3 Different Types of Loan That Will Negatively Impact Your Ability to Get a Mortgage

A 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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7538 E Tuckey Lane Scottsdale, AZ 85250

$1,300,000

2 Beds

2 Baths

1,989 SqFt

Status Active

MLS # 6787482

Property Type Single Family Residence

Price Type --

Just WOW! This marvelous home in the coveted 7600 Lincoln harmoniously blends contemporary elegance & optimal functionality! The sheer beauty & attention to detail are found inside! Discover an inviting foyer, travertine flooring, crown moulding, & plantation shutters. Imagine yourself cozying up by the floor-to-ceiling stone fireplace or opening the French doors for fresh air in the spacious living room. Gourmet eat-in kitchen comes complete w/recessed lighting, a plethora of cabinetry, a butcher block island, desk area, granite counters & backsplash, & top-of-the-line SS appliances such as a wall oven, range hood, & cooktop gas. Owner's retreat is a true gem, showcasing plush carpet, direct outdoor access, & an ensuite comprised of dual sinks, soaking tub, & a walk-in closet. Flexible den provides the perfect space for an office or entertainment room. In the large backyard, you will have a covered patio, built-in bench, & a garden fountain. Walk to the Scottsdale Bike Path right outside the gate to 7600 to bike or walk all over Scottsdale. The 7600 community area features a Country Club setting with the community pool, spa, pickleball courts, tennis courts and even a basketball hoop. Located just minutes away from shopping and restaurants in Old Town Scottsdale too. Don't let this one-time opportunity slip by!

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6757 E Paradise Lane Scottsdale, AZ 85254

$1,300,000

5 Beds

3 Baths

2,759 SqFt

Status Active

MLS # 6782645

Property Type Single Family Residence

Price Type --

Currently a high producing STR. Great location next to Kierland Golf Club and Kierland Commons. This property boasts a stunning resort style backyard for entertaining w/ pool & spa, putting green, fire table, and new outdoor furniture. The interior offers an open kitchen that transitions into a large living room. Opposite of the living room area is an updated game room with billiards, PAC-MAN, and foosball. Tons of upgrades performed in 2022, as well as trendy interior design concepts to keep this home a top producing STR!

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8002 E Via Del Sol Drive Scottsdale, AZ 85255

$1,300,000

3 Beds

2 Baths

2,733 SqFt

Status Active

MLS # 6781969

Property Type Single Family Residence

Price Type --

Nestled on a serene and ultra-private 1+ acre lot, this meticulously maintained home offers a perfect blend of tranquility and space. Located in the sought-after gated community of Pinnacle Peak Estates 2, these homes rarely come on the market, especially with its coveted cul-de-sac location. Boasting 3 bedrooms plus an office with a closet, this residence features a cozy family room that seamlessly connects to a bright, airy kitchen, thanks to numerous windows that invite natural light. Enjoy the warmth of two fireplaces—one in the family room and another in the primary bedroom—along with charming plantation shutters and ceiling fans throughout. With some updating and your imagination, this home can transform into your dream sanctuary. There's ample room to expand, making it perfect for personalizing your space. No current NAOS to preserve, If expanding, just need to allocate 25% to NAOS as required by current Scottsdale standards. Step outside to discover a tranquil backyard featuring a soothing water fountain, creating a zen-like atmosphere ideal for relaxation. The stunning fenced Pebble Tec pool, complete with a pop-up cleaning system, invites you to unwind and enjoy the serene surroundings. The expansive covered patio, equipped with a BBQ, is an ideal setting for entertaining guests or savoring quiet mornings while soaking in breathtaking views of the surrounding desert landscape or the McDowell Mountains from the front of the home. Additional highlights include a newer hot water heater, outdoor security cameras, and a low HOA fee of just $450 annually. Arrive via the circular driveway and feel the peace and uniqueness of this architectural treasure. Don't miss your chance to own this beautiful home in a quiet, peaceful location your dream home awaits!

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11615 E Terra Drive Scottsdale, AZ 85259

$1,300,000

3 Beds

3.5 Baths

2,843 SqFt

Status Active

MLS # 6787459

Property Type Single Family Residence

Price Type --

Nestled in a Guard gated community with community tennis, pickleball, walking paths, a spa, pool and more. Kitchen boasts granite countertops with new appliances, bar area opening to a family room with a fireplace. The primary suite offers a bath tub, dual vanities, a walk-in shower, a walk-in closet, and more. Backyard includes a pool, lawn area, gas stub up for a bbq, and cool decking for summer heat. Just minutes from Scottsdale airport, Basis school, and more.

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16076 E Ridgestone Drive Fountain Hills, AZ 85268

$1,300,000

3 Beds

3.5 Baths

1,915 SqFt

Status Active

MLS # 6771065

Property Type Single Family Residence

Price Type --

Nestled within the guard gated community of FireRock Country Club, this step-free single level home is a true gem. Enjoy one of the rarest models that features its own casita and emerald views of the 10th hole. Built in 2019, this thoughtful home is sure to please with modern amenities and designer finishes. Step inside the stately foyer and instantly notice soaring ceilings and walls of glass. Open to the living and dining room, the Chef's kitchen is a delight with upgraded extended height cabinetry, 6 burner + griddle wolf stove, dual wall ovens, massive island with breakfast bar, and smart ''hidden'' walk-in pantry. Compelling rejuvenation, the master is a true retreat with its own 2 way fireplace, over-height windows, massive walk-in shower, dual raised vanities, private water closet, custom walk-in closet. A secondary full en-suite bedroom PLUS a full en-suite casita make this a perfect layout for loved ones or guests. Just off the entry, a convenient workspace, flex-storage space, and oversized laundry that can be used as a miniature office are sure to please. Step out to your backyard Sonoran Sanctuary and enjoy any season with a fantastic covered patio with ceiling heating, fireplace, built-in BBQ grill, stainless mini-fridge, incredible travertine bar, and a separate open air deck for basking in the sunshine and Golf Course views. Hidden features of this home include wood plank tile, low maintenance landscaping, fire suppression systems, plenty of storage, tankless gas water heater, and more!

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22051 N 77th Street Scottsdale, AZ 85255

$1,300,000

4 Beds

3 Baths

3,003 SqFt

Status Active

MLS # 6784268

Property Type Single Family Residence

Price Type --

Wow! If you're looking for a home w/all the bells & whistles, you've found it! This outstanding masterpiece is a true dream! Displaying a professionally maintained landscape, a 2-car garage, & a gated courtyard. Exquisitely designed interior w/soaring vaulted ceilings, clerestory windows, stylish light fixtures, hardwood floors, & plantation shutters add a calm, sophisticated touch to every room. Highlights include a living room, formal dining room, den/office, & a bonus room w/wine rack that can be used as an entertainment area. A fireplace & surround sound enhance the great room. Culinary enthusiasts will be thrilled w/the kitchen, fully equipped w/staggered cabinetry adorned w/crown moulding, travertine backsplash, a prep island w/a breakfast bar, granite counters, & a walk-in pantry. PLUS! State-of-the-arc stainless appliances, such as a double wall oven & cooktop gas. Enjoy casual meals in the breakfast nook, & don't miss the dedicated wine room! Owner's retreat will impress you w/plush carpet, a sitting room, a walk-in closet, private balcony w/mountain views, & an elegant ensuite comprised of dual sinks, make-up desk, & a garden tub. Serene backyard offers an extended covered patio, built-in BBQ, & a swimming pool perfect for year-round enjoyment. This stunning gem provides a lifestyle like no other!

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4330 S Neutron -- Mesa, AZ 85212

$1,300,000

3 Beds

2.5 Baths

3,392 SqFt

Status Active

MLS # 6730383

Property Type Single Family Residence

Price Type --

Highly upgraded and decked out designer Eastmark single-level home for sale (3-5 bedrooms) with three bedrooms plus an office, flex room, and a sparkling pool with heater AND CHILLER. The chef's kitchen, complete with ceiling heigh illuminated cabinets, quartz counters, stainless steel appliances, alongside a butler's pantry with wine fridge. Master bedroom with a separate entrance goes in and out of the pool area plus the master bathroom has a vanity. The backyard oasis has both patio and pergola, built-in BBQ, and a nice baja step in the pool to relax on. Perfect for entertaining. Plus, the flex room with double rench doors leading to an outdoor yoga/meditation and water area. Imagine high-end finishes and touches built into a home where their sudden need to move is your HUGE gain! FYI - you can enclose the space between the 2nd and 3rd bedrooms to add a 4th bedroom and closet if you would like a 4th bedroom.

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1011 Dusty Lane Show Low, AZ 85901

$1,300,000

3 Beds

2.5 Baths

3,422 SqFt

Status Active

MLS # 6658000

Property Type Single Family Residence

Price Type --

This gorgeous 2 story home, with over 3,000 Sq ft sits on just over 6 acres. With 3 bedrooms, 2.5 bathrooms, plus a large bonus room, this home has all the space you need. Attached is a 3-car garage, with a workshop. Included on the 6 acres is a storage building, playground, orchard and extra-large metal shop, complete with 2 garage doors, and a wood stove. Mature trees, owned solar panels, brand new quartz counter tops, a new pellet stove, custom master bathroom, lawns on sprinkler systems, and a private well are just a few more things this amazing property has to offer! Listing agent is directly related to sellers.

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35203 W Indian School Road Tonopah, AZ 85354

$1,300,000

3 Beds

2 Baths

2,520 SqFt

Status Active

MLS # 6742738

Property Type Single Family Residence

Price Type --

Lot 2 and 5 is a total of 11.40 level acres of land being split from 504-10-003-B with a 3 bedrooms and 2 bathroom home, private well and room to expand! There is a large enclosed hall that can be used for gatherings, storage and more. The covered storage area offers its own possibilities for an income producing venue with the start of 9 individual rooms and three bathrooms along with one large central space that could be a centralized kitchen or living space. Private well and three separate septic tanks make the possibilities of this property endless! Near the future Belmont Master Planned Community and soon to break ground Desert Studios. 20 min to Buckeye Equestrian Center, 35 min to Wickenburg, Stone's throw from Teravalis, Desert Whisper, Tartesso etc. Easy access to Interstate I-10, MC-85, Loop 202 & 303. Close to the proposed I-11 freeway, connecting Arizona, Nevada & California. Early-stage planning efforts for I-11 to become a trade route connecting Canada & Mexico. Providing Arizona with access to regional & international markets, jobs & economic growth. Possible seller carry back with large down payment. You won't want to miss out on this property and all that it offers!

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18233 W Palo Verde Court Litchfield Park, AZ 85340

$1,300,000

4 Beds

5.5 Baths

3,733 SqFt

Status Active

MLS # 6699525

Property Type Single Family Residence

Price Type --

Welcome to your Desert Oasis! At the base of White Tank Mountains sits this premier home combining modern elegance with the highest standards of sophisticated living. Built with upgrades that represent the superior elements in today's trends. This 3700+ square foot cul -de-sac home is nestled over a 22,000 sq ft lot and crafted with the utmost attention to detail, this home showcases superior workmanship and timeless design elements throughout. The open-concept layout seamlessly connects the gourmet kitchen, dining area, and living room, creating a central center for everyday living. The chef's kitchen incorporates the kitchen island with seating for 8, stainless steel appliances, built-in microwave and wall oven, gas range, pantry and separate built-in wine fridge. The exquisite granite stone countertops complement this culinary masterpiece. This home offers vaulted ceilings, large glass slider door that invite abundant natural light and offers a panoramic view of the backyard, vaulted ceilings, and dramatic fireplace wall accents that flow harmoniously throughout the main living areas. This is a split floor plan with 3 bedrooms, 1 office, tv room and attached casita (or 4th bedroom)with its living area and bathroom. Relax in the master suite, spa-like bathroom and generous walk-in closet, dual sink vanities, oversized shower, freestanding bathtub that exudes resort ambiance. Step outside to your own private oasis where the sparkling pool and spa await you. The perfectly manicured low maintenance landscape surrounds the outdoor living spaces and creates a serene ambiance for entertainment and relaxation. Entertainers dream; custom pool and spa with expanded pool deck, covered patio, ramada with built-in BBQ, sink, wine fridge, fireplace, TV outlet, putting green and inground trampoline. The paver driveway leads you to the custom wrought iron gates directing you to the 6-car garage and boat parking. Don't miss the opportunity to own this elegant and modern real estate with all the amenities you could ever desire, this is not a home, it's a lifestyle.

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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!

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3218 S Jackrabbit Trail Buckeye, AZ 85326

$1,300,000

4 Beds

2 Baths

2,136 SqFt

Status Active

MLS # 6767926

Property Type Single Family Residence

Price Type --

**HUGE $200,000 PRICE REDUCTION**. YOU WILL LOVE THIS AMAZING HORSE PROPERTY. THIS PROPERTY WAS DESIGNED WITH A TEAM ROPER IN MIND. FOR THOSE WARM SUMMER NIGHS THERE IS A LIGHTED ROPING ARENA WITH SAND AND LED LIGHTS. PLENTY OF ROOM FOR ALL YOUR TOYS WITH A LARGE 40'x45' GARAGE/WORKSHOP. ON THE SIDE OF THE SHOP THERE IS A COVERED RV SPOT OR IT CAN BE USED FOR A HAY BARN. RECENTLY NEW CARPET WAS INSTALLED, THE INTERIOR/EXTERIOR PAINTED, AND BATHROOM SHOWERS UPDATED WITH TILE AND NEW GLASS DOORS. THE ENTIRE PROPERTY IS FENCED WITH ALMOST 3 ACRES OF PASTURE. SELLERS JUST HAD THE INTERIOR PROFESSIONALLY CLEANED SO IT'S MOVE IN READY. THE RANGE/OVEN AND DISHWASHER WILL BE REPLACED WITH STAINLESS STEEL APPLIANCES TO MATCH THE MICRO AND FRIDGE BEFORE COE.

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