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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8146 E Wing Shadow Road Scottsdale, AZ 85255

$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!

15650 N 109th Place Scottsdale, AZ 85255

$1,650,000
4 Beds
3 Baths
2,787 SqFt
Status Active Under Contract
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 Under Contract
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 Under Contract
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!

31222 N 54th Place Cave Creek, AZ 85331

$1,650,000
4 Beds
4.5 Baths
4,025 SqFt
Status Active Under Contract
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.

18550 N 97th Way Scottsdale, AZ 85255

$1,650,000
3 Beds
2.5 Baths
2,651 SqFt
Status Active Under Contract
MLS # 6767151
Property Type Single Family Residence
Price Type --
Welcome to your new home in Windgate Ranch! This exceptional property is situated on a spacious, low-traffic cul-de-sac lot, making it an entertainer's paradise. It's the perfect gathering spot for both adults and kids alike. Inside, you'll find a bright, open floor plan with soaring ceilings that create an inviting atmosphere. The family room flows seamlessly into the kitchen, making it the heart of the home. Step outside to discover a luxurious custom pool and spa, complete with a pergola and built-in BBQ—ideal for hosting gatherings or simply relaxing in style. The original owners have meticulously maintained this home and are ready to pass it on to new homeowners as they embark on their next adventure. Don't miss the opportunity—this stunning home won't last long! Custom Features and Smart Technology: As you approach the entrance to the home, the elegant travertine tile pathway guides you from the driveway to a striking custom gray metal front gate. Step through the inviting portico into a charming courtyard featuring a unique water feature that sets the tone for this exquisite residence. Surrounding the home additional travertine leads to a spacious side yard showcasing a beautiful four-tier bird fountain and a custom tile negative-edge water feature. Enjoy outdoor dining with the convenience of French doors that connect the interior dining room to the patio. The backyard is an oasis, complete with a heated pool and spa adorned with travertine decking. Relax under the custom gray metal pergola, equipped with a built-in gas barbecue, sink, and refrigerator. For the golf enthusiasts there's a chip-and-putting green. The built-in gas fire pit with tile surround and travertine culping is perfect for cozy evenings. Control4 smart home puts advanced technology at your fingertips. Enjoy surround sound in every room extending to the patio and yard. You are able to control surround sound, lighting, indoor temperature, and integrated doorbell camera from anywhere in the world! Control4 also is available with many other integrated features you may add such as garage opening/closing, outdoor cameras around outside of home (prewired currently) and monitored security system of your choice (currently integrated in home, but not using at this time). Energy efficiency is paramount, with the home certified to meet Energy Star Version 3 standards. Highlights include high-performance spray foam insulation, dual-pane CoolRay double Low E insulated glass windows, and two high-efficiency ground-mounted AC units. The kitchen boasts Energy Star-rated KitchenAid appliances. A recirculating hot water line ensures instant warmth in the master bath. Freshly painted main areas and garage. Garage also offers plenty of storage with custom cabinets and elevated storage for your convenience. Classy Closets in all bedrooms and a Container Store Elfa mounted walk-in pantry. The office features built-in cabinetry and bookcases, split for two workspaces with a granite surface. Community amenities abound including a clubhouse with a fitness facility, outdoor pools and spas, and parks equipped with tables and play areas. Enjoy tennis and pickleball courts, along with a sand volleyball areaperfect for an active lifestyle!

12423 N 64th Street Scottsdale, AZ 85254

$1,650,000
4 Beds
3 Baths
3,599 SqFt
Status Active
MLS # 6783418
Property Type Single Family Residence
Price Type --
This non-HOA ranch style home has been renovated from top to bottom with a nearly 600 square foot master suite addition. The remodeled kitchen showcases custom designed cabinets from Affinity Kitchens, an expansive granite island, and a Wolf induction stovetop. The newly added master suite is made out of ICF block for energy efficiency and peacefulness. All major systems have been replaced on the home between 2019 and 2024 including the roof, two ACs, the electrical panel, water heater, and new stucco. The guest house can function as the perfect in-law suite or rental. The almost acre-sized lot has room for your boats, cars, and RVs. It is also horse ready with a 5 stall barn. This is a truly move in ready and modernized home!

5224 W Creedance Boulevard Glendale, AZ 85310

$1,650,000
5 Beds
4.5 Baths
4,592 SqFt
Status Active
MLS # 6665837
Property Type Single Family Residence
Price Type --
WOW! This magnificent horse property, nestled on a one-acre lot in a tranquil cul-de-sac, offers an exceptional living experience. It features a circular driveway leading to a 5-car garage, an RV garage, and extensive parking spaces, accommodating various vehicle types with ease. The home's interior is a testament to luxury and comfort, boasting vaulted ceilings that create an airy and open ambiance. The stone floors add an element of rustic elegance, while plantation shutters provide both privacy and style. The living areas are spacious and well-appointed, featuring a wet bar, wall niches, and a two-way fireplace that serves as a focal point, enhancing the home's cozy yet sophisticated feel. Culinary enthusiasts will be delighted by the kitchen, which is equipped with wood cabinetry, granite counters and backsplash, stainless steel appliances including wall ovens, and a large center island with a breakfast bar, making it a perfect space for both cooking and socializing. The main bedroom is a haven of relaxation, complete with a sleek bathroom that includes a soothing tub and dual sinks. Additional bedrooms are thoughtfully designed with built-in cabinets and desks, catering to various needs. A spacious loft with built-in cabinets serves ideally as an office or studio space. The property also features an in-law suite, offering a living/dining room, a kitchenette, a cozy bedroom with private outdoor access, a laundry area, a personal bathroom, and a loft that can be used as another bedspace, providing comfortable and independent living quarters. The backyard is a masterpiece of outdoor living, boasting a covered patio, gazebo, private putting green, built-in BBQ, multiple sitting areas, a firepit, and a fenced-in pool, offering endless entertainment and relaxation possibilities. Horse enthusiasts will appreciate the horse stalls and amenities, perfectly integrated into the spacious backyard. This property also offers breathtaking mountain and sunset views, adding to its allure. This is more than just a home; it's an experience waiting to be cherished. Come and see for yourself what makes this property so special!

5473 W Arrowhead Lakes Drive Glendale, AZ 85308

$1,650,000
4 Beds
4 Baths
4,840 SqFt
Status Active
MLS # 6780461
Property Type Single Family Residence
Price Type --
Lakefront Living at Its Finest! Located in one of the West Valley's most desirable neighborhoods, this stunning lakefront home offers 4 bedrooms, 4 bathrooms, plus a den and loft. The gourmet kitchen flows into an inviting family room, perfect for entertaining. Step outside to a resort-style backyard with a built-in BBQ, outdoor fireplace, and private dock. Just minutes from top shopping, dining, sports, and entertainment, this home is the ideal blend of luxury and convenience. Don't miss this unique gem—Arrange your private tour today!

4243 E Ashler Hills Drive Cave Creek, AZ 85331

$1,650,000
4 Beds
3.5 Baths
3,616 SqFt
Status Active
MLS # 6784829
Property Type Single Family Residence
Price Type --
Welcome Home! This spacious custom-built home features a split floorplan with 4 bedrooms, 3.5 baths, and 3,616 square feet. The open floorplan includes luxurious interiors with high-end finishes such as travertine and hickory wood flooring, alder wood cabinets and shutters throughout, and a chef's kitchen with thick custom granite countertops. Enjoy a primary bedroom & bathroom with a double-sided fireplace, Jacuzzi tub, snail shower and large walk-in closet with custom cabinetry. Bedrooms 2 & 4 feature also feature their own private bath. Perfect living space for adults, teens and/or kids! Sitting on a prime North/South facing 1.29-acre lot, the backyard features a private pool and heated spa, a large artificial grass area, two RV gates and a gated dog run - all with stunning desert and mountain views! Custom awnings cover the large extended patio, and the 4+ car garage is complete with custom cabinetry and a workshop! Great, quiet location with parks, shopping and A+ schools of excellence minutes away!

6711 E Camelback Road Unit 40 Scottsdale, AZ 85251

$1,650,000
2 Beds
2.5 Baths
2,803 SqFt
Status Active Under Contract
MLS # 6783065
Property Type Townhouse
Price Type --
Great opportunity to own this rare, single-level, residence located in the guard-gated enclave of the Village of Pavoreal. Offering one of the largest floor plans available, with timeless design and superior craftsmanship throughout. From the moment you step inside, the carved wood front door and meticulous details like the tongue-and-groove wood ceiling and hardwood floors, create a captivating first impression. The living and dining areas feature soaring ceilings with wood vigas, adding to the warm, inviting ambiance. The kitchen and morning room provide ample storage with European-style cabinetry. The home includes two spacious master suites, each with custom-designed walk-in closets and luxurious bathrooms. Additionally, a den/office with double-door entry, recessed lighting, and a ceiling fan provides a versatile workspace. The junior suite features built-ins with a Murphy bed and a sharp remodeled bathroom with a steam shower. Thoughtfully maintained with easy-care landscaping, synthetic grass, and roller shades, this property is ideal for a lock-and-leave lifestyle. Conveniently close to Downtown Scottsdale, within walking distance to Fashion Square Mall, Scottsdale Waterfront and so much more!!! Easy access to the heated community pool, spa, and updated fitness center. This exceptional home is sure to impress!

4701 Sharp Shooter Way Prescott, AZ 86301

$1,650,000
3 Beds
2 Baths
3,844 SqFt
Status Active
MLS # 6785219
Property Type Single Family Residence
Price Type --
Welcome to Prescott! ***Your Perfect Escape from Big City Life*** Are you looking for a serene retreat away from the hustle and bustle of Metro living? This exclusive custom-built home offers the perfect blend of privacy, luxury and convenience! With the scenic Prescott National Forest as your backyard and easy access to all modern amenities, this property presents a rare opportunity for homeowners seeking the best of both worlds.