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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15070 N Meander Mountain Way Prescott, AZ 86305

$1,199,000

3 Beds

3 Baths

3,318 SqFt

Status Active

MLS # 6780385

Property Type Single Family Residence

Price Type --

STUNNING, JUST COMPLETED custom home in the guard-gated community of Talking Rock Ranch in Prescott, AZ. This sophisticated, modern, contemporary home boasts an expansive 3,318 square feet of living space on 1 level, situated on a generous half-acre lot, offering ample room for relaxation and entertainment. The residence features four spacious bedrooms, including three luxurious main suites, each designed with an en-suite private bath. The fourth bedroom is designed as a dedicated home office, perfect for remote work or study. Additionally, a stylish half-bath powder room is conveniently located for guests. The owner's suite is a true retreat with a charming custom reading nook that overlooks a tranquil private yard. Throughout the home, you'll find exquisite high-quality, natural hardwood floors that enhance the elegance of the space, while two inviting fireplaces, one in the owner's suite and another in the expansive Great Room, add warmth and ambiance during cooler months. Living in Talking Rock Ranch comes with exceptional amenities, including membership opportunities to Talking Rock Golf Club, as well as fitness, fine dining, and so much more. With a mild, four-season climate, this home is a perfect choice for those seeking both luxury and a connection to nature.

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27814 N 15th Lane Phoenix, AZ 85085

$1,199,000

4 Beds

2.5 Baths

3,349 SqFt

Status Active Under Contract

MLS # 6762750

Property Type Single Family Residence

Price Type --

Stunning home in the gated Fireside at Norterra community! This property boasts tall ceilings, plantation shutters, trendy light fixtures, abundant natural light, and wood-look tile floors with soft carpet in the bedrooms. The formal dining room features wainscoting and a dry bar with a wine cooler. The open-concept living room is enhanced by exposed beams, surround sound, and a fireplace. The kitchen includes quartz countertops, a large island, herringbone tile backsplash, recessed lighting, and high-end stainless steel appliances. The backyard is a desert oasis with a pool, jacuzzi, built-in BBQ, pergola, and breathtaking Sonoran Desert Preserve views. Quintessential Arizona living! Fireside amenities: Community center w/ state of the art gym, pools, parks, tennis and more! For added versatility, you have a cozy den just off the front entry and a bonus room w/built-in desks. The spacious owner's suite includes a spotless bathroom with dual sinks, separate tub/shower, & a walk-in closet. Beyond the interiors, the RESORT-STYLE backyard holds its own charm! This space promises year-round enjoyment with a covered patio, artificial turf, well-laid travertine, fire pit, built-in BBQ under the Ramada, putting green, play area, and a sparkling pool & spa combo. NO neighbors behind! The fantastic mountain views provide an amazing backdrop to your living experience. See it! Love it! Live it!

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31715 N 47th Terrace Cave Creek, AZ 85331

$1,199,000

5 Beds

3.5 Baths

3,929 SqFt

Status Active Under Contract

MLS # 6753295

Property Type Single Family Residence

Price Type --

Need some room to spread out in gorgeous Cave Creek? This property has so many reasons to say YES to the address! Oversized (14,897 sq. ft) cul-de-sac lot, 5 bedrooms, 3.5 baths, loft, HEATED pool and spa added in 2020. Did we mention the 4 car garage? Fresh flooring, paint and majority of cabinets refinished, new LED lighting ,baseboards and door hardware in 2023. Huge island in the kitchen with storage galore! Head to the backyard and you will find an entertainers dream with a gas fireplace, built in BBQ and plenty of shade under the extended pergola. Brand new artificial turf installed 2024. Location, location, location. City of Phoenix services with a Cave Creek address. There are also a few restaurants, gyms and shops that are walkable from this property.

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1036 E San Miguel Avenue Phoenix, AZ 85014

$1,199,000

3 Beds

3 Baths

2,336 SqFt

Status Active Under Contract

MLS # 6778671

Property Type Single Family Residence

Price Type --

Experience refined elegance and modern luxury in this exceptional Uptown Phoenix home, nestled in a sought-after neighborhood w/ top schools, and moments away from premier dining and shopping destinations. This beautifully designed residence offers a thoughtfully crafted, split floor plan featuring 3 bedrooms, 3 baths, and a dedicated office. The home's resort-style backyard is a private oasis, boasting a spacious, interior pie-shaped lot with covered patio, outdoor fireplace, built-in grill, hundreds of plantings, and gorgeous lighting- perfect for entertaining , playing, or unwinding. Inside, stylish designer touches create a sophisticated ambiance, including Pinky's Iron doors, quartz countertops, integrated quartz sink and backsplash, engineered wood floors, Zellige tiles, custom cabinetry, a cozy built-in banquet, dual pane windows, automated blinds, and custom drapes. The chef's kitchen, a true centerpiece of the home, features an oversized island and an appliance suite built for culinary enthusiasts and entertainers alike.ILUV range, Miele beverage center and steamer, GE Monogram refrigerator, and pebble ice maker. The impressive primary suite is a sanctuary unto itself, complete with a walk-in closet, elegantly designed bath, private access to the yard, and a charming sitting area with its own fireplace. This home is loaded with quality details and custom elements. Prepare to fall in love as this remarkable home fulfills every item on your wish list.

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7161 E Rancho Vista Drive Unit 5012 Scottsdale, AZ 85251

$1,199,000

2 Beds

2 Baths

1,433 SqFt

Status Active

MLS # 6666183

Property Type Apartment

Price Type --

Exquisite 5th-floor condominium boasting unparalleled views of Camelback Mountain. The terrace is a verdant oasis offering endless vistas of the majestic mountainscape/This unit has one of the largest private patios ever offered.(approx 3,000 s.f.!) Interior enhancements include travertine flooring, granite countertops, cherry cabinets complemented by stainless steel appliances, and a gas cooktop catering to culinary enthusiasts. The den, featuring framed glass sliding doors, doubles as a guest bedroom for added versatility. The master suite exudes luxury with a private master bath and ample walk-in closet space. Floor-to-ceiling windows in the spacious master bedroom amplify the stunning views of Camelback Mountain, while a second terrace off the master bedroom provides another delightful retreat. Located within Optima Camelview Village. Community Features include: Two serene outdoor pools, spas, and BBQ areas one on each side of the community, heated for year-round enjoyment. A 24,000 S.F. fitness center recently refurbished for optimal wellness experiences. Separate men's and women's locker rooms equipped with steam rooms, showers, and private lockers. Indulge in the indoor lap pool and two additional heated spas. Additional offerings comprise an on-site concierge, package room, a putting green, private dog park, a hybrid basketball/pickleball court, a racquetball court, and the convenience of an on-site restaurant, Metropolis. Also available are conference rooms, 24/7 security, a reservable rec room, and a versatile fitness/yoga area for community use. A must-see property offering unparalleled living experience.

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22808 S 132nd Street Chandler, AZ 85249

$1,199,000

2 Beds

2 Baths

1,077 SqFt

Status Active

MLS # 6713163

Property Type Manufactured Home

Price Type --

Private horse lover's paradise located in a county island in one of the most desirable zip codes in Chandler! This 2.247 acre property boasts eight 16' x 16' fully covered mare motel stalls, a 20' x 20' fully covered Stallion/Foaling stall with attached irrigated grass turnout, two additional irrigated grass turnouts, tack up stall/cross ties, a 150' x 175' arena with premium sand footing, mature shade trees and city water. This property has enough space to build your dream home and barn, but also includes an existing modular home that can be renovated and lived in while your dream home is being built! In addition, a 1.14 acre, MLS #6713160, abuts this property that can be purchased to expand the arena to 175' x 300', or simply build your own version of an equestrian paradise!

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9418 N 19th Street Phoenix, AZ 85020

$1,199,000

3 Beds

3 Baths

2,459 SqFt

Status Active

MLS # 6717755

Property Type Single Family Residence

Price Type --

Stunning top to bottom renovation! Situated in Davidson Heights (NO HOA). This gem is steps away Dreamy Draw and the Phoenix Mountains Preserve, offering breathtaking city lights and mountain views! The kitchen is a chef's dream with a spacious island, panel-ready Bosch dishwasher, and panel-ready Thermador refrigerator/freezer. The dining area boasts a wine room with designer wall paper for an added flair. BRAND NEW: European white oak engineered hardwood floors, 5'' baseboards, interior/exterior doors and hardware, LED lighting, interior/exterior paint, garage epoxy floors, roof, windows, travertine pavers, a sparkling pool/spa, and putting green. Plus, it's close to all the trendy North Central, Uptown and Camelback corridor hotspots! Don't miss out on this one as it won't last!

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16401 W Monterey Way Goodyear, AZ 85395

$1,199,000

3 Beds

3.5 Baths

3,134 SqFt

Status Active

MLS # 6720218

Property Type Single Family Residence

Price Type --

Experience the pinnacle of resort living at PebbleCreek, an exquisite master-planned community designed for active adults. This luxury golf front property is nestled in a guarded and gated country club setting, offering spectacular views of the golf course and surrounding mountains. PebbleCreek is a vibrant lifestyle community rich in unique and abundant activities for seniors. With its many views, updates and upgrades, this home is your perfect ''Escape to Paradise'' in a community that offers an unparalleled resort lifestyle. Step into elegance through a gated courtyard entry with a separate casita. Inside, discover the newly remodeled living room, a true centerpiece, showcasing a stunning stone fireplace and an open floor plan perfect for entertaining. This home boasts an impressive chef's kitchen featuring a butler's station, large walk-in pantry, new stone island, upgraded appliances, custom wood cabinetry and granite countertops. Three generously sized bedrooms, each featuring walk-in closets and private baths. A versatile den that can also serve as a fourth bedroom with its own walk-in closet. 3.5 beautifully appointed bathrooms. Oversize laundry room. Spacious 3.5 garage. Energy efficiency is maximized with fully owned solar panels, and the property has been updated with fresh interior and exterior paint, new flooring, modern lighting, and durable epoxy-coated garage floors.

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7264 W Cielo Grande -- Peoria, AZ 85383

$1,199,000

5 Beds

4.5 Baths

4,361 SqFt

Status Active

MLS # 6732093

Property Type Single Family Residence

Price Type --

Executive Style living - Fantastic Family Home! This amazing property is tucked away in the desirable gated community of Talas. Oversized backyard includes an 800 sf diving pool w/built in spa, outdoor gas fireplace, Sport Court, putting green. The. built in stainless BBQ and sink area provide all you need to enjoy resort style living. Inside enjoy a breathtaking entryway, Chef's kitchen, Granite counter tops, butlers pantry, large master suite w/jetted tub and large walk in closet. Bedroom w/ private bath and two other bedrooms with a jack n Jill bath. Enjoy the beautiful Arizona sunsets with your choice of front or back balconies. Don't miss out on this opportunity to own a piece of paradise.

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9505 S Kenneth Place Tempe, AZ 85284

$1,199,000

6 Beds

3.5 Baths

2,889 SqFt

Status Active

MLS # 6735594

Property Type Single Family Residence

Price Type --

Welcome home to this stunning, completely remodeled brick tri-level masterpiece in the coveted Estates Del Sol community! With 6 spacious bedrooms, 3.5 luxurious bathrooms, and a 3-car garage, this home is perfect for those who crave functionality and style. Be prepared to be amazed by the grandeur of the circular driveway and ample parking space. Punctuating the elegance of this property has NO HOA, giving you the freedom to truly make this house your own. Step inside and prepare to be wowed by the chef's kitchen, Featuring a gas cooktop (tanks in the back yard are own), butler's kitchen, and a pantry fit for a king, this space is a food lover's paradise. & perfect for hosting! For those who love outdoor living, this property has it all, private diving pool. Plus, with a sprawling .35 acre lot, you'll have plenty of space for all your outdoor activities, from hosting unforgettable barbecues to creating your own private oasis. With 6 bedrooms, there's plenty of room for everyone to have their own private sanctuary. Retreat to the master suite, complete with a spa-like bathroom, for the ultimate relaxation after a long day. Located in the desirable Estates Del Sol community close to shopping, dining, and entertainment. This truly is a perfect balance of tranquility and accessibility. Don't miss out on the opportunity to make this remarkable home your own. Get ready to fall in love with the epitome of luxury living. Welcome home to your dream oasis in Estates Del Sol!

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3263 E Bryce Lane Phoenix, AZ 85050

$1,199,000

4 Beds

3 Baths

3,297 SqFt

Status Active

MLS # 6736726

Property Type Single Family Residence

Price Type --

Someone special was meant for this one. Back on market after the sellers contingency fell through, twice! Now is your chance to get into the amazing Sky Crossing Community! This elegant 4 bedroom/3 bath contains endless upgraded amenities including, quartz countertops throughout, custom accent walls, panoramic doors, chefs kitchen, fireplace, outdoor built in grill, in ground trampoline, no maintenance turf lawn, extra large loft area and much more! Situated in a cozy culdesac located across the street from Sky Crossing Elementary School. An outstanding community center complete with outdoor swimming pool, splash pad, and a full workout gym. This property is ready for you to make yourselves at home today!

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2181 W Thompson Place Chandler, AZ 85286

$1,199,000

4 Beds

3 Baths

3,767 SqFt

Status Active

MLS # 6756720

Property Type Single Family Residence

Price Type --

Originals owners in the Discrete, Distinguished, and Gated Germann Country Estates, for the 1st time, are presenting this home for sale. 4 Beds + Den + 3 Full Baths + 14-foot ceilings throughout. Large Master Suite w/ His/Her closets and sinks & Separate Tub/Shower. Enter the large double Front doors to Formal Dining Rm, Living Rm, & Study. Continue towards expansive kitchen opening into the Breakfast Nook, Family Rm and Glass Patio Doors opening to the backyard oasis complete w/ Pool/Slide, Sun Deck, & Large Covered Patio. No Bedrooms share a wall in this unique design including Jack & Jill Beds/bath. 3_ car garage complete with epoxy flooring, full house water softener, & Cabinet Storage. A Must See!

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