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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22611 W Patton Road Wittmann, AZ 85361

$1,295,000
6 Beds
3.5 Baths
4,179 SqFt
Status Active
MLS # 6761177
Property Type Single Family Residence
Price Type --
Nestled just outside of Surprise in Wittmann, this exquisite custom home offers the perfect blend of luxury living and equestrian convenience. Situated on 2.5 acres of fully walled, private land, this estate is accessible via a paved main road and provides an idyllic retreat with easy freeway access. Step inside to find a beautifully remodeled kitchen (2022) that is a chef's dream, featuring a Forno 8-burner stove with double oven and pot filler, a Forno microwave/convection oven, and a spacious refrigerator—all designed for gourmet cooking and entertaining. The kitchen is complemented by dark wood-stained doors, adding to the home's warm, inviting ambiance. Outside, the property is thoughtfully designed for both leisure and practicality. Enjoy the expansive paved patio area with solar lighting for a peaceful evening outdoors. For horse enthusiasts, the second parcel boasts 3 horse stables, a round pen, and an arena, all equipped with water, fans, and high-speed internet. Additional highlights include a private well with a recently replaced pump and well box, owned and PAID-OFF SOLAR PANELS ensuring low utility costs, a gated entrance for added privacy, and a 4-car garage with an RV charging outlet. The property's central vacuum system adds modern convenience to this serene country estate. With unparalleled amenities, privacy, and high-speed internet, this property is the perfect haven for those seeking luxury and the equestrian lifestyle.

5253 E Palo Brea Lane Cave Creek, AZ 85331

$1,295,000
3 Beds
2.5 Baths
2,376 SqFt
Status Active Under Contract
MLS # 6766681
Property Type Single Family Residence
Price Type --
Luxury Toll Brothers built 3 bed +den, 2.5 bath remodeled home, on a private corner lot. Stunning vinyl flooring throughout, powder room with designer vanity, high-quality upgraded fixtures and fans flow throughout the home. Laundry room features a farm sink. The expansive great room w/ beautiful gas fireplace, custom built-in shelving, great room opens to the eat-in-kitchen featuring premium SS Jenn-air appliances, gas cooktop. large Island, wall oven and lighting. Owner had a decorators eye when adding the walk-in pantry, cabinets to the ceiling with extra lighting, desk in the hallway, bookshelf built into otherwise wasted space, and let's talk about the primary bedroom suite! The full bathroom features separate vanities, lovely soaking tub and tiled oversized walk-in shower. The walk-in closet needs a drum roll entrance featuring cabinets and shelving providing plenty of space for shoes, purses and clothing. Mirrored doors on the closets, make-up desk with the perfect lighting. The backyard is an oasis with the oversized covered patio and inviting pool to relax by. The location of this gated subdivision is situated near shopping, restaurants, golf, easy fwy/hwy access.

1702 E Cliff Rose Drive Payson, AZ 85541

$1,295,000
5 Beds
4 Baths
3,060 SqFt
Status Active
MLS # 6779325
Property Type Single Family Residence
Price Type --
Custom Modern Mountain Home less than 2 years old with Epic Views, Tall Pines, Privacy on 1 Acre in Chaparral Pines. Entertain in the Great Room with Vaulted Ceilings, Big Beams, Linear Gas FP w Stone and Metal. Feast in the Chefs Kitchen with Maple Cabinets, Quartz Counters, 48'' Gas Range, 2 Ovens and a Huge Built In Fridge. The Primary Bed has Views and a FP to keep you Cozy on Cool Nights. The Primary Bath has a Spa Vibe with 2'x4' tile, Quartz Counters, Big Tub + Shower w 2 Valves and Bench. The Back Deck is Private and Peaceful with Pines and Views. Downstairs has 2 King BRs, Family Room, Kitchenette and Full Bath. Load you Cars, Trucks, Golf Carts, Razors in the 3 Car Garage. Enjoy the Country Club Lifestyle at Chaparral Pines and The Rim Golf Club. Please Check it out Today !

5431 E Pinchot Avenue Phoenix, AZ 85018

$1,295,000
4 Beds
3 Baths
2,508 SqFt
Status Active Under Contract
MLS # 6775604
Property Type Single Family Residence
Price Type --
This darling cottage style home is the epitome of Arcadia Osborn with charming curb appeal, living spaces full of personality, and a yard that's great for kids and adults alike. The open floor plan is loaded with character, and natural sunlight fills every space. The island kitchen has pristine white cabinetry, stainless steel appliances and marble countertops which is exactly what buyers are looking for. The family room is a wonderful space, there's a separate den that can easily double as a playroom, the formal dining room is lovely, the primary suite is beautiful, and the primary bath has fantastic designer accents. Outside is home to a spacious covered patio, great looking pool and a large grassy yard. Enjoy a cool evening sitting around the firepit. (see more) There's even a free standing air conditioned structure that would make for an impressive home gym, painter's studio or office. Located in an excellent neighborhood, this special residence works for a growing family, a single, and empty nesters alike. Simply put, it's perfect!

20240 E Calle De Flores -- Queen Creek, AZ 85142

$1,295,000 - 5Br/4Ba -  for Sale in Montelena, Queen Creek
New
$1,295,000
5 Beds
3.5 Baths
5,195 SqFt
Status Active
MLS # 6781422
Property Type Single Family Residence
Price Type --
This exquisite 5-bedroom, 3-bathroom estate epitomizes luxury living. The open concept design seamlessly blends spacious living areas, accentuated by a gourmet kitchen featuring granite countertops, white custom cabinets, and top-of-the-line stainless steel appliances, including a huge double island perfect for entertaining. The entire home has been remodeled with a designer's style, ensuring every detail exudes elegance and sophistication. The main bedroom is a serene retreat, boasting a separate sitting room and private balcony. The expansive en suite bathroom offers a separate soaking tub and shower, dual sinks, and connects to a private laundry room and gym, all designed with high-end finishes. A MUST see to appreciate

2731 W Desert Ranch Road Phoenix, AZ 85086

$1,295,000
5 Beds
4 Baths
3,068 SqFt
Status Active
MLS # 6665619
Property Type Single Family Residence
Price Type --
SELLER FINANCING AVAILABLE $1,425,000. LEASE OPTION/LEASE PURCHASE AVAILABLE. Inquire for details. Resort style backyard on one acre w/ NO HOA! Entertainer's dream! NINE HOLE PUTTING GREEN COURSE! TENNIS/BASKETBALL COURT! COMPLETE SEPARATE GUEST HOUSE! 2 GARAGES FOR 5 CARS (2 + 3 CAR CLIMATE CONTROLLED GARAGE) + parking for more! MOUNTAIN VIEWS! Heated AND cooled pool w/ baja shelf! Fire pit, outdoor kitchen, OWNED solar! Open floorplan, & master bedroom split floorplan! This home truly has it all. Must see to truly appreciate the unique character & setting of this home, located conveniently near the immediate suburban/shopping areas in Anthem, AZ. Easy freeway access to continue to enjoy the natural playgrounds of Lake Pleasant, or to hike one of the many trail nearby, just to name a few options. Drive South for a dose of ''city'' in Phoenix, or North towards Sedona, Flagstaff & more INTERIOR DETAILS *Smart House w/many features programmable through apps *Custom Built in 2003 *Owned Whole-Home Solar System (19.77kw, 59 LG Panels) *Superior Architectural Details *Mantel-and-Hearth Fireplace *Dual-Pane Windows *Owned Water Softener *Indoor Laundry w/Cabinetry *Built-In Microwave & Wall Oven *Walk-In Pantry w/Shelving *9', 10', 12' Ceilings *Updated indoor/outdoor LED lighting *Wooded Accent Wall *Hardwood Floors & bedroom wood flooring & baseboards *Natural Travertine Tile *Master Shower Tile *Fresh Well Water *2-Car epoxied Garage w/side entry & built in cabinetry *3-Car drive thru Garage, epoxied w/Built-In cabinetry EXTERIOR DETAILS * Lighted tennis/basketball court *9 hole mini putting greens *Three 50 amp RV plug-ins on property *Landscape rock in front and back yards *Painted front walls (2021) *Upgraded Septic System/Tank *Garage doors-added outside keypads w/lifetime warranty *100% Silicone Roof Coating w/50-Year Warranty (2019) *Custom Iron-And-Glass Entry Door *Preferred North/South Exposure *Split-Stone Fireplace Column *Pebble-Finish Pool: Heats & Cools, Variable Speed Pump *Heated Spa *Guest House Paver Patio w/Extensive Sail Shade *Covered Front & Back Patios *Front/Back Auto Watering System *East & West Side RV Gates *Easy-Care Desert Front Landscape *Block Wall Fencing for Privacy Not ready to make this home your primary residence? With no HOA, consider this home, currently an active short term rental, as a spacious and unique opportunity for short term rentals, seasonal rentals, and more. MAIN HOUSE: 3 BD 3 BA 2,591 SF 2-CAR GARAGE GUEST HOUSE: 1 BD 1 BA 477 SF 3-CAR GARAGE (previously was used as a drive-thru option, currently being used as a game room and with a new sliding glass door).

10 S Woodridge Way Prescott, AZ 86303

$1,295,000
3 Beds
2.5 Baths
2,519 SqFt
Status Active
MLS # 6706956
Property Type Single Family Residence
Price Type --
This high quality custom built home in the Ranch at Prescott is situated on a large corner lot. The neutral warm tones will be a perfect backdrop for anyone's personal decor. The single story residence has tall ceilings and tons of natural light. The open concept and split floor plan with a separate Office (4th Bedroom), Laundry Room, large Walk in Pantry and spacious 3 Car Garage will certainly ''check'' all of the ''boxes''. There are so many great focal points from the Fireplace in the Great Room to the generous Island and floor to ceiling Cabinetry in the Kitchen. The large Main Suite has a sitting area and fireplace with amazing views of the outdoors. The Walk in Closet and Main Suite Bath with a separate Tub and Shower is light and bright. Engineered Veneer Wood Floors everywhere exc Main Suite Closet which has plush carpeting. Bosch Appliances with a gas cooktop, Zephyr Wine Fridge and Quartz Countertops are featured in the Kitchen. Extensive covered outdoor Patio for entertaining or just sit and quietly enjoy the deer and other forest creatures that will wonder by. Entire home has a Fire Suppression System (fire sprinklers). This is a fantastic walkable location to Trader Joe's, Pine Ridge Marketplace, and Restaurants. The community of Ranch at Prescott has a Tennis Court and walking trails. There is a community Social Club that can be joined for a small annual fee and is not a requirement - just a way for members of the community to plan events together. Property Taxes are currently based on Land Value only.

7624 E Charter Oak Road Scottsdale, AZ 85260

$1,295,000
3 Beds
2 Baths
2,324 SqFt
Status Active
MLS # 6719798
Property Type Single Family Residence
Price Type --
Discover a meticulously renovated masterpiece in the heart of Buenavante. This home has undergone a complete metamorphosis, boasting a new roof, windows, doors, and a sleek synthetic stucco exterior. Inside, you'll find elegant engineered hardwood floors, a gourmet kitchen, spa-like bathrooms, and modern finishes throughout. Enjoy peace of mind with a new AC system, repiped plumbing, and a revitalized outdoor oasis featuring a resurfaced pool, lush landscaping, and automated irrigation. With a spacious 13,000 sq ft lot, there's ample room to create your own private retreat, such as a casita or guest house. Perfectly located near top-rated schools, shopping, dining, and major freeways, this home offers the ultimate in convenience and luxury. Don't miss this opportunity to own this home. Don't miss this opportunity to own a truly exceptional property. Schedule your private showing today!

3823 Ridge Runner Way Wickenburg, AZ 85390

$1,295,000
3 Beds
3.5 Baths
3,024 SqFt
Status Active Under Contract
MLS # 6747412
Property Type Single Family Residence
Price Type --
This exquisite home, located in Wickenburg Ranch, spans over 3,000 square feet, offering a perfect blend of luxury and comfort. With 3 spacious bedrooms, each featuring its own ensuite bathroom, the home ensures privacy and convenience for all residents and guests. The property is set on a desirable golf course lot, providing stunning views and a serene atmosphere. The backyard is a haven for outdoor enthusiasts, complete with a putting green for golf practice and a large covered patio ideal for entertaining or relaxing in the shade. Inside, the home is adorned with elegant wood-look tile flooring throughout, combining beauty with low-maintenance durability. The highly upgraded kitchen is a focal point, with its granite counters and full backsplash, Monogram and Wolf appliances, beverage refrigerator, and even an extra electric circuit With plenty of counter space and cabinet storage as well as a pantry it is truly a chef's delight. All of the highly upgraded cabinetry has soft-close doors and drawers as well as pull-out shelves. The primary bathroom offers a spa-like experience, featuring a luxurious tub and a separate upgraded shower, split vanities and custom-designed linen cabinet. The 4' extended 3- car insulated garage has epoxy flooring, hanging storage racks, and a mini-split HVAC system along with outside access. The property is set on a large, premium, East-facing desirable golf course lot, providing wrap- around views and stunning sunrises. The backyard is a haven for outdoor enthusiasts, complete with a putting green and chipping area for golf practice, viewing area to take in the fairway and lake views, and a double-extended covered patio ideal for entertaining or relaxing in the shade. The landscaping around the property is beautifully designed, enhancing the home's curb appeal and providing a tranquil environment. This home is a true gem, offering a sophisticated lifestyle in a stunning setting. Additionally, the home includes a full home warranty plan valid until September 2027..

8707 E Clarendon Avenue Scottsdale, AZ 85251

$1,295,000
5 Beds
2 Baths
1,993 SqFt
Status Active
MLS # 6746680
Property Type Single Family Residence
Price Type --
Introducing the ''House of Gucci.'' a property that redefines what luxury, tranquility, and living your best life looks like! This stunning home features a spacious 5 bed/2 bath with the finest decor exuding elegance and beauty! The bright open floor plan leads out to the resort like backyard where endless fun begins. Take a dip in your sparkling heated pool and spa, roast marshmallows by the fire pit, entertain friends at your BBQ, or putting green, or simply just lounge on the beautiful outdoor furniture. Or perhaps stay inside the custom game room gathering with family and friends making memories. All this and in the most sought after part of Sunny Scottsdale, just minutes from the heart of Old Town where you can enjoy the finest dining, shopping and night life!

5135 W Alameda Road Glendale, AZ 85310

$1,295,000
5 Beds
3 Baths
3,749 SqFt
Status Active
MLS # 6749254
Property Type Single Family Residence
Price Type --
Bring your toys! Stunning Tri-Level Home in Saddleback Estates on just under an acre with additional 3000sqft Garage & Fully owned 150kwh Solar System providing close to zero energy costs! Inside you will discover 5 bedrooms, 3 baths 2 living areas, formal dining and an extra flex room. Home features tile & wood flooring throughout, granite counters and cherry cabs in the kitchen, & a large master with private balcony equipped with a hot tub. Outside enjoy a covered patio overlooking a beautifully landscaped yard and sparkling pool that also is equipped with heater and chiller. The massive garage/workshop is equipped with A/C, heat, 3-phase electric, and R40 insulation in the walls and R55 in the roof. On top of having tons of character & storage this home is located near golfing, hiking water parks, plenty of dining options at the shops at Norterra and great schools like Sandra Day O'Connor. Only a short drive to both 101 and I-17 freeways. Check out additional upgrades attached in document section.

11838 N 144th Way Scottsdale, AZ 85259

$1,295,000
3 Beds
2.5 Baths
2,630 SqFt
Status Active Under Contract
MLS # 6702385
Property Type Single Family Residence
Price Type --
Escape to the tranquil beauty of Hidden Hills and discover your dream home nestled within this sought-after community. Perched high on a hillside, this exceptional residence offers unrivaled vistas, showcasing stunning sunsets, the majestic Phoenix valley skyline, and breathtaking mountain views that will undoubtedly captivate you. Enter through your private courtyard, seamlessly extending the outdoor living space and welcoming you into a world of serenity and luxury. Step inside this single-level Golden Heritage Great Room floor plan and be embraced by an inviting atmosphere adorned with Viga ceiling beams, effortlessly marrying comfort with sophistication. The spacious kitchen, a haven for culinary enthusiasts, boasts new Wolf Gas Cooktop and Double Jenn-Air Wall Ovens, providing ample space for culinary exploration, while a cozy Kiva fireplace sets the tone for intimate gatherings in the family room. Indulge in the opulence of the expansive primary suite, featuring a private exit to the rear yard where the beauty of the landscape awaits you each morning. Outside, a resort-style backyard beckons, showcasing a sparkling Pebble Tec pool and spa, embraced by lush landscaping and accent lighting, crafting an oasis of tranquility and relaxation, complete with a fire pit to enjoy during the evenings. A true gem, this home boasts a newly recoated roof (2 year warranty) and all-new pool equipment managed wirelessly, ensuring a move-in ready experience and promising a lifestyle of comfort and luxury. Experience the epitome of Scottsdale living with easy access to amenities such as the Mayo Clinic, Basis School, golf courses, biking trails, and hiking adventures. Whether you seek tranquility or outdoor exploration, this residence offers the perfect balance of opulence and lifestyle.