step into a world of luxury with this immaculate and beautifully appointed home located in the highly desirable Lone Mountain corridor. From the moment you enter, you'll be captivated by the expansive kitchen, featuring a stunning 12-foot island, double-stacked cabinets, and soaring high ceilings. Equipped with top-of-the-line SubZero and Wolf appliances, this kitchen is a culinary paradise, offering impressive storage and a spacious butler's pantry. The inviting great room is designed for relaxation and social gatherings, flowing seamlessly into a large shaded patio where you can enjoy breathtaking sunset views. This ideal floor plan includes two luxurious primary suites, each offering walk-in closets and elegant baths. The main primary suite serves as a true sanctuary, boasting dual closets and a spa-like wet room complete with a shower and jetted tub for ultimate relaxation. This home's charm extends beyond the main living areas. A private casita with its own entrance features a cozy living area and kitchenette, perfect for guests. Additionally, you'll find an en-suite bedroom and a dedicated office with custom built-ins, offering both privacy and functionality. Experience ultimate outdoor living in your own private backyard oasis with mountain views, complete with an artfully designed pool, tranquil water feature, spa, built-in BBQ, and a sit-up bar perfect for gatherings with family and friends. Don't miss your chance to own this stunning home that perfectly blends elegance, comfort, and outdoor enjoyment.

8146 E Wing Shadow Road Scottsdale, AZ 85255

$1,650,000 - 4Br/5Ba -  for Sale in Grayhawk, Scottsdale
New
$1,650,000
4 Beds
4.5 Baths
3,497 SqFt
Status Active
MLS # 6780563
Property Type Single Family Residence
Price Type --
Absolutely stunning! Your chance to own in coveted Raptor Retreat at Grayhawk! Elegance meets comfort in one of North Scottsdale's most sought after and prestigious guard gated neighborhoods: Los Vientos in Raptor Retreat. Step through the wrought iron gate into a Santa Barbara-inspired estate. The main residence offers three ensuite bedrooms plus a private office, perfect for any lifestyle. In addition, a separate casita with a walk-in closet and beautifully appointed bath provides your guests with maximum comfort and privacy, accessible through a lush courtyard. 4 bedrooms. 4.5 bathrooms. 3 car garage. Pool. 3497 total SqFt including the casita. 11,057 SqFt lot. Built in 2002. Split primary bedroom. All on one level, no steps! The open-concept great room includes spacious dining and living areas with a cozy fireplace, seamlessly connecting to the chef's kitchen, which features an expansive island and luxurious, upgraded countertops. Outside, the private, resort-style backyard is an entertainer's paradise, complete with a sparkling pool, built-in BBQ, and a putting green. A wide, long aggregate driveway leads to a three-car garage, ensuring ample space and convenience. Walking distance to world class golf, restaurants, shopping community pool and walking trails. Nearby hiking and quick access to the 101. This home is a true desert oasis!

23955 N 112th Place Scottsdale, AZ 85255

$1,650,000
3 Beds
3.5 Baths
3,352 SqFt
Status Active
MLS # 6685578
Property Type Single Family Residence
Price Type --
One-of-a-kind home in the heart of Troon, designed around a gorgeous natural boulder. This unique floor plan seamlessly incorporates the boulder into the living space, offering a blend of modern design and natural surroundings. Enjoy stunning views from every window, showcasing the beauty of the Arizona landscape from every room in the house. This remodeled home is located in the prestigious gated community of Troon Ridge Estates 3. Every detail has been executed with meticulous attention, bringing sophistication and comfort into every corner of the space. (see features sheet for a full list). New dual pane Pella windows w/ Low-E glass & custom sliding doors enhance the home w/ state of the art insulation & natural light throughout. The split floor plan is ideal for entertaining and indoor/outdoor living at its finest. The open concept kitchen is equipped w/ Bosch & Thermador appliances, induction cooktop, complimented w/ new cabinetry, granite countertops, & honed quartz island. Gorgeous ceiling beams frame the space of the family/living area accentuating the length of the home. Two newer 3-ton HVAC units and 3 mini-split systems provide year-round comfort. The location is unmatched with the tranquility of Troon, 5 golf courses within 10 min & endless shopping, dining & hiking.

10065 E Charter Oak Road Scottsdale, AZ 85260

$1,650,000
4 Beds
3.5 Baths
3,841 SqFt
Status Active
MLS # 6718416
Property Type Single Family Residence
Price Type --
Priced to represent COMPELLING value & deliver SIGNIFICANT instant equity to new owners. This premium luxury estate with Best-In-Class potential is situated in a private suburban neighborhood near the heart of Scottsdale. The single-level custom home sits on a fully utilized 0.4 acre cul-de-sac corner lot & features a fully renovated exterior blending elegant outdoors amenities with expansive recreational space. Raised wood beam ceilings give distinct character to an extreme-split floorplan with generous & flexible living spaces filled with natural light. The private owner-suite is at the NW corner, with a private guest wing off the massive kitchen at the SE corner; all 3 guest BRs offer in-suite bath access. A cosmetic interior makeover away from a market value SUBSTANTIALLY north of $2M Above-ground spa will convey with premises; chandelier in dining room will not.

32803 N 74th Way Scottsdale, AZ 85266

$1,650,000
3 Beds
3.5 Baths
3,265 SqFt
Status Active
MLS # 6735301
Property Type Single Family Residence
Price Type --
In the tranquil gated community of Las Piedras, close to the boulders, shopping and dining, lies this exceptional residence. Accessed by a gated front courtyard the home begins with a wonderful living room with updated fireplace and doors to the pool. The elegant kitchen was totally remodeled and features a large center island and high end appliances and is complimented by a dining area with bar. The primary bedroom suite offers a large bedroom with room for office or seating, well appointed bathroom and dual closets. The private rear yard boasts a modern saltwater swimming pool and spa, covered patio for outdoor dining and seating area. The home is complete with a work from home office and 2 additional bedroom suite. With community pool and fitness room it offers luxurious desert living.

10131 E Saddle Horn Trail Scottsdale, AZ 85255

$1,650,000
4 Beds
2.5 Baths
3,007 SqFt
Status Active
MLS # 6763748
Property Type Single Family Residence
Price Type --
Nestled within the exclusive gated community of Eagles Glen, this meticulously renovated 4-bedroom, 2.5-bathroom home offers unparalleled luxury and comfort. Spanning 3,007 square feet, this home boasts a spacious layout perfect for modern living all on a large corner lot. This pocket neighborhood has low HOA fees and a Pickelball court right in your neighborhood! Enter through the newly installed high-end iron and glass front door to discover a seamlessly flowing interior adorned with new tile flooring and a large custom slider door creating a seamless indoor and outdoor living. The removal of columns in the expansive living room enhances the open ambiance, while new paint provides a fresh feel throughout. Entertain effortlessly in the remodeled kitchen featuring quartz countertops, sleek fixtures, a breakfast bar with seating, a center island, stainless steel appliances, an adjacent breakfast nook, and a captivating view of the family room. Enjoy the warmth of a newly upgraded fireplace in the inviting family room ideal for cozy gatherings or quiet nights in. Retreat to the luxurious primary suite, where a complete remodel beckons with a freestanding bath with picture windows, a spacious shower with raised glass surround, and chic dual sinks. The guest bath mirrors this sophistication with its own stunning renovation. Step outside to a private oasis including a sparkling pool with refreshed Pebbletec surface, and a large covered patio. Embrace the desert grounds, featuring cacti and rock accents and updated irrigation for effortless maintenance. A remodeled powder bath for guests, plantation shutters, a three-car garage, and a laundry room with prep sink complete the home. Other recent upgrades include replaced AC units, new water softener, new exterior paint, new landscaping lights, complete new landscaping rock, and new epoxy garage flooring. The Eagles Glen neighborhood includes a community clubhouse with large entertaining spaces, game room, bathrooms and sports court perfect for recreational Pickelball, tennis, and basketball. Furniture available by Separate Bill of Sale.