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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3691 Quartz Circle Wickenburg, AZ 85390

$1,250,000

3 Beds

3.5 Baths

2,724 SqFt

Status Active

MLS # 6768374

Property Type Single Family Residence

Price Type --

This is the highly sought after Latigo Floorplan on a golf course lot in Wickenburg Ranch. It is located at the end of a cul de sac that backs up to the Golf course with beautiful mountain and golf course views. Enter the property through the front courtyard and enjoy the beautiful stone fireplace. The chef's kitchen includes monogrammed appliances, double ovens, warming drawer, built-in microwave and built-in fridge. The spacious primary suite includes his and her walk-in closets, split vanities and a separate tub/shower. The backyard includes an outdoor kitchen, multilevel entertainment area, and you'll enjoy the night-time stars from the jacuzzi. A 19' x 8' swim spa has been removed and the area framed in and covered, but utilities are there and available for the option of adding a new swim spa or pool. The property also includes a 3-car tandem garage with a work-bench, storage cabinets, and cooled with a Samsung mini-split. The separate guest casita has a full bathroom and kitchenette.

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2211 E Camelback Road Unit 506 Phoenix, AZ 85016

$1,250,000

2 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6768074

Property Type Apartment

Price Type --

UNOBSTUCTED Mountain VIEWS! Immaculate, updated condo. 2 bed/2 bath - Wood floors throughout. Murphy bed and desk in guest bedroom. Open floor plan with views from every room. Fully updated kitchen. Washer/dryer included. Lots of storage throughout. Fully equipped gym, Roof top heated swimming pool/jacuzzi and 2 BB pits. Surround sound music throuoghout common areas. HOA fee includes everything except electriity. Fully equipped state of the art gym. Building business office with 2 terminals and high speed internet/fax/copier etc. Club room with huge. TV/Fireplace/Piano/Library. Available for immediate occupancy. Beautifully updated! Also available for lease.

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7734 E Adele Court Scottsdale, AZ 85255

$1,250,000

6 Beds

3.5 Baths

3,281 SqFt

Status Active

MLS # 6767959

Property Type Single Family Residence

Price Type --

Nestled in the coveted North Scottsdale 85255 zip code! Entering be captivated by soaring ceilings & upgraded flooring. This unique layout offers 2 master suites one upstairs & the other on the main level providing ultimate comfort & privacy. while an additional main level bedroom offers extra space for guests. The gourmet kitchen offers premium Viking appliances, double oven & island perfect for culinary creations & entertaining. The large great room invites relaxation, Upstairs, you'll find 4 additional bedrooms. The second master suite serves as a personal retreat! Step outside to a beautiful yard with a sparkling pool & backing to a natural area for added privacy. Conveniently located to upscale shopping, fine dining, world-class golf & vibrant entertainment epitomizing luxury living.

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1550 W Olney Avenue Phoenix, AZ 85041

$1,250,000

5 Beds

4.5 Baths

3,471 SqFt

Status Active

MLS # 6770009

Property Type Single Family Residence

Price Type --

Impressive long palm tree lined circular driveway to a private estate with peace and quiet, privacy and 360 degree views of the city lights and mountains! Enter through an 8 foot by 9 foot, arched custom wrought iron door. Open modern floor plan with a gourmet European kitchen that features large island, dovetail soft closing cabinets, Bosch Dbl Ovens, Bosch 5 burner gas cooktop, built in Bosch Coffee/Espresso machine, LG limited edition 6 door fridge, Quartz countertops, hammered copper sink and walk in pantry with deep freezer. 3 car garage, 3rd has a mini split so it can be used as a shop or gym. Separate 4th garage with a 2 car carport, greenhouse, 20x40 pool and gas, glass firepit, full 608 sf guest casita with bedroom, bath and kitchenette. Plenty of parking and room for toys or horses No HOA. This home has views from every room, high end fixtures, custom closet systems, and plenty of storage. Centrally located close to downtown, ASU, Airport and east and west valley. This is desert living at its finest, enjoy the sunsets, city lights and the natural desert. South Mountain Park is in your backyard for hiking, biking, horseback riding. Square footage, 3471 includes guest house (2863 + 608 = 3471). Room count includes house and guest house (Bdrm: Home 4, guest house 1; Bath: home 3.5, guest house 1)

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930 W Maryland Avenue Phoenix, AZ 85013

$1,250,000

3 Beds

3 Baths

2,922 SqFt

Status Active

MLS # 6771148

Property Type Single Family Residence

Price Type --

Your dream corner lot home is finally here! This 3-bedroom gem boasts fantastic curb appeal with a 3-car garage, a circular driveway with a canopy, and an immaculate lawn. Fall in love with the delightful open floor plan with soaring ceilings, recessed lighting, a soothing palette, and 24x48 Italian tile flooring. The gourmet kitchen comes with quartz counters, modern flat-panel cabinetry, pendant lighting, a stylish tile backsplash, stainless steel appliances, a handy pantry, and a large center island with a breakfast bar for casual dining. The primary bedroom features a romantic fireplace, direct backyard access, a lavish ensuite with double sinks, and a spacious walk-in closet. Outdoors, the enchanting backyard showcases a covered patio and a refreshing pool. Make this gem yours!

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3007 E Calaveros Drive Phoenix, AZ 85028

$1,250,000

4 Beds

3 Baths

2,576 SqFt

Status Active

MLS # 6774557

Property Type Single Family Residence

Price Type --

Highly sought after Heritage Heights remodel. Enter the home through custom Wrought Iron Double Entry Door with double operable insulation glass and step on tile that looks like real wood. This oversized lot in a cul-de-sac w/ a north/south exposure has fab mountain views and is walking distance to the trails at the Phoenix Mountain Preserve & Piestewa Peak.. The gorgeous kitchen features updated quartz countertops w/ glass back splash, top of the line stainless steel Samsung appliances w/ a gas stove and pantry. Bathrooms with double sinks and granite countertops, huge primary room with a generous walk in closet sports a shower with 2 heads and a warming heater and a separate soaking tub. Cozy fireplace in the family room, formal dining and a separate great room. (see more) Newer low-e dual paned windows. Community has a pool (heated part of the year), tennis, pickle ball, game room in the rentable clubhouse. The Memorial Day Parade and other fun activities make for one of the most cherished neighborhoods in the Valley (see under documents). Back yard has a large covered patio with tongue and groove ceiling, a built in firepit, fabulous BBQ with seating, large side yard with garden and another large side yard with view, shed and an RV gate for storing items such as boats and toys. Safe stays as it is part of the home. Good size 2 car garage with epoxy flooring on this elevated lot. Easy access to the SR-51, restaurants, shopping and more. Fabulous mountain views!!

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7788 E Main Street Unit 1003 Scottsdale, AZ 85251

$1,250,000

3 Beds

3.5 Baths

2,115 SqFt

Status Active

MLS # 6772687

Property Type Townhouse

Price Type --

This resort style community features 21 units, each with its own spacious two car garage and rooftop balcony. The elegant contemporary exterior architecture, and careful attention to detail & design, make Seneca Luxury Condos an inviting community atmosphere. Now opening Phase 2 of the development, your new conveniently located home in Old Town Scottsdale awaits! The design of the community is focused on a resort-style lavish heated pool and spa area, with ample shade ramadas and lush landscaped grounds. As you walk up to your home in Seneca, you experience a luxury private gated vestibule leading you through the cobblestone paver patio to a custom modern glass and iron front door for each unit. Entering the home, you will immediately take in the sophisticated and livable design. From the premium selected base package including solid core hardwood flooring, the executive Thermofoil kitchen cabinets, natural Quartz counters, beautiful European fixtures, for the chef or the entertainer, this kitchen will be difficult to say no. Each unit has 3 ample sized bedrooms and 3 baths with complete attention to detail such as touchscreen, backlit , LED mirrors, intricate stone design in showers and baths, walk in closets and full patio or balcony offering outdoor privacy in every room. Through the custom contemporary open stairways featuring hand cut stairs and railings, you will access the remote-operated skylight with stairs leading to your exclusive roof-top outdoor deck space with composite wood plank flooring. The impressive 500 sq ft rooftops come plumbed for gas and water allowing future owners the opportunity to get a complete outdoor kitchen, perfect for enjoying Arizona's beautiful sunsets and year-long warm weather.

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7788 E Main Street Unit 1002 Scottsdale, AZ 85251

$1,250,000

3 Beds

3.5 Baths

2,115 SqFt

Status Active

MLS # 6772692

Property Type Townhouse

Price Type --

This resort style community features 21 units, each with its own spacious two car garage and rooftop balcony. The elegant contemporary exterior architecture, and careful attention to detail & design, make Seneca Luxury Condos an inviting community atmosphere. Now opening Phase 2 of the development, your new conveniently located home in Old Town Scottsdale awaits! The design of the community is focused on a resort-style lavish heated pool and spa area, with ample shade ramadas and lush landscaped grounds. As you walk up to your home in Seneca, you experience a luxury private gated vestibule leading you through the cobblestone paver patio to a custom modern glass and iron front door for each unit. Entering the home, you will immediately take in the sophisticated and livable design.

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14011 N 48th Place Scottsdale, AZ 85254

$1,250,000

4 Beds

2.5 Baths

2,714 SqFt

Status Active

MLS # 6776824

Property Type Single Family Residence

Price Type --

Shows like in a magazine and located in the magic 85254 Scottsdale zip code! Property features gorgeous entry with wood planked beam vaulted ceilings & dramatic 2 way fireplace. Highly desirable split floor plan with chef's kitchen with huge island, stainless appliances & cook hood, eat-at bar for 4, farmhouse sink, double ovens, self-closing drawers & cabinetry w/ pull-outs. Spacious master bedroom boasts window seat, two walk-in closets & large sitting room with French door exit. Master bath features hand hammered nickel sinks, walk in shower and large soaker tub. Modern warm ceramic wood-like flooring throughout. Back yard oasis ideal for entertaining! Private Pool, Lush lawn, paver patio with fire pit, ramada with built-in grill. Prime location & minutes from Desert Ridge & Kierland!

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26715 N 168th Street Rio Verde, AZ 85263

$1,250,000

4 Beds

3 Baths

2,594 SqFt

Status Active

MLS # 6774784

Property Type Single Family Residence

Price Type --

Welcome to Whispering Canyon - a breathtaking 3.5-acre desert retreat in Rio Verde Foothills! This luxurious 3-bedroom, 3-bath property, complete with a charming guest casita, is perfect for a family compound or serene getaway. The main home features an open layout w/ high ceilings, abundant natural light, and elegant finishes. The gourmet kitchen boasts premium appliances and a spacious island, ideal for entertaining. The master suite offers a spa-inspired bath, walk-in shower, and ample closet space. Outdoors, enjoy stunning views, a covered patio, & pristine desert landscaping. Whispering Canyon is equipped with a 10,000-gallon water tank by Dynamite Water & permanent water service approved by EPCOR, ensuring reliable access. Embrace the ultimate desert lifestyle in comfort & style.

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5910 Velvet Valley Lane Flagstaff, AZ 86004

$1,250,000

3 Beds

2 Baths

4,006 SqFt

Status Active Under Contract

MLS # 6744334

Property Type Single Family Residence

Price Type --

TRULY AMAZING PROPERTY THAT BRINGS UNDEINIABLE VALUE! Beautiful Home, Oversized RV Garage, and a Studio / Showroom / Workshop that is Second to None! ALL OF THIS ON 2.5 ACRES! Come Unwind and Experience Heaven on Earth While Relaxing Next to the 175,000 Gallon Fish Pond or Work from Home in your Custom 2200 SF Expansive Workshop w/ Private Bath. Your Custom Built 1806 Sq Ft Home is Only Steps Away Including a 1200 Square Foot RV Garage, Horse Set Up / Stall and Additional Out Buildings. This Meticulously Maintained Property Shines and Pride of Ownership is an Understatement Featuring New Roof, Wood Grain Tile, High Vaulted Ceilings, Corian Countertops, Malapai Rock Accents, HUGE Primary Closet and So Much More. This Perfect Property is Absolutely the Most Ideal Home / Office Scenario!

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10543 E Diffraction Avenue Mesa, AZ 85212

$1,250,000

6 Beds

4.5 Baths

5,260 SqFt

Status Active Under Contract

MLS # 6757090

Property Type Single Family Residence

Price Type --

Master planned community of Eastmark! This incredible home is perfect for entertaining & those that need LOTS of bedrooms & garage space! This amazing residence offers a chef's kitchen w/ gas stove, eat-in kitchen dining area, island seating, butler's area, huge walk-in pantry, & access to the outdoor kitchen! Plenty of storage with 6 bedrooms (each w/ walk-in closets), 4.5 bathrooms, separate dining room, den, loft, movie room w/ projection tv, 2 laundry rooms (1 on each floor) & 4+car garage w/ new epoxy coating. There is an abundant amount of storage in the extra closets upstairs and downstairs and the ensuite is the perfect retreat that includes a separate sitting area, oversized shower, soaking tub, separate vanities, enormous walk-in closet & additional linen closet. Enjoy indoor/ outdoor living through the 12' sliding glass door from the living room & relax by the firepit while your food is prepared in the outdoor kitchen, splash in the pool w/ waterslide, grotto & water features, or play ball on the new turf. The home feels brand new with the new carpeting & paint. Enjoy the Eastmark lifestyle at the community pool, activity center, Eastmark schools, clubs, programs, events, traditions neighborhood parks, restaurants, garden & more. Make this amazing property yours today!

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