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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2850 E Boot Track Trail Gilbert, AZ 85296

$1,645,000
4 Beds
3.5 Baths
3,806 SqFt
Status Active
MLS # 6740749
Property Type Single Family Residence
Price Type --
Welcome to this unrivaled gem in Warner Groves at Morrison Ranch, now available! 4 beds, 3.5 baths, game room, den, & dining (enclosed with french doors & can be used as bedroom). This beauty flaunts a well-manicured landscape, brick detailing, a cozy front porch, and a 3-car garage with a paver driveway. Prepare to be impressed by an exquisite interior featuring an inviting hallway adorned with pendant lighting! The spacious living room highlights expansive windows, recessed & decorative light fixtures, calming color schemes, gorgeous hardwood floors, and a built-in entertainment hutch with an electric fireplace. The heart of this home is the stunning eat-in kitchen, designed with high-end SS appliances, including a gas cooktop and a wall oven. Elegant quartz counters, recessed lighting, a subway tile backsplash, a plethora of white shaker double stak cabinetry, a walk-in pantry, and a large island with a breakfast bar elevate the space. Discover a sizable den with stylish tile flooring and a charming chandelier ideal for a home office. The two bonus rooms are excellent for an additional bedroom or a game room! Find your sanctuary in the romantic main suite, showcasing a luxurious ensuite with a sliding barn door, dual vanities, a stand-alone tub, a seat-in tiled shower, a walk-in closet, and direct backyard access. Secondary bedrooms enjoy a Jack & Jill bathroom. Modern conveniences include a water softener and a tankless water heater. The home's elegance extends outdoors to the enchanting backyard. A covered patio, a Travertine tile flooring, artificial turf, a built-in BBQ, and a crystal blue pool complete the picture. Excellent location! It has easy access to the 202 and 60 freeways, restaurants, shopping, and more. Plus, it's within the highly rated Gilbert Schools district. Hurry! Your paradise awaits!

5960 E Pershing Avenue Scottsdale, AZ 85254

$1,645,000
4 Beds
2 Baths
2,750 SqFt
Status Active
MLS # 6736871
Property Type Single Family Residence
Price Type --
Complete remodel with the finest finishes. 4/2 plus den, & event room 6 burner stove/oven with pot filler, griddle and wok, full extension soft close cabinets, quartz counters, 6 person island seating, custom red brick back slash, farm sink, Plank Tile Floors, high end luxury custom lighting throughout, double opening slider for indoor/outdoor living, pebble flooring in master rain shower, deep soaking tub, double sink, custom built in walk in closet, private master patio, gold luxury lighting, complete interior and exterior paint, travertine tiled patio, extended patio covering, outdoor kitchen and sink, on demand hot water tank, all new windows, two large custom pergola gazebos with curtains and lighting, high end turf, waterfall and rock designed pool with shallow ''kid'' area, CLICK M huge covered parking and triple wide gate for toys and cars, 4 storage sheds, extended event space, media room, bar with quartz, custom cabinets, wine fridge, new HVAC, insulation, electrical, new hardware through out, new doors, custom window insets and front door installed, a true paradise for living, entertaining and running a business from your very own home

5600 S Ashley Drive Chandler, AZ 85249

$1,645,000
4 Beds
4 Baths
4,031 SqFt
Status Active Under Contract
MLS # 6697520
Property Type Single Family Residence
Price Type --
Beautiful 4br+den/4ba custom home on one of the largest lots (1.25+ acres) in prestigious Circle G neighborhood that includes some of the finest homes in S. Chandler. Numerous improvements and tasteful upgrades throughout this traditional Adobe home. Parklike backyard includes basketball/pickleball court, lighted batting cage, playset, citrus grove, pond with waterfall, and mature desert landscaping throughout. Inside is a fabulous split floorplan with large primary suite with fireplace, jetted tub, and separate exit to backyard. Large office/5th bedroom with full bath off main entrance and three, large secondary bedrooms. Two bedrooms are easily converted to an in-law suite with adjoining jack-and-jill bathroom. Come see everything this wonderful home has to offer!

37181 N 103rd Street Scottsdale, AZ 85262

$1,640,000
4 Beds
3.5 Baths
3,952 SqFt
Status Active
MLS # 6659778
Property Type Single Family Residence
Price Type --
Located in the luxurious gated community of Cresta Norte, this 4 bedroom, 3.5 bathroom, 3 car garage Toll Brothers masterpiece is nestled in a private cul-de-sac with unobstructed views of Pinnacle Peak Mountain. Expansive courtyard with solid redwood doors leads to a dramatic entry. An entertainer's dream, this back yard contains an amazing 1200 sqft putting green, pool with cave waterfall, spa with glass fire pit, 2 covered patios, built in grill and countertop and a bar just steps inside the door. Inside, this split floor plan is ideal for any family or visitors alike. The master suite resides on one wing of the house bosting its own fireplace (1 of 3 in home), his and hers walk in closets, his and hers sinks, double shower, and jetted tub. The other wing has 3 large bedrooms all with en suite bathrooms. Amazing eat in kitchen with granite & stainless steel throughout and island. Bonus game room, custom wine cellar, amazing views, new AC units, tankless hot water heater. This property has been meticulously maintained by these second owners since 2007. Truly has it all.

7235 E Paradise Drive Scottsdale, AZ 85260

$1,640,000
5 Beds
3 Baths
3,881 SqFt
Status Active
MLS # 6684806
Property Type Single Family Residence
Price Type --
This remodeled 5 BR 3 BA 3881 sq ft home on cul-de-sac lot w/expansive lawn, landscaping, N-S exposure. Liv.Rm w/12 ft ceilings, separate Din.Rm. Large MBR w/gas fireplace, sitting area, bath area w/sunken tub,sep.shower & huge walk-in closet. 3 addt'l Bdrms, hall bath. Guest suite/office w/fireplace, huge shower & pvt.entry anchors west side of home. Inviting Fam.Rm w/firepl (gas or wood), soaring wood beamed ceilings. Large eat-in kitchen w/counter seating,walk-in pantry,Wolf range,Miele dishwasher,LG smart refrigerator & Profile microwave. Laundry Rm w/storage closet, work counter, stacked smart LG W/D. Luxury vinyl plank waterproof flrs. Greg Trutza designed park like backyard; fenced 20x40 htd pool & spa,MLB regulation batting cage, Lawn & raised garden beds w/separate irrigation. All of the improvements and upgrades in this totally remodeled home were completed in 2022-2023 and include: New roof and underlay - 2021 New luxury vinyl plank flooring through entire house - 2022 designated for industrial use that have the advantages of being waterproof, quiet and soft under foot. New baseboards through entire house - 2022 New doors and hardware through entire house - 2022 New switches and outlets through entire house - 2022 New LED ceiling lights through entire house - 2022 New grates and vents through entire house - 2022 New light fixtures inside and outside entire house - 2024 Entire home interior and garage painted 2022-2023 ENTRY WAY: New shatterproof glass installed next to front door Slate installed outside front door at entry way KITCHEN: New cabinets and hardware Newer sink Newer faucet with spray Newer Wolf oven (never used) Newer LG smart refrigerator with convertible middle drawer and custom ice cube feature Miele dishwasher with third cutlery rack and crystal/china cycle Newer GE microwave with high power vent Newer sliding glass doors Newer granite countertops Newer slate patio off of kitchen Built in gas grill on patio LAUNDRY ROOM: New cabinets New granite countertop New sink New smart faucet with spray New fan vent New LG smart stacked washer/dryer 5th BEDROOM/OFFICE SUITE with FULL BATHROOM & PRIVATE ENTRANCE: New fireplace tile surround Newer cabinet in bathroom Newer sink and faucet in bathroom Newer quartz countertop Newer shower doors Newer wall and floor tile in shower Newer shower head in oversized shower Newer bathroom hardware Newer Toto toilet MASTER BEDROOM: Newer fireplace surround Newer slate patio off master bedroom through sliding glass door MASTER BATHROOM: Newer mirror with tile border Newer cabinets Newer Kohler sinks Newer faucets Newer quartz countertop New tile bathtub Newer shower doors Newer bath faucet Newer shower tile Newer shower fixture Newer Toto toilet Newer bathroom fan Newer shatterproof glass window in shower area Newer bathroom hardware Newer built in ironing board in closet Huge/Oversized walk-in Closet HALL BATHROOM: Newer mirror with tile surround Newer cabinet Newer quartz countertop Newer Kohler sinks Newer faucets Newer bathroom hardware Newer Toto toilet Newer bathroom fan Newer Kohler heat retaining bathtub Newer tile in shower Newer shower head Tankless hot water heater for master and hall bath - 2022 Hot water heater - kitchen, laundry room and guest bath Newer water softener Outdoors: All block walls repaired, sealed and painted. Irrigation system checked with all new drip lines and emitters installed, all new lawn heads installed, by irrigation company Grass - plug aerated in 2022 (watering costs run between $150-$300 on average depending on the season). Newer pool water clock installed, remaining two clocks checked by irrigation company Swimming pool/Spa - all work completed in 2023 Pebbletec with LED Lighting Swimming pool is 20'x40' could be suitable for diving. There is also a large play step in the shallow end for relaxing or for young children. Pool is completely fenced with two decorative gates that can be locked. Pool Upgrades include: Newer interior tile border Newer in floor cleaning system Newer Pebble Tec interior (pool & Spa) Newer LED lights Cool deck resurfaced Newer pool heater Pool raised planter area resurfaced and sealed Backyard - large and park like area Large raised garden beds with separate irrigation. Three connected beds suitable for large vegetable, flower and herb gardens. Four carefully chosen citrus trees: prolific Lisbon lemon, blood orange, Minneola tangelo and Arizona sweet. Fig tree Large grassy space suitable for soccer, volleyball, badminton, croquet, informal baseball game. MLB regulation batting cage with new LED night lights - can also be used to practice your golf swing. There is additional room for a putting green, sports court, built in play sets, guest house/second office, gazebo, outdoor kitchen. You are limited only by your imagination in the ways that you can enjoy this spacious backyard. Garage: Complete wall of new storage cabinets There is extra roof covering material and luxury vinyl planks for changes, add-ons you may choose to do.

7500 E Boulders Parkway Unit 78 Scottsdale, AZ 85266

$1,639,000
3 Beds
3.5 Baths
3,285 SqFt
Status Active
MLS # 6758474
Property Type Single Family Residence
Price Type --
Gorgeously updated and impeccably maintained 3Bd/3.5 bath custom home w/casita in world-renowned Boulders in N. Scottsdale. Completely remodeled, current owners have lovingly continued to add stylish updates. This rare single story home (NO STEPS) features custom iron double entry doors & casita door, redesigned courtyard with gardens, a beautifully landscaped backyard with hot tub, paver patio & freshly painted interior, 2 new Trane ACs, a recoated roof w/warranty & Much More, Enjoy views of Black Mountain & the famous Boulder pile from the elevated deck above the separate guest casita. Desirable 3-car A/C'd garage w/plenty of overhead & cabinet storage, workshop & epoxy flooring. This home is a MUST SEE! Enjoy life here and the amazing resort amenities offered to Boulder residents!

8901 N 87th Court Scottsdale, AZ 85258

$1,639,000
4 Beds
3 Baths
2,706 SqFt
Status Active
MLS # 6754801
Property Type Single Family Residence
Price Type --
Welcome Home to this Gorgeous Fully Remodeled Modern 4 Bdrm, 3 Bath Home w Great Room, Living Room, Formal Dining, Chef's Kitchen w/ Decton Countertops, Diving Pool, Putting Green, and Custom Features all on a Cul-de-Sac Lot! The home underwent a full remodel in 2020 including windows and roof replacement and owners continued remodel by adding a 3rd bathroom. The 4th bedroom or in-law quarters comes complete with a private entrance and is perfect for extended family and guests. Spend countless hours entertaining in the amazing backyard with the 10 foot deep pool, 20X40 covered ramada and golf putting green. This home combines luxury and practicality, making it the perfect choice for any buyer seeking comfort, style and outdoor living at it's finest all in the school district w the 3 Cs

9590 E Quarter Circle Loop Gold Canyon, AZ 85118

$1,635,000
4 Beds
3 Baths
2,785 SqFt
Status Active
MLS # 6696137
Property Type Single Family Residence
Price Type --
Beautiful new custom Home located in Gold Canyon East at Barkley Ranch with a Golf Course View of the 10th Green of the Dinosaur Course. This home exudes incredible views of outdoors and seems to bring those elements inside the home. The home has beautiful cabinetry, beautiful countertops and is full of beautiful details and incredible home finishes from wood flooring and wood ceiling boxed beams, marble master bath, to a built in barbecue. The home is nestled around a resort style pool with tiled Baja shelf and spa overlooking beautiful stoned columns with copper scuppers that pour water into the pool. (click on More...) The patios have travertine pavers and synthetic grass and firepit inside the fenced yard overlooking the 10th green of the golf course with beautiful views from all of the main rooms of this incredible new custom home. Home is almost completed and will be ready to move in soon.

4741 S Rockwell Street Gilbert, AZ 85297

$1,635,000
5 Beds
3.5 Baths
4,583 SqFt
Status Active
MLS # 6749864
Property Type Single Family Residence
Price Type --
Luxurious Living in Weston Ranch: A Dream Home in Gilbert, Arizona Welcome to a world of elegance and comfort in the prestigious gated community of Weston Ranch, located in the heart of Gilbert, Arizona. As you approach this stunning residence, the grand half-circle driveway beckons you toward a magnificent entryway adorned with stately Roman-style columns and majestic iron doors, setting the tone for the grandeur that awaits inside. Step through the doors and be immediately captivated by the soaring 14-foot ceilings that crown the expansive living spaces, all gracefully accented by rich wood flooring. The attention to detail in this home is nothing short of extraordinary, with solid 8-foot wood doors throughout and intricate finishes that exude timeless sophistication. The heart of the home is undoubtedly the gourmet kitchen, designed for both culinary artistry and entertaining. Here, you'll find top-of-the-line Wolf double convection ovens, a 42 SUB-ZERO stainless-steel refrigerator and freezer, a sleek dishwasher, custom cabinetry, and gleaming granite countertops. A spacious walk-in pantry completes this chef's paradise, ensuring ample storage for all your gourmet ingredients and kitchen essentials. For those who work from home, the dedicated den/office offers a quiet and productive space, while the formal dining and living rooms provide an elegant setting for hosting guests. The family room, anchored by one of the two gas fireplaces, is the perfect spot to unwind and create memories with loved ones. The primary suite is a private retreat, featuring a lavish bathroom with a snail shower equipped with dual heads, a luxurious jacuzzi tub, and a large walk-in closet with built-ins that offer both style and functionality. Additional bedrooms are generously sized, with a Jack & Jill bathroom that's perfect for family living. Outdoor living is equally impressive with lush, custom landscaping surrounding the property, creating a serene oasis in the desert. The backyard is an entertainer's dream, featuring a heated pool with a cascading waterfall, an in-ground cleaning system, and saltwater chlorination for a resort-like experience. A jetted hot tub, flanked by fire and water pots, adds a touch of luxury, all easily controlled with a remote. Multiple sitting areas invite you to relax and enjoy the warm Arizona evenings, while the sport court and 50-amp RV power hookup cater to your recreational needs. The oversized 4-car garage, complete with cabinetry, offers ample space for vehicles and storage, while the RV gate and block wall fencing ensure privacy and convenience. Additional amenities include plantation shutters, structured wiring, and a spacious laundry room with built-in cabinets and a sink, making everyday living a breeze. This Weston Ranch gem is more than just a home; it's a lifestyle. Don't miss the opportunity to own this exquisite property, where luxury meets comfort in one of Gilbert's most sought-after communities.

2477 E Glenhaven Drive Phoenix, AZ 85048

$1,634,000
5 Beds
3.5 Baths
4,324 SqFt
Status Active
MLS # 6772786
Property Type Single Family Residence
Price Type --
Nestled on nearly 2.5 acres of pristine hillside, this custom home offers the perfect blend of luxury, privacy, and breathtaking views. Located in a prime Ahwatukee location on the edge of a mountain preserve, this architectural gem is truly one of a kind and boasts 5 bedrooms, 3.5 baths, a huge game room, multiple high-end modern built-ins, and an expansive 4-car garage and RV-niche with ample room for all your toys. Step inside to discover stunning contemporary design features, including designer concrete floors, soaring ceilings, rounded walls, and 8' single-panel interior doors. Seamless windows flood the space with natural light, while unique art niches and a dramatic curved staircase make a striking impression. The newly updated kitchen, completed in 2024, is a chef's dream with a Wolf gas cooktop, Sub-Zero fridge, 144-bottle built-in Sub-Zero wine fridge, quartz countertops featuring a waterfall breakfast bar, and a matching quartz backsplash. Fresh interior paint throughout offers a modern, crisp feel. This home has tons of storage! The primary bedroom with an en-suite bathroom, was fully remodeled in 2021, and serves as a luxurious retreat. The spacious bedroom with two balconies provides generous mountain views and pocket patio door. The en-suite bathroom features a luxurious freestanding bathtub lighted by a stunning glass chandelier overhead, glass tiled walk-in shower, floating vanity with dual sinks, leather finish granite, sleek designer fixtures, and his and hers walk-in closets. The master bathroom will make you feel like you are at the spa! Every detail has been thoughtfully designed to create a serene escape and elegant atmosphere. Want fun? The game room is spacious enough to fit the pool table, an 18' foot shuffle board, and arcade and pinball machines. The home also features a built-in sound system that ensures you can enjoy your favorite music throughout. The resort-style backyard, immediately adjacent and just outside the large pocket slider, is an entertainer's paradise, complete with a remodeled pool with newly installed copper water features, nearly $30K worth of modern Turkish travertine decking, extensive landscape lighting and awe-inspiring mountain views. Whether lounging by the pool or enjoying outdoor dining, you'll appreciate the peaceful privacy this hillside retreat offers. Located in an award-winning school district, within walking distance of highly performing elementary, middle, and high schools, and minutes from South Mountain Park, shopping, dining, and Phoenix Sky Harbor International Airport, this home combines luxury living with convenience. This is a rare opportunity to own a one-of-a-kind home in a desirable Ahwatukee location, offering both convenience and serene mountain living. Don't miss out!

8301 E San Salvador Drive Scottsdale, AZ 85258

$1,625,000
4 Beds
2.5 Baths
2,556 SqFt
Status Active
MLS # 6760645
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the desirable McCormick Ranch neighborhood! This stunning remodel boasts hardwood floors and a vaulted ceiling with striking wood beams, creating an inviting atmosphere. Enjoy the warmth of the fireplace in the spacious living area, which seamlessly connects to the upgraded kitchen featuring Thor appliances and an oversized range—perfect for culinary enthusiasts. The accordion slider and new windows, both with a lifetime warranty, flood the home with natural light. Step outside to a beautifully refinished Pebble Tec pool surrounded by cool decking, and entertain with ease at the built-in BBQ. The newly landscaped front and backyards enhance curb appeal, complemented by a modern smooth stucco finish and a striking black iron front door. Luxurious marble countertops throughout add a touch of elegance. Don't miss your chance to own this exquisite property!

14533 E Buckboard Court Fountain Hills, AZ 85268

$1,625,000
3 Beds
3.5 Baths
2,745 SqFt
Status Active
MLS # 6766731
Property Type Townhouse
Price Type --
BEST VIEW AVAILABLE RIGHT NOW IN ADERO CANYON! Stellar Lock & Leave property!**NO Exterior maintenance, Roof included, No Interior steps ** This stunning property offers Views of the City Lights. Wall to Wall sliding doors allow for Indoor/Outdoor living w/12ft Beamed Ceilings. The Chefs kitchen exudes elegance & sophistication. Wolf Appliances. Private yard w/ in ground spool/hot tub. Supersized 3 car tandem garage. Each Bedroom has its own ensuite allowing for total privacy for you and your guests. Other features include Custom Iron front door, Italian Beige & White Porcelain tile flooring at foyer followed by neutral hardwood that carries thru to the home. Primary Ensuite features limestone counters! Come see us today!