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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11119 W Mountain View Road Sun City, AZ 85351

$1,200,000 - 3Br/3Ba -  for Sale in Rancho Estates, Sun City
New
$1,200,000
3 Beds
3 Baths
2,980 SqFt
Status Active
MLS # 6782581
Property Type Single Family Residence
Price Type --
One Of A Kind new build, 2023 custom home on acre plot with fantastic 2,000 sq. ft. separate garage. Also extra 1,300 sq. ft. attached garage. This stunning home with vaulted, beamed, tongue and groove ceilings from inside to outside is full of high-end special features. The owners were building their dream home, so no expense was spared. The front exterior presents a grand impression with a large welcoming vaulted front porch with huge rustic beams overhead and handsome classic tile underfoot. The front of this home is like no other with a dramatic 21 ft. expanse of iron and glass that includes stately double doors that offer a 7ft. wide opening. The back of the house is just as impressive with an extensive 30ft. wide multi-telescoping doors to bring the outside in and enhance entertaining events. The home was designed with the perfect blend of rustic and modern elements to provide both an elegant yet comfortable atmosphere. The European style kitchen was planned with entertaining in mind. The sparkling waterfall island is a massive 13ft. long by 5 ft. wide and has outlets. There is more than enough storage offered by lots of glossy white Thomasville units that include many deep drawers. Appliances are all bespoke white glass fronted Samsung. All surfaces are glittery white quartz and backsplash is modern white glass/mirror tile. Oversize 24 by 48 porcelain tile flows seamlessly throughout entire home and continues outside to both large back patios. There are three bedrooms, two of which have en suites. The main master bathroom has a vaulted tongue and groove ceiling and extra large walk-in closet. The bathroom includes custom artistic mosaic limestone tile with colorful, iridescent glass embedded for a kaleidoscope effect. The walk-in shower is large with two showerheads, one being an overhead rain spray. The main bathroom is equally lovely with custom tile on the walls and an elegant freestanding slipper style tub. Other features include oversize ceiling fans, lots of recessed lighting everywhere, inside and outside. Lights can be turned on and off from either side of rooms. The laundry room includes the latest Samsung washer and dryer. The list goes on and on and unlike a remodel everything in here had to meet strict building codes of 2023. This impressive home is really like no other so don't hesitate to see it for yourself.

8502 W Cavalier Drive Glendale, AZ 85305

$1,200,000
4 Beds
2 Baths
2,600 SqFt
Status Active
MLS # 6727787
Property Type Single Family Residence
Price Type --
Country living at its finest & located in the heart of Glendale! RV GARAGE&SHOP This home offers you 4 bedrooms + office,2 bathrooms, formal living area, huge laundry room, spacious family room with fireplace, upgraded kitchen w/island & dual ovens, tiled floors, & huge pantry. Outside you can enjoy the glassed in AZ room, hard to find diving pool & gazebo. The detached RV garage is 80x24 approx. , can fit 6 cars, roll down doors & has its own bathroom. Perfect for your toys, workshop or a future guest house. Neatr HEROES PARK, dead end street, slump block construction, mature shade trees, & extra covered area *shed in back All this & close to shopping, restaurants, schools, parks, Cardinals Stadium & Westgate entertainment district. A must see home!

5605 W Darius Circle Prescott, AZ 86305

$1,200,000
4 Beds
4 Baths
5,539 SqFt
Status Active
MLS # 6775543
Property Type Single Family Residence
Price Type --
This luxury home in Whispering Canyon is the epitome of elegance, combining masterful craftsmanship with stunning design and sweeping views of Granite Mountain. Thoughtfully designed for both entertaining and everyday living, this custom-built residence offers main-level living with an open, light-filled great room floor plan. The chef's kitchen is truly a culinary masterpiece, featuring a 6-burner gas range with dual ovens, a butcher block island, walk-in pantry, and an adjoining wine room/butler's pantry. Throughout the home, you'll find exquisite details such as hand-scraped walnut flooring, custom alder cabinetry, stone accents, and intricate built-ins. The dining room is a showstopper with its beamed, tongue and groove ceiling, accented by illuminated rock features. Assumable loan. The spacious master suite offers luxurious touches, including a two-sided gas fireplace, double-tier tray ceiling, and a travertine bathroom. A rich wood tray ceiling and built-ins make the private office ideal for working from home. The upper-level covered Trex deck is perfect for outdoor entertaining, featuring a gas fireplace and built-in BBQ, all while enjoying panoramic mountain views. The lower level is a private retreat, complete with a kitchenette, bonus/media room, a large bedroom suite with a full bath and walk-in closet, and a family/game room with a dry barideal for multi-generational living or an in-law suite. Additional features include a versatile bonus/exercise/storage room, a workshop with both interior and exterior access, and a lower-level covered patio with faux grass and a partially fenced yard. With four fireplaces and an oversized 3-car garage, this home seamlessly blends luxury and functionality, offering the perfect lifestyle for those seeking both comfort and sophistication.

4755 S Pura Vida Way Gold Canyon, AZ 85118

$1,200,000
3 Beds
5 Baths
2,881 SqFt
Status Active
MLS # 6743975
Property Type Single Family Residence
Price Type --
Awe-inspiring residence nestled on a private cul-de-sac with stunning mountain views from every angle! Fall in love with the marvelous desert landscaping and ample courtyard for enjoying your morning coffee. The perfectly designed layout has formal dining, a semi-open den w/a built-in bookcase, and a bright living room w/a wood-burning fireplace. Cook like a chef in the eat-in kitchen showcasing an island w/breakfast bar, granite counters, SS appliances, a walk-in pantry, tile backsplash, and wood cabinets w/crown moulding. Retreat to the main bedroom to find a separate backyard access, a walk-in closet, and a spa-like ensuite. A jetted tub, two vanities, and a floor-to-ceiling tiled shower complete the main bathroom! The home also offers a dry bar for a wine area, a half bathroom w/vessel sink, and an attached casita. The casita includes a kitchenette, a spacious living area, a bedroom, and a lavish bathroom. Host fun gatherings in the paved backyard featuring a covered patio, a refreshing pool and spa combo, an outdoor shower, a charming balcony, and exquisite mountain views. See it, love it, live it!

19032 E Alondra Way Rio Verde, AZ 85263

$1,200,000
4 Beds
2.5 Baths
2,857 SqFt
Status Active
MLS # 6769061
Property Type Single Family Residence
Price Type --
Majestic views - Four Peaks Mountain area, butting up to Tonto National Forest - North/South lot! Totally renovated and move-in ready! Two garage plus golf cart space. Four bedrooms (option for office/den/study/recreation rooms), 2.5 baths, open floor plan; entertainer's home and backyard. Welcoming entrance to this lovely home. Paved walkway to secluded courtyard area with seating space and walled water and plant feature. Stunning open floor plan with beamed ceilings and new glass sliding doors for the spectacular views and great backyard. Great room has corner fireplace. Formal dining area and morning room off kitchen. Kitchen has SS appliances. Beautiful stone on island, counters and backsplash. Island has contrasting cabinetry to pristine light perimeter cabinetry. MORE: Charming window over sink for outdoor views. Primary bedroom is spacious with coffered ceiling and lots of windows with plantation shutters. Double doors into bedroom and into primary bath area. Bath has double sink vanity, custom designed tiling in large walk-in shower with bench, separate toilet area with stained glass window. Second bedroom has ample space, view to courtyard area and bathroom with double sink vanity and tub/shower combination. Third bedroom can be used as office/den/recreation room. Built-in shelving and cabinetry. Fourth bedroom also has option for office/den/rec room and has built-in desk and shelving units. Powder room is off entrance and fourth bedroom. Has single vanity with stoned counter. Laundry room is conveniently located and has cabinetry, counter space and sink. Backyard paradise: oversized covered and tiled patio, pool with surrounding tiling, corner fireplace area with seating, mature fruit trees and manicured landscaping. Plus 55 community with golf course and country club. A jewel of a home with such breath-taking views! Make it yours!

5455 E Lincoln Drive Unit 2019 Paradise Valley, AZ 85253

$1,200,000
-- Bed
1 Bath
1,005 SqFt
Status Active
MLS # 6757668
Property Type Apartment
Price Type --
Beautiful Views, Great location - perfect lock and leave property! Mountain Shadows Resort Condominiums invites you to experience an exclusive lifestyle. Situated below Camelback Mountain as a breathtaking backdrop, the community features 41 condominiums and lofts that seamlessly blend comfort and luxury. Enjoy a serene Paradise Valley setting and full privileges at Mountain Shadows resort. Pricing includes furnishings, fixtures and equipment. All furnished units are eligible to participate in the rental program for the Resort!

3348 E Eva Street Phoenix, AZ 85028

$1,200,000
4 Beds
2 Baths
2,597 SqFt
Status Active
MLS # 6767179
Property Type Single Family Residence
Price Type --
This lovely contemporary ranch style home facing the Preserve on quiet Eva St is just steps from Trail 100. NO HOA. The landscaped backyard features a spacious covered patio including covered decking over inground pool for comfortable outdoor living and entertaining. Enter through custom steel doors to travertine floors, formal living room with mountain views, dining room with abundant built-in cabinetry, kitchen with granite countertops opening to the family room; en-suite master bedroom with 2 walk-in closets with skylight; jetted tub, walk-in shower with 2 showerheads; double sinks; privacy half wall for commode; 3 additional bedrooms; one currentlyt an office with built-in cabinetry and desks; laundry room with abundant cabinetry; bar sink; solar panels (owned) keep costs low; built-in garage cabinets; electric garage door opener; soft water (owned); drink water filtering system; glass top electric range with double ovens; 2 water heaters (master bedroom has a separate water heater); circular drive-way with pavers; solar panels (owned); well maintained home with multiple upgrades. Wonderful neighborhood with easy access to services; Hwy 51; the Phoenix Mountain Preserve; 32nd St and Shea and not far from Tatum shopping areas.

21864 E Sunset Drive Queen Creek, AZ 85142

$1,200,000
5 Beds
4.5 Baths
3,203 SqFt
Status Active
MLS # 6760441
Property Type Single Family Residence
Price Type --
Welcome to 21864 E Sunset Dr, a stunning home in the heart of Queen Creek! This beautifully maintained property boasts 5 bedrooms, 4 1/2 baths, separate den, spacious living areas, and a kitchen perfect for entertaining. Enjoy3 the Arizona sunsets from your private backyard oasis, complete with covered patio, natural gas outdoor bbq and a beautiful pool. Located in a quiet, friendly neighborhood, this home offers easy access to parks, shopping, dining, and top-rated schools. Don't miss the opportunity to make this house your home.

42217 N Astoria Way Anthem, AZ 85086

$1,200,000
3 Beds
3.5 Baths
3,144 SqFt
Status Active
MLS # 6761159
Property Type Single Family Residence
Price Type --
$12,500 TOWARDS MTG RATE BUYDOWN OR CLOSING COSTS! On Persimmon hole #14. Golf & mt views. Featuring 3 bedrooms & large cabana w/full bath & walk-in closet. EASY CONVERSION OF OFFICE TO 4TH BEDROOM. Gas stove, ample cupboard & counter space. Walk in pantry. Oversized primary bedroom w/Classy Closet. HIS/HER vanities. Large laundry ROOM. East windows w/remote shade operations. NEW 2018 A/Cs & ROOF underlayment. Fresh interior paint. Hard wired burglary & fire alarms. A/C in 3RD GARAGE. All lights low power LED. 1 owner, no smoking, no pets. Anthem amenities are outstanding & multi-generational. Golf course & community allow private golf carts! 2 of everything, golf courses, tennis, club houses, restaurants, pools, fitness centers, just 2 much fun! Plus pickleball & bocce ball.

2204 N Maple Avenue Huachuca City, AZ 85616

$1,200,000
6 Beds
6 Baths
7,154 SqFt
Status Active
MLS # 6762067
Property Type Single Family Residence
Price Type --
Absolutely stunning property! Live in all or part with CUP create an income property. Perfect for events. Manicured gardens surround the impressive two-story main house, which boasts over 5100 sq ft and a grand entryway. Generously appointed rooms, exude a sense of grandeur in this upscale estate. Equally remarkable is the guest house, over 3,000 sq ft of inviting space. Additionally, there's a versatile multi-use pavilion spanning nearly 1500 sq ft for a game room, home theater, event reception area, or even a second guest quarters—endless possibilities await! The property also features a pool house, greenhouse, and utility/gym room. Enjoy the expansive 1220 sq ft workshop/garage, along with a large, three-sided covered carport for vehicle/equip. storage & potential ample event parking.

230 S Val Vista Road Apache Junction, AZ 85119

$1,200,000
3 Beds
4 Baths
2,452 SqFt
Status Active
MLS # 6768841
Property Type Single Family Residence
Price Type --
This stunning territorial-style home offers breathtaking panoramic views of the Superstition Mountains and features a beautifully designed, easy care desert landscape, inspired by the Boyce Thompson Arboretum. This very private property, bounded by stucco walls and botanic byways, includes 3 bedrooms and 3.5 baths, with tall beamed ceilings and walls of windows to take in the unforgettable views, along with a detached guest casita. There is a spacious 2,000 sq ft RV garage with a car lift and two air-conditioned offices, ideal for remote work, a home-based business or an artist's studio space. Enjoy year-round resort living with a heated pool and spa. Situated on 1.3 acres, the home features multiple gated, verdant, shaded courtyards, outdoor living spaces perfect for alfresco entertaining, all with their own outstanding views of the surrounding desert. Don't miss out on this incredible desert oasis!

15576 W Dale Lane Surprise, AZ 85387

$1,200,000
4 Beds
3 Baths
2,691 SqFt
Status Active
MLS # 6767114
Property Type Single Family Residence
Price Type --
2.5+ ACRES!!! Don't miss out on Dale Ln! This beautiful, expansive 2.5+ acre horse property with a wonderfully updated open floor plan home is not to be missed. The only one of its kind in the area, this 4 bed, 3 bath home features and updated, open living kitchen, and resort style backyard unlike anything in the area. Talk about serene, quiet, unbeatable sunsets, and an entertainers dream of a back yard, relax in your casita style pool house, turn on the outdoor fire features, and go for a swim in your private pool. If that wasn't enough, take your horses out in either of the two horse arenas, enjoy your 3 car garage and 2 RV Hookups, ready to fit any and all toys on the property. Don't miss out on owning one of the only available properties in the entire area!