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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16810 E Roy Rogers Road
Rio Verde, AZ 85263
$1,175,000
3
Beds
3.5
Baths
3,433
SqFt
Status
Active
MLS #
6760171
Property Type
Single Family Residence
Price Type
--
Experience the perfect balance of tranquil living and convenient access to city amenities in this newly built 3,433 sq. ft. luxury retreat. Nestled just outside the hustle and bustle, this home offers breathtaking, uninterrupted views of Four Peaks, creating a stunning backdrop for daily life. While you'll feel miles away from the city, you're still just a short drive from all the essentials, making this the ideal haven for those seeking both serenity and convenience. Step out onto the sprawling deck, ideal for entertaining, complete with an outdoor kitchen and grill, all while overlooking the magnificent panorama of Four Peaks. The primary suite is a private oasis, featuring his-and-hers closets, plus a third closet for extra storage. The elegant ensuite bath is equipped with a large walk-in shower, a luxurious soaking tub, double vanities, and a dedicated makeup space. The suite also includes a sitting area with direct access to the deck, offering serene views at any time of day. Two additional ensuite bedrooms, each with walk-in closets and private bathrooms, ensure plenty of space and privacy for family or guests. The study, accessed through double doors, overlooks a peaceful front courtyard and is adjacent to a convenient half-bath. The utility room, thoughtfully designed for efficiency, comes equipped with a brand-new washer and dryer, a spacious wash tub, and generous counter space for folding laundry. Rounding out this home is an oversized 3-car garage with a circular driveway and optional drop-down attic access for even more storage. This exceptional home, designed for luxury and comfort, is ready for its very first owners to enjoy a lifestyle of elegance, peaceful views, and modern convenienceall within a short drive of the city.
1101 E Dolores Road
Phoenix, AZ 85086
$1,175,000
4
Beds
3.5
Baths
3,038
SqFt
Status
Active
MLS #
6720678
Property Type
Single Family Residence
Price Type
--
Presenting this Full Spec Luxury home by NEXTGEN Builders, to be built with 4 bedrooms, plus an office/den, and 3.5 baths. This home features an RV Garage and sits on a spacious lot without HOA constraints. Single entry doors open into a stunning great room with 12-foot soaring ceilings, a large island kitchen featuring quartz countertops, GE Profile appliances, Napa fawn cabinets in the island, Napa onyx cabinets elsewhere, and a 16x8 foot sliding glass door. Each bedroom boasts a walk-in closet, while the owner's suite features a lg. walk-in shower, standalone tub, and dual vanities. 8-foot doors throughout. Constructed for durability and energy efficiency, it includes 2x6 exterior framing, spray foam insulation, and a post-tension slab foundation. Paved Road. Photos are of a model.
14103 S 44th Avenue
Laveen, AZ 85339
$1,175,000
3
Beds
3
Baths
2,975
SqFt
Status
Active
MLS #
6710653
Property Type
Single Family Residence
Price Type
--
This is desert living with amazing mountain views, privacy, seclusion, peace and quiet! This includes additional 1+ acre lot south (APN: 300-04-036) and north (APN: 300-04-034) of the house. Basement home with guest house/shop offers flexibility for various living/working arrangements! Perfect for horses, hobby enthusiast, multi gen living, basement offers a separate living level along with the detached building for extended family or vacation rental. Ideal for small business 1200sf unit located across wash with bridge, keeps home private and work separate! Think of the savings not having to pay for an additional work space or more than one home! NO HOA and centrally located close to freeway and access to the entire valley! Set at the base of the mountain/preserve, perfect quiet, peaceful setting to enjoy sunsets and natural desert life! This multifunctional property is for those nature lovers and those not wanting cookie cutter living. Chef Kitchen. Modernized interior. Located in the county with lower property taxes.
20132 W Medlock Drive
Litchfield Park, AZ 85340
$1,175,000
5
Beds
3
Baths
2,560
SqFt
Status
Active
MLS #
6742933
Property Type
Single Family Residence
Price Type
--
Discover beauty and comfort in this stunning equine estate, perfectly situated on 2.5 serene acres in the heart of Beautiful AZ Estates. This amazing residence boasts 5 spacious bedrooms and 3 well-appointed bathrooms, designed for both relaxation and functionality. Step into an expansive open floor plan where the large living spaces are highlighted by vaulted ceilings and beautiful tile floors. The oversized kitchen features gorgeous granite countertops, a walk-in pantry, and seamlessly flows into the family room, ideal for entertaining and family gatherings. The master suite offers a private seating area and an impressive walk-in closet, while each additional bedroom ensures ample space and comfort. The oversized laundry room, cleverly designed to double as a bathroom, adds to the home's versatility and convenience. Enjoy breathtaking mountain views and sunsets from virtually every room, with large windows that frame the picturesque landscape. Outside, the property is a true retreat. The well landscaped grounds showcase a sparkling swimming pool, patios, lawn and relaxing spa, creating the perfect backdrop for outdoor enjoyment. For equine enthusiasts, the horse facility is a standout feature, complete with, covered corrals, a turnout area, and a round pen. A 4-car garage provides abundant storage and space, rounding out this exceptional home. Whether you're relaxing by the fireplace, soaking in the views, or enjoying the numerous outdoor amenities, this estate offers an unparalleled living experience.
14630 S 4th Avenue
Phoenix, AZ 85045
$1,175,000
5
Beds
4
Baths
3,976
SqFt
Status
Active
MLS #
6756107
Property Type
Single Family Residence
Price Type
--
VIEWS from every room! Gated Community! Nestled against the breathtaking backdrop of South Mountain Preserve, this spacious, well maintained, move-in-ready, newly carpeted two-story residence offers unparalleled mountain views from every room. The home includes 5 large bedrooms upstairs with ample natural light and mountain views. A den/bedroom with a separate closet and bathroom is located on the ground floor and is perfect for a home office or guest room. The primary bedroom has breathtaking views, a large sitting area, and an ensuite bathroom. The dream kitchen has newer stainless steel appliances, expansive countertops, and a walk-in pantry. The open floor plan is perfect for entertaining. In a gated community with access to 100 miles of trails.
9378 W Via Montoya Drive
Peoria, AZ 85383
$1,175,000
4
Beds
3.5
Baths
3,729
SqFt
Status
Active
MLS #
6757502
Property Type
Single Family Residence
Price Type
--
INCREDIBLE floorplan in The Meadows - 3 separate bedroom wings w/bathrooms. Two living areas, 2 flex spaces - dens, offices, workout/game rooms? Resort-style backyard with travertine hardscape surrounding a bridged pool to gazebo-encircled hot tub. Freshly painted inside and out. New carpet throughout. Gourmet kitchen with massive island and SS appliances. Soft water system, owned solar system, 3-car garage, RV gate. There's MORE! Come take a look!
27000 N Alma School Parkway Unit 2008
Scottsdale, AZ 85262
$1,175,000
3
Beds
3
Baths
2,627
SqFt
Status
Active
MLS #
6769705
Property Type
Apartment
Price Type
--
Luxurious North Scottsdale Condo with Stunning Views. Directly across from the Four Seasons Resort, this exquisite condo offers refined desert living. A private elevator takes you to an expansive second level. The gourmet kitchen, featuring a granite island & high-end KitchenAid appliances, flows into a bright living space with sliders to two patios, a gas fireplace, & breathtaking views of Troon Mountains & Pinnacle Peak.The primary suite has patio access & a spa-like en-suite bath. A second bedroom offers a private balcony & en-suite, while a third bedroom has easy access to its own bath. Custom finishes, remote-controlled curtains, & a 2-car epoxy garage complete this perfect lock-and-leave retreat.
5542 E Anderson Drive
Scottsdale, AZ 85254
$1,175,000
5
Beds
3
Baths
3,302
SqFt
Status
Active
MLS #
6771922
Property Type
Single Family Residence
Price Type
--
This beautifully designed freshly painted Oct 2024 5-bedroom, 3-bathroom home offers an expansive 9,210 sqft lot, providing both luxurious indoor living and a fantastic outdoor retreat. Inside, you'll find a spacious great room that seamlessly flows into the breakfast room, eat-in kitchen, and formal dining area—perfect for both intimate meals and larger gatherings. The kitchen is a chef's delight, featuring sleek granite countertops, a large working island, stainless steel appliances, and abundant cabinetry, all with stunning views of the private backyard pool through large, bright windows. The family room, complete with a cozy fireplace, provides a warm and inviting space for relaxing. Flooring throughout the home is a mix of plush carpet, elegant tile, and rich wood, adding to the home's overall charm and comfort. The spacious primary suite is your private sanctuary, featuring an ensuite bathroom with a separate shower and soaking tub, a private toilet room, and two large walk-in closets. Home has been freshly painted 10/1/2024 Outdoors, you'll find a covered patio that opens up to a beautifully landscaped private yard, complete with a sparkling poolideal for Arizona's warm climate. The backyard is an ideal space for entertaining, unwinding, or spending quality time with loved ones. The 3-car garage is equipped with built-in cabinets, an electric door opener, and direct entry to the home, offering plenty of space for storage and convenience. Whether you're hosting gatherings, enjoying the pool, or simply soaking in the tranquil surroundings, this home combines comfort, elegance, and functionality in a highly sought-after setting.
15439 E Acacia Way
Fountain Hills, AZ 85268
$1,175,000
4
Beds
3
Baths
3,255
SqFt
Status
Active
MLS #
6779167
Property Type
Single Family Residence
Price Type
--
Discover the epitome of style and comfort in this stunning 2-story sitting on a corner lot in Sunridge Canyon. The main level boasts an expansive open layout perfect for entertaining or relaxing with family. The kitchen is a chef's dream. Custom cabinets with pull out drawers, top of the line appliances with a 5-burner gas stove and granite counters. The kitchen is open to the breakfast area and the great room that features a gas fireplace. The living room is a wonderful retreat for simple unwinding. The spacious master suite with walk in shower, soaking tub and a generous walk-in closet. The other bedroom on the main floor can be an office or second bedroom. Upstairs there are 3 bedrooms plus 2 baths. Private backyard oasis. Salt water pool, patio and walking path pavers.
13007 W Lowden Road
Peoria, AZ 85383
$1,175,000
4
Beds
4.5
Baths
4,676
SqFt
Status
Active
MLS #
6710940
Property Type
Single Family Residence
Price Type
--
Resort living at its finest in N Peoria. This remarkable home blends luxurious living w serene surroundings, offering a haven of comfort & sophistication. The expansive interiors are bathed in natural light, creating a welcoming ambiance throughout. A chef's kitchen awaits, boasting top-tier appliances, perfect for culinary enthusiasts & entertaining guests alike. Retreat to the spacious bedrooms, each a peaceful sanctuary with tranquil views and walkins. Outside, the meticulously landscaped backyard features a sparkling pool w water slide & 6 person grotto under the waterfall, putting/chipping green, outdoor gym & covered patio, ideal for enjoying Arizona's stunning sunsets. More... Located in a coveted neighborhood, this residence offers convenience w proximity to a rated school You'll find a separate den & game room, providing versatile spaces for work & play. As you make your way upstairs, you'll be delighted to discover a state-of-the-art movie theater room. This bonus room has been transformed into a cinematic oasis, perfect for enjoying your favorite movies w family & friends in the comfort of your own home. One of the standout features of this property is the impressive wine cellar, perfect for wine enthusiasts & connoisseurs. It offers a space to store and display your collection, creating a truly unique & luxurious experience. This luxurious home offers 4 spacious bedrooms, including a magnificent owner's retreat w a well sized sitting room. The highlight of this home is the impeccably customized walk-in closet, designed with the most meticulous taste in mind. Step outside into a resort-style backyard oasis, where you'll be captivated by a sprawling pebble finish heated pool complete w a grotto, waterfall & waterslide. The backyard also features a putting green with a sand trap, catering to golf enthusiasts and adding a fun recreational element to the space. Parking is never an issue with the convenience of a 5-car garage, an extra parking slab and RV Gate, providing ample space for vehicles & storage. Additional features of this remarkable property include new floors throughout, new picture windows, granite and stone features & impressive 20' ceilings. This is a rare find that offers the perfect blend of luxury & comfort. Don't miss the opportunity to own this remarkable property in beautiful Vistancia. Your new home has been lovingly cared for, allowing you to move right in & start creating memories.
5077 E Lonesome Trail
Cave Creek, AZ 85331
$1,175,000
3
Beds
3
Baths
2,864
SqFt
Status
Active
MLS #
6781780
Property Type
Single Family Residence
Price Type
--
Your dream home awaits in Colina del Norte! Enter thru the front door greeted by views thru the living rm & out to the entertainers backyard - with pool, spa, fireplace, & BBQ area. The yard has everything - misting system, mature shade trees, patios, built-in heaters. The 11000sf lot backs & sides open area. Inside, you & your guests can enjoy the rustic charm of custom kitchen cabinets, tile & wood flooring, live-edge wood features in the great room. Plantation shutters on the windows allow for natural light while also protecting your privacy. The primary bedroom is split from where you'll find 2 add'l bdrms, an office, & 2 add'l bthrms. Custom finishes T/O the home - stacked stone, vanities, copper sinks. Did I mention the 3 car garage w/built in cabinets? Don't miss out on this one.
905 N Sinagua Heights Drive
Flagstaff, AZ 86004
$1,175,000
6
Beds
4
Baths
4,253
SqFt
Status
Active
MLS #
6747569
Property Type
Single Family Residence
Price Type
--
Welcome to 905 N Sinagua Heights Dr, Flagstaff, AZ—a stunning blend of modern elegance and serene mountain living. This 6-bed, 3.75-bath property spans 4,253 sq. ft., featuring a sunlit great room, a modern kitchen with new appliances, and multi-level decks perfect for soaking in panoramic views. The primary suite offers its own private deck, while the game room and theater provide ideal spaces for entertainment. Nestled in a quiet cul-de-sac with no HOA, this property is perfect for those seeking both comfort and freedom. Experience this exceptional Flagstaff retreat!