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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4526 E Vista Bonita Drive Phoenix, AZ 85050

$1,300,000 - 4Br/3Ba -  for Sale in Desert Ridge Superblock 7 North Parcel 2, Phoenix
New
$1,300,000
4 Beds
3 Baths
3,342 SqFt
Status Active
MLS # 6780803
Property Type Single Family Residence
Price Type --
A fantastic 4 bed, 3 bath residence in Sanctuary at Desert Ridge loaded with upgrades including an OWNED solar system! Featuring a beautiful facade w/stone accents, low-care landscape, 3 car tandem garage, and a paver driveway,! Huge iron door with privacy glass leading you into the grand entry. Spacious great room & a formal dining room w/high ceilings and a giant Island, perfect for hosting a dinner party. Hone your cooking skills in the gourmet kitchen, 42'' upper cabinetry w/crown molding, a walk in pantry, granite counters, subway tile backsplash, gas cooktop and stainless steel appliances. Upstairs you will find a Large loft and e additional bedrooms. Guest bedroom downstairs has built in custom cabinetry for an amazing office. The yard has a spectacular pool, gas fireplace and turf! The primary bedroom showcases soft carpet, a walk-in closet, and a lavish ensuite w/dual vanities. Also including a lovely backyard w/a covered patio, artificial turf, an outdoor fireplace, and a sparkling blue pool, this home is a dream come true! Don't miss out!

5606 E Desert Winds Drive Cave Creek, AZ 85331

$1,300,000
4 Beds
4 Baths
4,125 SqFt
Status Active
MLS # 6766944
Property Type Single Family Residence
Price Type --
Amazing SW style home located on over 2 acres prime N Cave Creek Spur Cross area with amazing mountain views! This home features a split floorplan with lots of windows, tile flooring, and a fireplace. Owners have added a large walk in closet plus a 2 story library with spiral staircase leading to upper level and balcony! This home also features a hard to find 1600 SQFT separate 3 Car garage/workshop with AC and full bathroom, sink, counterspace, and lots of room so it could easily be converted to a guest house if desired. Relax in the courtyard area in between the home and seperate garage, or enjoy the views on covered back patio with Ramada. This home will not last long.

3333 N 87th Street Mesa, AZ 85207

$1,300,000 - 4Br/4Ba -  for Sale in County Island, Mesa
New
$1,300,000
4 Beds
3.5 Baths
3,503 SqFt
Status Active
MLS # 6781067
Property Type Single Family Residence
Price Type --
Gorgeous Santa Fe style home offering elegant southwest living with Mountain Views. At over 1900 feet elevation and located high in the desert uplands/foothills bordering Las Sendas. Very quiet and private neighborhood of million-dollar homes. No HOA. Incredible views with 1.3 acres. Lots of space for your RV or toys. The property features 3503 sq ft of living space. Extra deep garage and large storage room. The kitchen features hickory cabinets, granite countertops, two built-in ovens, raised dishwasher, and a large walk-in pantry. The Master bathroom offers dual sinks, soaking tub, walk-in shower and large walk-in closet. 10' ceilings throughout, 8' knotty alder interior doors. Two covered balconies front and rear upstairs which provide beautiful Valley and Mountain view Super large rear patio, outside sitting area with fireplace. Entire house painted in 2021. FEATURES: Higher Elevation - 1,905 feet (City of Mesa average elevation is 1,263 feet) Large lot - 1.3 acre County Island Quiet neighborhood No HOA Santa Fe style Southwest exposure Surrounded by Mountain views Valley views - day and night Well - new water tank and well pump and tank pump 5 years ago - not shared Two covered balconies - front and rear Premium security screen doors all around - main level and balconies 10-foot ceilings throughout 8-foot interior doors Round corners Extra deep 3 car garage - Cabinets in garage 3 A/C units - 1 new 6 years ago - 1 new 3 years ago 3 1/2 bathrooms - all with walk-in showers Granite counters in kitchen Raised dishwasher Brand new GE range/oven Appliances stay - refrigerator, washer and drier two water heaters - one replaced 4 years ago Solid doors - not hollow core - all 8 feet and knotty alder Hickory cabinets throughout Sunscreens 4 handicap height toilets New master bath soaking bathtub Upgraded fans in every room - kitchen fan is remote control Video projector and screen in family room - speakers in ceiling Surround speakers in master bedroom Huge walk-in pantry Two built-in microwave ovens Two separate ovens Super large rear patio - 15 feet x 70 feet New Master Spa hot tub Front patio sitting area Parking for three cars at side of garage/or RV parking Outside sitting area with fireplace Foam roof with tile features - foam roof re-coated in 2024 Entire house painted in March 2021 Water softener Reverse osmosis system Copper plumbing Lot engineered with culverts, grading and stones Topographical surveyed Area for additional driveway and parking from Russell Street 20 minutes to Sky Harbor 15 minutes to ASU 5 minutes to MCC East 10 minutes to Red Mountain High School 15 minutes to Saguaro Lake/Salt River

28223 N 153rd Street Scottsdale, AZ 85262

$1,300,000
4 Beds
3.5 Baths
4,556 SqFt
Status Active
MLS # 6688578
Property Type Single Family Residence
Price Type --
Gorgeous home in a gated community with no HOA dues, with beautiful views of Four Peaks. 4 bedrooms plus a wood floor office, 3.5 bath, 4 car garage. 1 acre lot. Top of the line kitchen with Thermador appliances, dual range with a gas cook top and electric ovens. There are travertine floors and granite countertops throughout. This property has a shared well. No need for hauled water. You won't want to miss out on this custom built home!

7538 E Larkspur Drive Scottsdale, AZ 85260

$1,300,000
4 Beds
2.5 Baths
2,726 SqFt
Status Active
MLS # 6728734
Property Type Single Family Residence
Price Type --
Nestled in Scottsdale, this fully remodeled four-bedroom, 2.5-bath home epitomizes turnkey elegance. Bright interiors complement modern upgrades, offering a seamless blend of style and comfort. Minutes away from Kierland Commons, The Quarter, top-rated schools, golf courses, and restaurants; convenience meets luxury. The resort-style backyard beckons with a putting green and sparkling pool, ideal for relaxation and entertainment.

39791 N Country Lane San Tan Valley, AZ 85140

$1,300,000
5 Beds
3 Baths
3,595 SqFt
Status Active
MLS # 6735558
Property Type Single Family Residence
Price Type --
Huge rate buydown incentive!!! Horse property in highly sought after neighborhood w/ a basement, pool & flood IRRIGATION. This 3.3 acre lot property offers a circular driveway, fully extended porch & mature trees. The equestrian amenities feature 6 covered stalls w/ auto waters, tack room, RV hook up, hay barn & newer 4 rail fencing. Stepping out to your backyard you'll find a gorgeous pool surrounded by professionally designed landscaping, built-in fireplace & an extended covered patio, perfect for entertaining. The laundry room offers plenty of storage & extra refrigerator space. In addition, ground water rights are owned by the Property Owners. This is a true rare find in one of the most desired horse property communities around. Inside, you'll find 10' ceilings t/o, a charming living room, spacious bedrooms all w/ walk-in closets, wood shutters t/o, digital thermostats & a cozy family room w/ fireplace. The kitchen offers beautiful cabinets, an island w/ high breakfast bar, large pantry, granite counters, & SS appliances. You'll love the main bedroom boasting patio access & an ensuite w/ double sinks & a floor-to-ceiling tiled shower w/double shower heads

2620 W Wolftrap Road New River, AZ 85087

$1,300,000
4 Beds
3.5 Baths
3,728 SqFt
Status Active
MLS # 6752662
Property Type Single Family Residence
Price Type --
Perched on a 1-acre lot with no HOA, this impeccable home was newly built in 2021. Over $300k in upgrades have been added! Offers the perfect blend of modern luxury and rural serenity. Located in one of New River's most picturesque neighborhoods with well-paved streets, this spacious 4-bedroom, 3.5-bath residence showcases breathtaking mountain vistas and expansive desert views—ideal for those seeking peaceful, wide-open spaces outside of the city yet just 10 minutes from shopping and dining conveniences. As you step inside, you'll immediately appreciate the meticulous attention to detail. The open layout is designed to maximize the panoramic views from every room, enhanced by custom wall treatments and elegant finishes throughout. The main level is thoughtfully designed for single-level living with a welcoming great room with fireplace, an open kitchen with large island, and the luxurious primary suite. This private retreat features a spa-like bath with a freestanding tub, dual vanities, and a generous walk-in closet with direct access to the laundry room, offering ultimate convenience. Also on the main level is an Air Conditioned 4-car Garage, fully equipped with custom cabinetry and an electric vehicle charging outlet. Downstairs is home to a second living room, three additional split bedrooms, two full baths, and an open bonus room providing flexibility for multi-generational living, large families, or long-term guests, with direct access to the large patio and beautifully landscaped backyard. Whether you're entertaining on the covered patio, enjoying a glass of wine on the balcony, or simply taking in the star-filled night sky, this home is perfect for those who value quality, tranquility, and a lifestyle surrounded by wide open spaces. See list of Features & Upgrades in Documents tab. Only 4 minutes to the I-17 and 8 minutes to Great Hearts Anthem K-12. Don't miss the opportunity to make this exceptional property your own!

376 N Iron Horse Drive Coolidge, AZ 85128

$1,300,000
6 Beds
4.5 Baths
3,121 SqFt
Status Active
MLS # 6751108
Property Type Single Family Residence
Price Type --
TWO PARCELS are included in the sale for a total of 5 acres! Stunning 5 bd/4 bath rustic home situated on a 2.5 acre lot featuring resort style pool and a 1 bd Casita with kitchen. Formal dining room, gourmet chef's kitchen, custom cabinetry, broken edge granite counters, center island, breakfast bar, pantry, SS appliances, & French doors to the patio. Generous size bedrooms, ample closets & upscale travertine baths. Oversized doors, 12' ceilings, travertine floors, grid ceiling in the den, hand hewn beams throughout. The primary bedroom offers patio access, plush carpet, & private en suite w/dual sinks. House includes 8 insulated garage spaces. Enjoy the backyard covered patio, lush green grass, outdoor kitchen & exquisite pool. NEW BUILT HORSE STALLS! Horse shades, 24X40 hay barn, 2000 sq ft non-climbable horse fence. Surrounded by fantastic mountain views!

3807 E Amberwood Drive Phoenix, AZ 85048

$1,300,000
4 Beds
3 Baths
2,563 SqFt
Status Active Under Contract
MLS # 6730016
Property Type Single Family Residence
Price Type --
Rare opportunity to own a fully remodeled single level home on the water in Lakewood Estates with a three car garage. Relocation makes this amazing home available. Split 4 bedroom plus office and three full baths. Specatular sunsets on this electric boating lake, catch and release fishing, walking paths through the greenbelt, childrens parks and close to the airport and great restuarants! Newer window, newer HVAC, all newer appliances, fixtures and lighting, newer gargae cabintry and outdoor ramada! Mature fruit trees and beatiful boat dock make this the perfect setting for entertaining in the semi custom home on the fresh water lake in Lakewood East Lake Estates.

31709 N 55th Way Cave Creek, AZ 85331

$1,300,000 - 3Br/4Ba -  for Sale in Santolina, Cave Creek
Open House
$1,300,000
3 Beds
3.5 Baths
3,342 SqFt
Status Active
MLS # 6745697
Property Type Single Family Residence
Price Type --
Welcome to Santolina. Enjoy exclusive access to community amenities, including walking trails, recreational areas, and more. This home is not just a place to live, but a lifestyle to be experienced. An exquisite luxury residence nestled in the highly sought-after gated community in Cave Creek, this stunning property boasts unparalleled mountain views that will take your breath away. It features three bedrooms + den, 3.5 Baths, a great room, soaring 10' & 12' ceilings throughout, & low maintenance. Step inside to discover a meticulously designed interior that exudes elegance and sophistication. With spacious living areas, high-end finishes, and an abundance of natural light, this home offers the perfect blend of comfort and luxury. The gourmet kitchen features top-of-the-line appliances, custom cabinetry, and a large center island, making it a chef's dream. The expansive master suite is a private oasis, complete with a spa-like bathroom and a generous walk-in closet. Additional bedrooms are well-appointed and offer ample space for family and guests. Outside, the beautifully landscaped yard provides a serene backdrop for relaxation and entertainment, featuring a covered patio, outdoor BBQ, lush greenery, and stunning views of the surrounding mountains.

7298 E Brisa Drive Scottsdale, AZ 85266

$1,300,000 - 3Br/4Ba -  for Sale in Lot 19, Parcel B At Bellasera, Scottsdale
Open House
New
$1,300,000
3 Beds
3.5 Baths
2,826 SqFt
Status Active
MLS # 6780698
Property Type Single Family Residence
Price Type --
Experience luxury living in one of the most desirable models within the prestigious Bellasera community. This exquisite 3-bedroom, 3.5-bath home, complete with a casita and three-car garage, sets on a 19,000+ sq. ft. lot with north/south exposure. The property welcomes you with a private front patio in elegant Cantera stone, while the expansive back patio, also in Cantera stone, features powered sunshades and overlooks a meticulously landscaped yard with a new PVC underground watering system on a timer. The main house offers a spacious open-concept kitchen and family room with a cozy gas fireplace. The updated kitchen features stunning new quartzite countertops and soft-close cabinetry. The primary bedroom has been expanded to provide ample space, featuring windows with views of the patio and garden. Additional highlights include a second bedroom with bath and a versatile den/office that overlooks the front patio. The three car garage is equipped with built in cabinets and epoxy flooring, ensuring ample storage and convenience. A standout feature of this property is the separate casita, accessible through its own entrance. This private space offers a comfortable bedroom and full bath, ideal for guests or multi generational family members, ensuring they have their own quiet retreat. Bellasera's community amenities are unmatched, including a guarded gate, resort style swimming pool, spa, workout facility, tennis and pickle ball courts, hiking trails, and dog park. The community also hosts numerous monthly social events, fostering a vibrant and inclusive atmosphere. This home has been lovingly maintained and is truly move-in ready, presenting a rarer opportunity to enjoy luxurious living with outstanding community features.

18118 E Parker Creek Road Rio Verde, AZ 85263

$1,299,999
2 Beds
2.5 Baths
2,619 SqFt
Status Active
MLS # 6764719
Property Type Single Family Residence
Price Type --
Located in the desirable Trilogy at Verde River, an amenity-rich guarded gate community with breathtaking mountain views, this luxurious home offers the Cordova layout with a casita. Featuring 2 bedrooms, an office, 2.5 bathrooms, and a 4-car tandem garage, no detail was overlooked in its design. The gourmet kitchen boasts Quartz countertops, high-end stainless-steel appliances, a tile backsplash, and a kitchen island with a breakfast bar. The spacious great room includes a cozy fireplace, while extras like a wine bar and high-end window blinds enhance the living experience. The primary suite offers a door to the back patio and a lavish ensuite bathroom with a separate shower, soaking tub, dual sink vanity, and walk-in closet. The casita includes a seating room with a kitchenette and a bedroom with an ensuite bathroom, ideal for guests. Outside, enjoy beautifully designed landscaping with paver stones, a fire table, an anti-snake fence, and an expansive covered patio complete with 2 ceiling fans and stunning mountain views! Additional features include a soft water system, a R/O system, huge laundry room with upper and lower cabinets, built-in desk, and a sink. This spotless home is a rare find! The amenities at Verde River are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickleball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails.