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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15500 N Talking Rock Ranch Road Prescott, AZ 86305

$1,275,000
3 Beds
2.5 Baths
2,639 SqFt
Status Active
MLS # 6769193
Property Type Single Family Residence
Price Type --
Discover this stunning single-level custom home nestled off the 12th tee box and common area. The split floor plan features hickory hardwood floors, 8' alder doors, and leather-finished granite countertops. Enjoy high-end appliances, pull-outs in kitchen cabinets, and a spacious butler's pantry. The bar area is a highlight, complete with glass cabinetry, a wine bottle cabinet, and a wine fridge. The luxurious master bathroom features his and hers vanities, while the second bedroom offers a large walk-in closet or potential ensuite bath. Oversized insulated three-car garage featuring a dedicated workspace. The spacious back patio includes both covered and uncovered areas, perfect for enjoying outdoor living. Talking Rock is a 24-hour staffed gated private community for members only. Amenities include our award-winning Jay Morrish designed Golf Course, Fitness Barn, Ranch House Restaurant and Bar, Coop's Coffee House, Racquet Sports Courts, Dog Park, Community Garden, and over 14 miles of hiking and biking trails.

15770 E Palomino Boulevard Fountain Hills, AZ 85268

$1,275,000
3 Beds
3.5 Baths
3,564 SqFt
Status Active
MLS # 6781772
Property Type Single Family Residence
Price Type --
Views, Views and more Views! Stunning panoramic mountain and desert views from both inside and out! If you are looking for unparalleled views this is the property for you! Kitchen, dining, living and primary rooms all look out to the majestic mountains! Tucked away and private location backing to a desert arroyo. Spacious gourmet kitchen with great room concept. Casual or formal dining area. Large living room w/ entertainment area. Split floor plan. Primary bedroom features a huge walk in closet with custom organizers, vanity w/dual sinks and separate tub, oversized shower and toilet area. Bonus room downstairs perfect for an office or 2nd entertaining spot. Tranquil backyard features amazing views with plenty of room for entertaining, BBQs or resort style relaxation.

2308 E Dry Wood Road Phoenix, AZ 85024

$1,275,000
4 Beds
3 Baths
2,865 SqFt
Status Active
MLS # 6778483
Property Type Single Family Residence
Price Type --
Step into this dramatic 4-bedroom home with a private office, where luxury and modern design meet in perfect harmony. Freshly painted inside and out, the home features a spacious 4-car garage with smart doors and sleek epoxy floors, offering the ultimate convenience. The exposed aggregate driveway and beautiful Travertine courtyard create an inviting first impression, setting the tone for the elegance within. In the backyard, you'll find your own private resort. A sparkling pool, surrounded by fire pits, a tranquil waterfall, and commercial-grade misters, invites relaxation and effortless entertaining. Inside, the great room is a showstopper, with soaring 12-foot ceilings and the latest designer colors, creating a modern yet refined atmosphere.

4530 W Fox Glove Lane Show Low, AZ 85901

$1,275,000
4 Beds
4.5 Baths
4,077 SqFt
Status Active Under Contract
MLS # 6756548
Property Type Single Family Residence
Price Type --
FULLY Furnished Beautiful and PRIVATE location in Trailhead at Torreon, this custom-built residence promises an unparalleled living experience. Spanning a generous 4000+ square feet on a .62 acre lot, the home boasts four bedrooms and 4.5 baths, each designed with comfort in mind. The heart of the home is the open great room with HUGE windows, bathed in natural light from expansive windows that offer views of the majestic pines. An elegant rock fireplace stands ready to warm chilly evenings, while the flowing hardwood floors add a touch of sophistication. The built-in entertainment center and formal dining area are perfect for hosting, complemented by an oversized granite island. READ MORE Culinary enthusiasts will delight in the chef's kitchen, equipped with top-of-the-line stainless appliances. The opulence extends to the large master suite, featuring a soaker tub, tiled shower, and spacious walk-in closet. A second master suite provides additional luxury, and guests are accommodated with ample bedroom space and private bathroom. Entertainment options abound with a finished basement that includes a Rec Room with a bathroom of over 1,000 sq ft, leading out to an impressive 2,000 sq ft of outdoor decking. Here, a 6-person hot tub and gas firepit create the perfect ambiance for relaxation or social gatherings. There is an upper deck off of the guest bedroom for extreme enjoyment! This exquisitely fully furnished home is ready for you - just bring your toothbrush. The seller is taking their art and decor, so you can accessorize it to your taste. This home is TOP of the line - no detail untouched. Come feel the magic! This home has never been rented - it has extreme pride of ownership. Sellers have added a beautiful paver driveway and back paver area with a natural gas fireplace for enchanting evening under the stars. Furnishings are included; NO artwork, decor, or lamps to Convey - NOTHING in the garage conveys. Don't miss this piece of MAGIC. The community of Torreon has it ALL. Imagine breathing in the crisp mountain air while enjoying the 36 hole championship golf course, swimming pool, work out facility, tennis, volleyball, basketball, outdoor amphitheater and an equestrian center! In addition, Torreon has a 10 acre family center that will appear magical to the kids with games and crafts galore, plus a fishing pond for catch and release, plus childcare options. In addition to all that Torreon has to offer, the White Mountains has even more! Fools Hollow lake is just a short distance away. Imagine living in the White Mountains of Arizona where you have 4 beautiful seasons and where you can breathe in the fresh mountain air and enjoy the 40 lakes and over 600 miles of rivers and streams. In addition to the amazing fishing, this area has one of the most extensive trail systems in the southwest for hiking, biking, horseback riding, quadding and more. Sunrise Ski Resort is also just 60 minutes away with 3 beautiful mountains to ski, snow board or sled. If shopping is your interest, you will love the antique stores and the multitude of arts and craft shows that happen in the summer. The music festivals have something to fit everyone's enjoyment. Do you love to golf? There are 7 amazing golf courses, 3 that are public. The White Mountains, where this home/cabin is the best kept secret of Arizona! Come and explore and enhance your living! Pinetop-Lakeside AREA was also voted 'Best Cabin Region in the U.S... Embrace the MAGIC!

29227 N 97th Street Scottsdale, AZ 85262

$1,275,000
3 Beds
2 Baths
2,439 SqFt
Status Active Under Contract
MLS # 6783747
Property Type Single Family Residence
Price Type --
Surrounded by boulders carefully balancing atop one another, this exquisite 3 bed/2 bath TW Lewis single-level home offers a dramatic backyard paired with rare privacy in Scottsdale's prestigious Troon North neighborhood. With soaring ceilings and an open floor greatroom plan, this 'Balancing Rock' home is designed for comfort and elegance while framed by the most unique Sonoran desert landscape. The gourmet kitchen features stainless steel appliances, double ovens, exceptional storage and a large island with seating, all complemented by Brazilian granite countertops and custom cabinetry. The spacious living room includes a built-in entertainment center and a cozy fireplace, perfect for relaxing or entertaining. Primary suite offers vaulted ceilings, a private exit to the backyard, and a spa-like en-suite with a custom walk-in shower, dual vanities, and a luxurious walk-in closet. Two additional guest bedrooms share an updated bath with granite countertops and custom finishes. The resort-style backyard is a true highlight, with an extended covered patio, pebble-finish pool and waterfall, all surrounded by stunning boulder formations for ultimate privacy. Those with a green thumb will appreciate the raised beds strategically placed for a flourishing garden. An oversized 3-car garage with built-in storage adds convenience. Located near the world-class Troon North Golf Club, Estancia and numerous golf clubs, this home is minutes from dining, shopping, and scenic outdoor activities. North Scottsdale's best hiking and biking trails within walking distance. This is where the good life is lived!

3939 S Veronica Lane Gold Canyon, AZ 85118

$1,275,000
4 Beds
3 Baths
2,989 SqFt
Status Active
MLS # 6759829
Property Type Single Family Residence
Price Type --
Welcome to Montana Dorada, the best kept secret in Gold Canyon Arizona. This single level home is part of an exclusive Modern Farm Desert Collection. Offering paved roads and iconic views of the Superstition Mountains. Over 5000 sf under roof and 2989 livable. Large patios in both the front and back. Complete with 4 bedrooms, 3 bathrooms, large island, beverage bar, and a butler's pantry. Sitting on almost a 16,000-sf lot complimented by an amazing view of the 9th hole at Dinasaur Mountain Golf Course. This split floorplan offers a large owners' suite and private entrance to an oversized covered patio. Guests can enjoy a beautiful ensuite with a private entry complete with a beautiful view of the golf course pond and 9th hole putting green. Designed with earthy organic neutral accents. Enjoy the beautiful pond and golf course views from the large glass sliding backdoor, owner's suite, guest suite, and even the kitchen island. The neutral earthy design throughout featuring wood, gold, copper, and black accents were inspired by the Arizona Desert and were carefully chosen to suit any style. The large yard is a perfect place to design a backyard oasis with some of the most sensational views in Arizona. The developers are offering a $25,000 buyers credit for rate buy down and custom master closet build out. The boutique community of Montana Dorada is situated perfectly in Gold Canyon. With hilly paved roads and quick access to the 60 freeway. Enjoy unparalleled views of the majestic Arizona mountains, sensational sunrise, and sunsets, combined with timeless modern living.

11705 W Red Hawk Drive Peoria, AZ 85383

$1,275,000
3 Beds
3 Baths
2,882 SqFt
Status Active
MLS # 6778407
Property Type Single Family Residence
Price Type --
This stunning, heavily upgraded Toll Brothers Blackstone Collection home is located in a guard gated community and minutes to Blackstone Country Club. The Spanish contemporary style, one-level home is in immaculate condition and is at the end of a private cul-de-sac. Featuring 3 bedrooms with a flex 4th bedroom option. The gourmet kitchen includes floor-to-ceiling cabinetry, high-end Kitchen Aid appliances and a large island counter. Elegance is redefined with a spacious master bedroom retreat with a super-sized shower and double closets. The great room includes a gas fireplace and a 15ft pocket slider door that opens up to a gorgeous resort style pool surrounded by lush landscaping and a brick pizza oven - so get ready to hone your Neapolitan pizza making skills. Your dream home awaits! Full upgrades include: Resort style pool, water softener/filtration system (Kinetico), wood shutters, fireplace stone, artificial turf (front and backyard), outdoor built-in BBQ and brick pizza oven, Tesla solar, Tesla charging station, irrigation, and much more.

103 W Tanya Road Phoenix, AZ 85086

$1,275,000
4 Beds
3.5 Baths
2,650 SqFt
Status Active
MLS # 6778446
Property Type Single Family Residence
Price Type --
Rare opportunity for a custom built home in Desert Hills! With 1.25 usable flat acreage, this home has been beautifully remodeled with over $150k in upgrades in the last 12 months, including a new water heater, new windows and new AC's. The large open floor plan features a spacious kitchen with an oversized island with room for seating, marble countertops and knotty alder cabinets. The split Master suite has a huge walk in closet, double sinks, walk-in shower, and french doors to the back patio. The extensive fully enclosed backyard has a wrap around covered patio, sparkling pool with limestone/travertine decking, 2 sheds, and an outdoor kitchen. Custom security doors and custom RV gate. Multiple hook ups for your toys, with a 50amp, 30 amp and oversized 3 and a half car garage

25824 S 194th Street Queen Creek, AZ 85142

$1,275,000
5 Beds
3.5 Baths
3,158 SqFt
Status Active
MLS # 6780857
Property Type Single Family Residence
Price Type --
Country living at its best on the Gilbert/Queen Creek border*Incredible custom home on a 1.18 acres. County island lot. NO HOA*RV gate and plenty of space for a future workshop/RV garage/ADU....options are endless*Beautifully landscaped yard featuring a resort style pool with slide, grotto, spill over spa, outdoor kitchen, huge covered patio for outdoor living, Turf landscaping that includes your own putting green! Remodeled gourmet kitchen offers stainless steel appliances, white shaker cabs, quartz c-tops, pantry, and an island*Formal dining room, office, and a spacious great room perfect for entertaining. Close to highly rated schools, shopping, restaurants, and entertainment.

12243 N 58th Street Scottsdale, AZ 85254

$1,275,000
4 Beds
2 Baths
2,134 SqFt
Status Active
MLS # 6786494
Property Type Single Family Residence
Price Type --
Just WOW! Prepare to be captivated by this absolute beauty & mesmerizing attention to detail this masterpiece showcases! It displays a lovely curb appeal highlighted by a 2-car side garage, and an oversized RV storage area for your toys. Meticulously maintained interior with clean lines promotes a modern feel & elegance. Bright living room beckons you to unwind, while the dining area, equipped with a delightful fireplace, is ideal for hosting special occasions. At the heart of the home lies the gourmet kitchen, thoughtfully designed with plenty of white cabinets & cupboards, granite counters, a breakfast bar, subway tile backsplash, and top-of-the-range stainless steel appliances. Split Floorplan with large owner's retreat is a sanctuary boasting direct outdoor access and an ensuite. GREAT LOCATION, NEAR SHOPPING, RESTAURANTS, GOLF COURSES, CASINO, HOSPITALS, AIRPORTS, 51 AND 101, PARKS AND MUCH MORE!!!

4226 E Coconino Place Chandler, AZ 85249

$1,275,000
5 Beds
4.5 Baths
3,891 SqFt
Status Active
MLS # 6742096
Property Type Single Family Residence
Price Type --
Welcome to 4226 East Coconino Place, nestled in the sought-after gated Canopy community in Chandler. As you enter this Tri Pointe neighborhood, you're greeted by the peaceful ambiance of lush greenery, expansive outdoor spaces, oversized ramadas, playground, built-in barbecues, a cozy fireplace, and comfortable seating. Residents can even reserve raised garden beds to grow their own vegetables! This upgraded home features 5 bedrooms, 4.5 baths, and a versatile flex room, offering everything you could want. Upon entry, you'll be impressed by the 10-foot ceilings and the 12-foot panoramic Arcadia door that frames a stunning view of the backyard. The Pebble Tech heated pool includes a Baja deck and built-in spa, while the backyard is elegantly designed with travertine, artificial turf line the backyard for a clean and sheik appearance. Relax in your own retreat with the extended 5' covered patio, built in BBQ with cooler, fridge and waste compartment. The kitchen is perfect for entertainment with an oversized island, double ovens, 36 gas cooktop, vented hood and spacious walk-in pantry. A clean modern look is presented with warm frosted Harbor Kitchen 42 upper cabinets, black hardware and granite countertops. Downstairs you'll find one of the two en-suite bedrooms which is split from the other bedrooms, making it a perfect guest retreat. Secondary en-suite is located upstairs. The laundry room is conveniently upstairs with additional bedrooms and provides ample storage with additional cabinets and shelving. The flex-room/loft includes barn door allowing for privacy. Oversized 4 car tandem garage has 10' ceilings, allowing for the perfect place to park your vehicles and toys! Tankless gas water heater, owned water softener, and RO system. 8x40 wood-like tile throughout main living areas downstairs and 2 blinds throughout. Primary bedroom and family room are oversized with 5' extension. Meticulously cared for by its original owners. This home boasts true pride of ownership. It's true resort style living! A must see today!!

7760 E Carefree Drive Carefree, AZ 85377

$1,275,000
3 Beds
3 Baths
3,052 SqFt
Status Active
MLS # 6704258
Property Type Single Family Residence
Price Type --
Perfect Carefree home on a large interior corner lot with private back yard, views of Black Mountain and a large multi-level patio / pool area. Solid block construction on this Single Level light and airy updated home. Nicely appointed interior with kitchen and baths updated in 2015. New floors and paint throughout (2024). Kitchen has Granite Counter Tops, Undermount Chef's sink, Stainless Steel Dual Ovens and electric cooktop. Two large en-suite bedrooms, plus a third guest room. Spacious area off of kitchen can be used as a den or sitting area. Large pool recently updated and resurfaced with pebble tec. Quiet neighborhood is only ½ mile from town with easy access to grocery stores, restaurants, golf, and hiking trails.