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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4741 S Rockwell Street Gilbert, AZ 85297

$1,585,000
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.

3743 E Maffeo Road Phoenix, AZ 85050

$1,580,000
4 Beds
2.5 Baths
3,402 SqFt
Status Active
MLS # 6762455
Property Type Single Family Residence
Price Type --
Luxury Single-Story, No-Stairs, 2025 Design Trends w Palette of Nature-Inspired Grey's & Earth Tones, Sustainable Bamboo Floors & Warm Wood Tones. Enjoy the Resort-Style Backyard w Pool & NEW: Turf Lawn, Trees, Shrubs, Irrigation/Lighting. Massive 35' Covered-Patio Entertaining Space w Misters, Grill/Bar Island, Alfresco Dining, Outdoor Living Rm. Dinner Party Ready Chef's Kitchen w 5-Burner Gas Cooktop, Double-Wall Oven, Monogram Fridge. WFH in Family Room Desk Nook. Private Primary Bedroom w Spacious Seating Area and a Separate Wing for Everyone Else...3 Bedrooms plus a Large Flex Room. Front Yard Refreshed w NEW: Boulders, Plants, irrigation/lighting. Near Mayo Clinic & Desert Ridge Marketplace. Aviano at Desert Ridge includes Community Clubhouse/Pool & Fitness Ctr/Rec Ctr/Trails/Parks

7205 W Fallen Leaf Lane Peoria, AZ 85383

$1,580,000
5 Beds
4.5 Baths
3,808 SqFt
Status Active
MLS # 6774023
Property Type Single Family Residence
Price Type --
***ESTATES at HAPPY VALLEY*** Welcome to elegance and tranquility with this 3,803-sq ft home nestled in an exclusive gated community. Set on a generous acre, this property boasts 5 spacious bedrooms and 4.5 baths, offering ample space for family living and entertaining guests. Gourmet Kitchen with granite countertops and oversized Granite island that can seat up to six, 5 burner gas stove, dble wall ovens, built in microwave, dishwasher, x-large walk-in pantry ensures storage for all your needs and a 4-car garage for your vehicles and toys. *HOA does allow for ALL your toys; RV's, boats and the Lot still allows room to build an RV garage and/or Casita . A custom-designed 3-hole mini golf course, perfect for practicing your swing or hosting friendly competitions with family and friends. Feel yourself basking in the sun by your very own 850-sq ft heated swimming pool, where cascading waterfalls, arching jets, surrounding mature Palm trees and 4 towering pillars supporting gas fire pots create a breathtaking backdrop for relaxation. The splash deck invites you to host summer gatherings and enjoy endless fun in the sun. The U-shaped travertine island, equipped with a gas line for BBQ, is perfect for outdoor entertaining. With its own electric breaker for lights and outlets, you'll have everything you need for unforgettable gatherings under the stars. Located in North Peoria with easy and equal distance to I-17, Loop 101 and the Loop 303 Don't miss the opportunity to own this piece of paradise.

7014 E Aster Drive Scottsdale, AZ 85254

$1,580,000
6 Beds
3 Baths
3,916 SqFt
Status Active
MLS # 6765644
Property Type Single Family Residence
Price Type --
Unlock a Unique Investment Opportunity with TWO HOMES UNDER ONE ROOF! Perfect for the savvy investor or multi-generational family, this remarkable, nearly 4,000 square foot, 6 bedroom, 3 bath home is in a prestigious multi-million dollar neighborhood. Recently remodeled inside and out, it boasts a sprawling 23,372 sq. ft. lot with an RV gate, a sparkling pool, and an outdoor kitchen. The main house features a spacious kitchen with warm cherry wood cabinets and granite countertops, making it an excellent space for anyone who loves to cook. This versatile property includes a main house with 3 spacious bedrooms and a huge bonus room perfect for a home theater, game room, or man cave separate from the main living area. The guesthouse has a private entrance and 3 bedrooms, a full bath, laundry, kitchen, and living area. This setup allows for privacy and independence, making it perfect for accommodating additional family members or renting it out for extra cash. In addition, the spacious 4 car garage (tandem), measuring approx. 33' 4 x 19' with over 30 feet of parking space, has soaring 10.5-foot ceilings offering plenty of storage space. The ample backyard space also provides the perfect opportunity for future expansions or additions. This home is a rare find in today's market. Don't miss your chance to own this remarkable home! Home also comes with a Home Warranty valid through Sept 2027.

5419 E Pinchot Avenue Phoenix, AZ 85018

$1,580,000
4 Beds
3 Baths
2,665 SqFt
Status Active Under Contract
MLS # 6778850
Property Type Single Family Residence
Price Type --
Welcome to the modern farmhouse you've been searching for! Fully renovated in 2021, this 4 bed/3 bath Arcadia-Osborn smart home boasts an entertainer's kitchen with custom zellige tile backsplash, shaker cabinets, stainless appliances, and stone countertops. An open concept great room with vaulted ceilings flows into a charming patio with views of the backyard. The primary suite features a spa-like bathroom, with a dual walk-in shower & soaking tub. Two guest bedrooms boast ample closets & a tastefully updated bathroom, while the 4th bedroom provides an ideal guest room/home office/playroom. Less than 1 mile from 3 schools, this home offers unbeatable proximity to education/shopping/dining, leaving you more time to enjoy sunset views of Camelback Mountain from the front patio & fire pit.

40105 N 2nd Way Phoenix, AZ 85086

$1,579,000
5 Beds
4.5 Baths
5,082 SqFt
Status Active
MLS # 6738408
Property Type Single Family Residence
Price Type --
Discover unparalleled luxury & adventure with this Desert Hills estate, offering unrivaled mountain & desert views & direct access to hiking & riding trails. This expansive 5,082 sq ft residence, on a 1-acre lot, features 5 spacious bdrms & 4.5 baths, including well-appointed jack & jill suite. On a private NS facing lot backing onto pristine State Trust Land. The property is an entertainer's dream, with a massive 6-car garage, room for toys & an attached 900 sq ft ADU/multi gen apartment complete with its own kitchen, living, & ensuite. Indulge in outdoor living with a sparkling negative edge pool & captivating waterfall, beautifully designed BBQ area & outdoor fireplace, & 3 covered patios. Full RV hookups & RV gates, three 50-amp service, & a huge upstairs living space with wet bar. Extensive updates with quart countertops in kitchen, stainless GE Profile appliances & new bathrooms, fresh interior & exterior paint, new carpet, & modernized lighting throughout. Bring your animals and toys for this exquisite desert oasis. The location is convenient and the views are amazing.

21715 N 61st Way Phoenix, AZ 85054

$1,575,000
3 Beds
3 Baths
2,770 SqFt
Status Active
MLS # 6786281
Property Type Single Family Residence
Price Type --
Welcome to the community of Talinn brought to you by Shea Homes. This single level gated home has been gently lived in. It has all the upgrades you could want and still is under the builders 1 year warranty. Terrific gorgeous great room layout has natural wood looking tiled floors throughout. The chef in the family will love the oversized gas cook top, numerous cabinets and expansive island cooking area with quartz counter tops and beautiful waterfall sides. The Master Br is split and there are 2 bedrooms in front, a movie/game room + a flex room. Check out the upgraded bathrooms complete with curb less entry showers. Electric shades in the living area. Custom front door and the center opens up to allow the cool breezes to pass through. . Spectacular gas fireplace in the living area The back yard has endless private views and you will never need to go on vacation again. Enjoy your heated pool & spa. Lots of artificial grass and a custom pergola which adds lots of shade. Built in BBQ and the outdoor TV is installed and ready to watch your favorite events while sipping your favorite drink.

21062 N 76th Avenue Glendale, AZ 85308

$1,575,000
4 Beds
4.5 Baths
4,042 SqFt
Status Active
MLS # 6734454
Property Type Single Family Residence
Price Type --
SINGLE STORY WATERFRONT luxury property in the beautiful EAGLE HEIGHTS subdivision is now for sale! This stunning, move-in ready property features all the upgrades and amenities you could desire, including private entry courtyard with stone fireplace, 3-car garage, dream kitchen with upgraded cabinets with crown molding, granite countertops, large island with center sink and breakfast bar, stainless steel appliances. All bedrooms very large & each has their own WALK -IN-CLOSET and OWN FULL BATHROOM, spacious master bedroom and master bath with granite counters and his and hers sinks. The great room also includes a triple sliding glass door which allows for indoor/outdoor living and dining. Ideally located, this home is situated in a very desirable area, with quick access to the 101freeway Bulldog(metal) security screens through out the house. Surround sound through the house .A lot of upgrade through the house, such a Venire stone all around house .Extra insulation inside the walls through out the house. Solid wood planks all interior doors. Extra window sills on all windows. This property having two APN's ;APN 200-19-350 also included as part of this sale.

604 N Grapevine Drive Payson, AZ 85541

$1,575,000
3 Beds
3 Baths
3,844 SqFt
Status Active
MLS # 6781693
Property Type Single Family Residence
Price Type --
Perched on a hillside, nestled in a private cul-de-sac, and within the gates of Chaparral Pines private golf country club, this home boasts spectacular mountain views. The large upper and lower-covered decks provide a perfect backdrop for both relaxation and entertaining. The inviting family room features oak flooring and a cozy pellet stove, adding warmth and charm to this beautiful living space. Conveniently located on the main floor, the primary bedroom has two walk-in closets and a large bathroom with a walk-in shower with tile and stone surrounds, a separate tub, and dual vanities. The walk-out basement includes two additional bedrooms, and a room currently used as an office (not included in the livable square footage), offering versatile space for guests or work. The kitchen is equipped with a gas cooktop, a built-in Subzero refrigerator, and stainless-steel appliances. Recently installed granite countertops add elegance and durability, making this kitchen as functional as it is beautiful. The owners have made a few nice upgrades by adding a golf cart garage that adds extra storage and convenience for golf enthusiasts. Also, the bathrooms have been updated with new granite countertops, adding a modern touch to the home's timeless design. Additional features include Knotty alder interior doors and wood-framed windows throughout that provide a rustic, upscale feel to the home.

27101 N Palo Fiero Road Rio Verde, AZ 85263

$1,575,000
3 Beds
3 Baths
3,949 SqFt
Status Active Under Contract
MLS # 6757927
Property Type Single Family Residence
Price Type --
Welcome to your dream home, nestled in the highly sought-after Tonto Verde community. GOLF COURSE MEMBERSHIP available for purchase. This bright and energetic 3,949 sq. ft. residence offers breathtaking views of the fairway and Four Peaks from its expansive large windows, allowing natural light to fill every corner. The oversized primary suite offers comfort & space to unwind, while the other two spacious bedrooms provide ample room for family or guests. With 3 full bathrooms, this home is perfect for both everyday living and entertaining. The heart of the home is the open kitchen, featuring a large island ideal for meal prep or gathering with friends. The kitchen flows seamlessly into the living areas, where you'll find a wet bar—perfect for hosting and making memories. Situated on a large lot, the backyard is a true resort style living space, featuring a beautiful pool overlooking the stunning landscape, providing a tranquil escape after a day on the course. Don't miss out on this incredible opportunity to live in a community that combines luxury living with an active lifestyle!

17738 E Ord Court Rio Verde, AZ 85263

$1,575,000
3 Beds
3.5 Baths
2,681 SqFt
Status Active
MLS # 6785621
Property Type Single Family Residence
Price Type --
Rarely does an opportunity come available such as this: Highly upgraded Latigo plan with a Guest Casita and a JAW DROPPING UNOBSTRUCTED VIEWS OF TONTO NATIONAL FOREST! Spectacular beyond all expectations this stunning home is perfectly located in the prestigious Trilogy at Verde River on one of the most coveted homesites in the community backing directly to Tonto National Forest with MAJESTIC VIEWS that WILL TAKE YOUR BREATH AWAY! As you step through the front courtyard, you are greeted by a beautiful fireplace and a stunning water feature, setting the tone for the elegance that awaits. Beautifully designed with luxurious upgrades: chic hardwood-style tile floors throughout, upgraded kitchen cabinets; GE Monogram appliances, GE beverage cooler, custom granite counter tops, decorative tile backsplash, freshly painted interior and exterior and a lot more... Professional photos are coming soon!

7151 E Rancho Vista Drive Unit 2006 Scottsdale, AZ 85251

$1,575,000
3 Beds
2 Baths
2,222 SqFt
Status Active
MLS # 6656387
Property Type Apartment
Price Type --
Step into this newly remodeled luxury 3 bedroom, 2 bathroom condo, spanning an impressive 2,222 square feet. Meticulously redesigned and upgraded, this condo offers a blend of sophistication, comfort, and contemporary style. As you enter, you are greeted by a spacious open-concept living area, featuring high ceilings and an abundance of natural light. The living room provides a welcoming space to relax and entertain, with ample room for plush seating arrangements and stylish decor. The kitchen is a chef's dream, meticulously designed with top-of-the-line appliances, sleek cabinetry, and luxurious finishes. It offers a perfect balance of functionality and elegance, making it a delightful space for culinary creations. The adjacent dining area provides a seamless transition for enjoying meals with family and friends. The condo boasts three well-appointed bedrooms, each offering ample space and comfort. The master bedroom is a tranquil retreat, featuring a walk-in closet and a luxurious ensuite bathroom. The additional bedrooms are generously sized and can be utilized as guest rooms, home offices, or a combination of both. The bathrooms have been remodeled to reflect a spa-like ambiance, with modern fixtures, elegant vanities, and beautiful tilework. With 2,222 square feet of living space, this condo also one of the largest patios in the entire community. Amenities include concierge, indoor & outdoor heated pool and spa with women and men's locker room, fitness center, racquetball & basketball court. Walking distance from Scottsdale Fashion Square Mall, Old Town, restaurants, & so much more