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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3182 Rising Sun Ridge Wickenburg, AZ 85390

$1,249,000 - 3Br/4Ba -  for Sale in Wickenburg Ranch, Wickenburg
Open House
$1,249,000
3 Beds
3.5 Baths
2,724 SqFt
Status Active
MLS # 6739253
Property Type Single Family Residence
Price Type --
This beautiful Latigo model home has everything to offer. It starts with a beautiful court yard featuring a wood burning fireplace and separate Casita. The inside of this home has numerous upgrades including stunning granite counters, Split Primary Vanities, Separate Tub/Shower and 2 walk in closets, 2 guest ensuites, powder room, den and accent ceiling beams. Even with all the interior upgrades there are even more out back! The 500 sq ft patio has electric shades to enclose the area giving you a secluded out door space. This stunning lot sit on Hole 4 of the Championship course with fairway and water views. Come see your dream home, and I mean DREAM home. Look for additional pictures coming soon.

24282 S 219th Street Queen Creek, AZ 85142

$1,249,000 - 4Br/3Ba -  for Sale in Caleda By Toll Brothers, Queen Creek
Open House
$1,249,000
4 Beds
2.5 Baths
3,196 SqFt
Status Active
MLS # 6763519
Property Type Single Family Residence
Price Type --
Welcome to Caleda by Toll Brothers, an exclusive gated enclave nestled in the heart of Queen Creek. This stunning 2022-built residence is a testament to luxury living and effortless entertaining. Perfectly situated in one of the area's most desirable communities, this home is just moments away from the region's best attractions—Schnepf Farms, the Queen Creek Olive Mill, Queen Creek Marketplace, the renowned Horseshoe Park and Equestrian Centre. Dine at local favorites like Caldwell County BBQ, San Tan Flat or your choice of many nearby restaurants. As you approach this beautifully designed home, the impressive entry beckons, welcoming you into an entertainer's dream. This is the perfect home for hosting unforgettable holidays, milestone celebrations, and intimate gatherings Inside, expansive stackable sliding doors in the kitchen, great room, and owner's suite blend indoor and outdoor living seamlessly. The gourmet kitchen boasts a stunning quartz waterfall island and an oversized refrigerator, creating the perfect space for culinary creations and casual dining alike. Elevate your home experience with a professionally installed home automation and theater system by iDesign, providing entertainment at your fingertips. Step outside to a backyard paradise, where every element has been meticulously crafted for relaxation and fun. Enjoy the warmth of the outdoor fireplace, complete with a TV and speakers for watching your favorite shows while lounging in the Arizona room. The sparkling pool and surrounding artificial turf, designed by Creative Environments, provide an oasis-like atmosphere, while the natural gas fire pit is perfect for cozy nights under the stars. With gas plumbing ready for your future outdoor kitchen, this space is primed for endless gatherings. The luxurious owner's suite offers a walk-through to the laundry from the master bath for ultimate convenience, while designer touches and thoughtful details can be found throughout the home. Large sliding doors feature professionally installed heat and sun-blocking drapery to keep the interior comfortable year-round. Even your pets have their own dedicated space with an artificial pet turf area. Located directly across from the community park and with easy access to the newly paved Queen Creek Wash trail, this home offers the perfect balance of private luxury and social connection within the exclusive Caleda community. Your dream home awaitswhere comfort, style, and entertainment meet in the heart of Queen Creek.

9916 N 162nd Lane Waddell, AZ 85355

$1,249,000 - 4Br/4Ba -  for Sale in Twelve Oaks Estates, Waddell
Open House
$1,249,000
4 Beds
4 Baths
3,601 SqFt
Status Active
MLS # 6769374
Property Type Single Family Residence
Price Type --
*Seller financing available* Welcome to Twelve Oaks Estates! Nestled on almost an acre of land in Waddell, this high-end custom masterpiece offers unparalleled luxury living with breathtaking mountain views and all the city conveniences close by. Interior Features: Open concept living adorned with exquisite lighting, travertine tile, and 12' ceilings. Stone accents throughout, complementing the travertine tile. Formal dining room and glass French-door enclosed office. Chef's kitchen: Expansive granite island with storage and seating. Top-of-the-line natural gas Viking stove. Custom hickory cabinetry. North wing: Two spacious bedrooms. Each with their own bathroom sinks. Shared Jack and Jill restroom. South wing: Primary bedroom with high ceilings. Sliding glass doors leading to a private outdoor oasis. Spa-like suite with a luxurious jetted tub. Expansive walk-in closet with custom cabinetry. Large laundry room with abundant storage, hickory cabinetry, wash basin, and 2nd refrigerator. Family room with 12' ceilings, gas fireplace hickory mantel, 5-channel built-in speakers, and acoustic panels. Guest casita with separate entrance: Granite counter and hickory cabinet kitchenette with refrigerator and convection microwave. Full bathroom. Sound insulated from the rest of home. Ethernet connections wired throughout the home and detached garage. Central vacuum, soft water, hardwired security system, and exterior cameras. Exterior Features: Resort-style backyard. Expansive patio with sunset views over the White Tank Mountains. Mature palms and trees provide beautiful views, shade, and privacy. Custom motorized retractable awnings providing 28'x11' of shade over pool deck. Large pool with water features for entertaining and hot summer evenings. Pre-wired for outdoor speakers. Outdoor kitchen is shaded by Sunbrella awning, complete with bar-top seating area, built-in 5-burner grill, Alfresco power burner, ice drawer, gabage, and storage drawer. Two wood fire pits and shaded built-in seating area. Artificial turf and pavers. Space for a dirt riding track or future sports court. Huge RV garage: 46' deep RV storage with 14'x14' insulated garage door. Additional 16'x9' insulated garage door. 150-amp service panel with ample 120/240v circuits both inside/out. High output lighting, ceiling fans, and exhaust fan. 3-zone mini-split air conditioning. Dedicated bathroom, shop sink, and water outlets. Parking for at least six cars. Optional high-end Rotary 2-post lift for sale. 2x6 full shear construction, R-23 insulation, and pneumatic lines plumbed throughout. 6+ inch thick, 4000psi, rebar enforced slab. Additional 200 square feet in the loft featuring wood flooring and custom butcher-block workspace. Room to park multiple additional cars/trailers on either side of RV garage and on over 3000 sqft of pavers in backyard. Attached garage at the main residence (over 1,300 square feet): Optional 2-post lift available. 50-amp welding / EV circuit. Built-in storage cabinets, sink, and epoxy floor. This no-expense spared property is perfect for all with those that appreciate luxury living, entertaining guests, outdoor living, swimming, cooking, and motorsports/mechanics. This property has it all, offering an automotive garage/car workshop, with oversized parking and large garage spaces to meet all your needs, including accommodating a mega RV. Don't miss your chance to own this exceptional property in one of Waddell's most prestigious neighborhoods!

32619 N 64th Street Cave Creek, AZ 85331

$1,248,000
4 Beds
3 Baths
3,281 SqFt
Status Active
MLS # 6769292
Property Type Single Family Residence
Price Type --
Nestled on over an acre of serene land with breathtaking mountain views, this stunning 4-bedroom, 3-bathroom home offers the perfect blend of privacy and natural beauty. Enjoy spacious living in a peaceful setting, free from the restrictions of an HOA. Whether you're relaxing in the open living spaces or taking in the scenic views from the large outdoor area, this home provides the ideal retreat. Perfect for those seeking tranquility, room to grow, and a connection to nature, all within easy reach of modern conveniences. Don't miss this rare opportunity!

9845 E Inglewood Street Mesa, AZ 85207

$1,248,000
5 Beds
3.5 Baths
4,289 SqFt
Status Active
MLS # 6750670
Property Type Single Family Residence
Price Type --
Dream home in gated community of Whisper Mountain! Extraordinary 5-bedroom basement home boasts panoramic mountain views on a huge lot. Resort style property includes a beautiful play pool with built in hot tub, large putting green, RV gate, 3-car garage, and courtyard. Large formal living, dining, and great room on the main floor make entertaining a breeze. Gourmet kitchen is well appointed with Jenn-Air appliances, walk in pantry, granite countertops, large island with bar and an eat in kitchen. Beautiful primary room with large ensuite and direct backyard access offers picturesque desert views. The basement offers extra room for the family with an additional family room with bar, two bedrooms, and a full bath. Motivated sellers w/ concessions available for rate buy down or updating! A finished basement offers a wet bar and space for a media center. Outdoors, enjoy a covered patio, built-in BBQ, fire pit, pool, spa, and stunning mountain views. This home is a haven that won't disappoint. Make it yours today!

5046 E Redfield Road Scottsdale, AZ 85254

$1,247,500
4 Beds
2.5 Baths
3,213 SqFt
Status Active Under Contract
MLS # 6759883
Property Type Single Family Residence
Price Type --
** REFRESHED PRICE, PACKED WITH VALUE, and TURN KEY - SELLER IS EXCITED TO ENTERTAIN YOUR OFFER and SAYS LET'S TALK ** This GRAND ESTATE is positioned in one of the most highly sought after areas, exquisitely designed, boasts superlative features, upgrades, and updates including, but not limited to NEWER HVAC UNITS, NEW WATER HEATER, NEWER ROOF, and NEW WINDOWS! And if all of THAT isn't enough, the FIRST FLOOR MASTER ENSUITE w/separate sitting area, exquisite tiled FIREPLACE anchored by plantation shuttered side windows, walk-in closet, barn door, large dual vanity & over sized custom walk-in shower w/dual heads, and private exit to your backyard SPA beckons rest and relaxation ... ... while upstairs the 3 oversized Guest Bdrms, 1 beautiful Guest Bath w/dual vanities, and a MASSIVE BONUS /FLEX ROOM (possible 5th Bdrm?) affords room for ALL. Are you the cook in the family? If so, you'll LOVE THE WELL APPOINTED CHEF's kitchen w/quartz counters, RO system, waterfall edge island/bar, newer SS appliances, soft close cabinets, and farmhouse sink overlooks the oversized backyard with several sitting spaces for outdoor enjoyment, a remodeled diving pool, easy care turf, and custom SPA (can you hear the music?). This true OPEN CONCEPT living enjoys easy care wood plank tile and movement flows effortlessly from Entrance to Living and Dining areas, and into the KITCHEN to FAMILY ROOM that features its FIREPLACE that exudes mediterranean style custom tile work, AND separate WET WINE BAR.

17755 E Cindercone Road Rio Verde, AZ 85263

$1,245,000
2 Beds
3 Baths
2,441 SqFt
Status Active
MLS # 6756870
Property Type Single Family Residence
Price Type --
Welcome to your Oasis in Trilogy at Verde River. Experience luxury resort living in this spacious open floor plan that offers 2 bedrooms plus den. You will find many distinctive features such as custom built-ins in den, stunning stone wall with fireplace in great room, motorized roller shades, upgraded flooring throughout and an abundance of natural light. Gourmet kitchen with Monogram appliances. Sliding wall of glass opens to captivating pool with water falls, spa, raised seating area with fire pit, and built in BBQ. Your private sanctuary backs to open natural space where wildlife is often seen. The primary suite features custom barn door leading to the spa like bath and generous walk in closet. 4 bay extended garage, custom overhead storage, EV charging capability and so much more.

18112 N 66th Place Phoenix, AZ 85054

$1,245,000
4 Beds
3.5 Baths
2,774 SqFt
Status Active
MLS # 6744507
Property Type Single Family Residence
Price Type --
Exceptional opportunity to own a stunning residence in the highly sought-after Paradise Ridge gated community, located in north Phoenix, bordering Scottsdale. This premium view lot backs onto a serene natural desert open area, offering both privacy and breathtaking views. This meticulously designed home features state-of-the-art Smart Home technology that includes upgraded security features, interior lighting, landscape lighting, pool, air conditioning, and sound systems—all easily controlled at your fingertips. With over $100K in builder upgrades, no detail has been overlooked. The interior boasts gorgeous Herringbone wood/porcelain tile flooring throughout the downstairs, a spacious kitchen with a ''Classentino Marble'' backsplash, extended Quartz island, and ample light cabinetry. The large great room opens to a covered patio and pool area through expansive sliding doors, creating a seamless indoor-outdoor living experience. The owners have thoughtfully enclosed a previous side yard to add an additional 146 sq ft playroom/bonus room and an extra bathroom. Upstairs, you will find all the bedrooms, including an en-suite guest room, laundry, and an open loft. The owner's suite is a true retreat, featuring a light and bright bathroom with a separate shower and soaking tub, offering stunning sunset views over the open desert. The backyard is an entertainer's dream, complete with a custom pool and water feature, synthetic lawn with a sitting area, covered patio, and upgraded landscape lighting. The private backyard overlooks the desert and community walking path, providing a tranquil setting for relaxation and entertainment. Conveniently located near Desert Ridge, Mayo Hospital, Scottsdale Quarter, Kierland, Whole Foods, and Lifetime Fitness, this home is also within the rapidly expanding Biomedical Corridor and some of the top restaurants in Arizona.

7054 E Ingram Street Mesa, AZ 85207

$1,245,000
5 Beds
3 Baths
3,461 SqFt
Status Active
MLS # 6717770
Property Type Single Family Residence
Price Type --
Welcome to the charming, gated community of Annecy! This executive residence has Incredible curb appeal enhanced with paver steps, stone facade, lush landscaping and low maintenance artificial grass. The split floor plan is perfect for out of town guests or working from home. The open concept living area is perfect for gatherings and features custom built-in cabinetry. A stacked stoned wall is highlighted in the formal dining room. The gourmet kitchen features GE Monogram appliances, gas cooktop, double ovens, expansive island, large pantry, tile backsplash and pullouts. Unwind in the large Owner's Suite which includes dual sinks, tiled snail shower and Jacuzzi tub, complete with an upgraded custom closet from Classy Closets. The backyard is an entertainers dream! You will find a sparkling pool w/ travertine water feature, extended paver patio, artificial grass, fire pit, ramada w/ built-in BBQ and bar. Plenty of room to park your toys behind the RV gate and minutes to Usery Mountain and Saguaro Lake. Garage is pre-wired for an electric car with a 50AMP circuit and one garage is air conditioned for your comfort. This makes it a perfect man cave or workout area! Schedule a showing today of this beautiful property!

4602 E Oberlin Way Cave Creek, AZ 85331

$1,245,000
5 Beds
3.5 Baths
4,624 SqFt
Status Active
MLS # 6752881
Property Type Single Family Residence
Price Type --
MOTIVATED. BRING ALL OFFERS **SOLAR IS PAID IN FULL. Appraised at $1,250,000. Welcome to this luxurious 5-bedroom, 3.5-bathroom home in the exclusive gated community of Diamond Creek. This residence is a perfect blend of elegance & sustainability. Step inside to discover brand new hardwood oak floors and expansive, sun-filled living spaces featuring energy-efficient remote controlled solar shades. The gourmet kitchen is a chef's dream, equipped with high-end Wolf appliances, sleek new cabinetry, stunning quartz countertops, and an oversized island—ideal for hosting gatherings and holidays. For those who work remotely, a private office space behind double doors offers the perfect retreat. Guests will appreciate the downstairs suite with its own en-suite bathroom, providing comfort and priv The home also features an updated, sleek wet bar, a Sonos surround sound system, a beautiful pool and backyard with outdoor spaces designed for relaxation and entertainment. Each bedroom provides a retreat-like ambiance, with the master suite offering two walk-in closets, a fireplace, and a spa-like bathroom. A brand-new home theater system, complete with a 120-inch screen, projector, and cutting-edge sound system, promises an immersive cinematic experience right in the comfort of your own home. A state-of-the-art security system with three outdoor cameras ensures peace of mind, while three new AC units guarantee optimal climate control year-round. Energy efficiency is enhanced with new insulation, ductwork, and solar panels, significantly reducing energy costs. The updated laundry room is equipped with a new washer and dryer, designed with ample storage and functionality. The property is located in a secure, gated community, which also offers proximity to top-rated schools, fine dining, shopping, and recreational facilities. The new roof, installed in 2019, ensures the home's structural integrity and adds to its curb appeal. This home is a rare find that combines modern upgrades, sophisticated design, and advanced technology. Every detail has been meticulously accounted for to offer the highest level of comfort, efficiency, and style. With its prime location and numerous upgrades, this residence is more than just a home; it's a dream and the lifestyle that you have been searching for. Just appraised at value.

7607 E Turquoise Avenue Scottsdale, AZ 85258

$1,245,000
5 Beds
3 Baths
2,508 SqFt
Status Active
MLS # 6765578
Property Type Single Family Residence
Price Type --
Just reduced! Charming and bright 5-bedroom, 3-bathroom home nestled in a family-friendly neighborhood within the highly sought-after 3 C's school district. Perfect for entertaining or relaxing, the backyard features a sparkling pool with water feature and plenty of room for outdoor activities. Step inside and be greeted by skylights that fill the home with natural light. The versatile floor plan includes a bonus room—perfect for a home office, playroom, or gym—plus a cozy fireplace for those cooler Arizona nights. You'll love the breakfast room for casual meals, the formal dining room for special occasions, and the choice of both a family room and a formal living room for all your lounging needs. Located on a charming cul-de-sac lot, this home offers privacy and space, while still being close to all the best that Scottsdale has to offer - shopping, dining, golf, and more. Don't miss this opportunity to live in a prime location with top-rated schools.

5949 E Larkspur Drive Scottsdale, AZ 85254

$1,245,000 - 3Br/3Ba -  for Sale in Avant 1 Unit 4, Scottsdale
Open House
$1,245,000
3 Beds
2.5 Baths
2,558 SqFt
Status Active
MLS # 6747120
Property Type Single Family Residence
Price Type --
Discover the perfect blend of space, convenience, and modern luxury with this large corner lot located in one of the most sought-after areas. Nestled within the ''magic zip code,'' this property offers an unparalleled opportunity to live the resort-style lifestyle you've always dreamed of all with the peace of mind that comes from brand-new upgrades throughout. This property boasts an array of recent enhancements, including a **new roof** and **new AC system**, ensuring comfort and efficiency year-round. The **completely renovated bathrooms** add a touch of elegance and modern design, perfect for relaxing after a long day. The state-of-the-art **hybrid hot water heater** provides both energy savings and reliable hot water, while the **new filtration system** and ................. **water softener** offer pristine water quality for your household. The expansive lot and corner location ensures easy access and added privacy. Imagine owning you own private oasis including a sparkling pool, outdoor kitchen, lush citrus trees, RV Gate, framed detached structure and putting green while still having room to put you own stamp on.the possibilities are endless. Living here means more than just owning a property; it's about embracing a lifestyle. Enjoy the benefits of a prestigious neighborhood known for its top-rated schools, vibrant community, and proximity to shopping, dining, and entertainment. Plus, with nearby access to recreational amenities like golf courses, spas, and exclusive clubs, every day feels like a vacation. Don't miss out on this rare find in a location where properties like this are few and far between. Prime location is everything in one of you larges life investments.