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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41735 N 101st Way Scottsdale, AZ 85262

$5,000,000
4 Beds
4.5 Baths
5,699 SqFt
Status Active
MLS # 6765688
Property Type Single Family Residence
Price Type --
Golf Membership Available- Today's modern interpretation of the original Pueblo style - keeping in harmony with the desert. This privately gated home within Saguaro Forest at Desert Mountain is situated on an elevated lot with magical sunset, golf course, surrounding mountains, city lights and mountain silhouettes at night. Ideal south facing backyard captures winter sun on the pool/patio areas all day. Built by Phil Smith, this home emanates master crafted details; rooms in the round, forged metal rails, wood detailed ceilings, tubular skylights, stone, wood and concrete floors and Venetian plaster walls. The great room split floor plan with Master and library wing on one side and 3 guest ensuites on the other allows privacy for all. Patios around the home provide gathering spaces for many or sanctuaries for a few. The pool, spa, outdoor kiva fireplace and barbecue create outdoor living and dining at its finest. Electric shades, central vac, high end appliances and an elevator keep current with today's luxuries and conveniences. Lush Sonoran desert vegetation surrounding the home creates a true desert botanical experience. Private and tranquil, yet located close to the Cochise/Geronimo and Chiricahua Clubhouses for dining and golf. Bike or hike from your home to the nearby Desert Mountain Trails with over 20 miles of multi-use trails. Sonoran Fitness center located within a short drive from home. Golf Membership to the Desert Mountain Club available.

10535 E Paradise Drive Scottsdale, AZ 85259

$5,000,000
6 Beds
6.5 Baths
6,181 SqFt
Status Active
MLS # 6596265
Property Type Single Family Residence
Price Type --
NEW CONSTRUCTION - Permits ready and we are set to break ground on the exceptionally designed Modern Luxury Estate brought to you by Blue Sky Homes. Boasting roughly 5312 SF this home is an entertainer's dream, with open kitchen, large sliding door system to the backyard and a split bedroom floor plan and with 10'+ ceilings. Guest will fee welcomed in the spacious 800+ SF casita overlooking resort style backyard. This amazing home is located in the popular Cactus/Shea corridor close to shopping, dining, as well as hiking trails. Don't miss out on the opportunity to semi customize this desert gem before it's too late. *This property is located on lot A of the site.

9279 E Andora Hills Drive Scottsdale, AZ 85262

$5,000,000
4 Beds
4.5 Baths
5,305 SqFt
Status Active
MLS # 6667422
Property Type Single Family Residence
Price Type --
Completion January 2025. Golf Membership available from seller. New build by leading luxury home builder - Blackstone Development and designed by Graffin Design. Terrific mountain views from Apache Peak all the way across the Continental Mountain Range to the western mountains and wonderful spring sunsets. Offering the floor plan today's buyer is looking for: open great room plan with retractable glass doors to enjoy the gorgeous views and one level living with 4 suites plus a study. Outdoors enjoy a large patio area complete with two way fireplace, pool, spa, and BBQ. Buyer still has time to put their own stamp on this home and colorize it as they would like to. Save a year and half of design headaches and just do the fun part-picking out the colors. Home can be purchased and new owners can start enjoying the Desert Mountain Club upon closing-of course subject to membership approval. Floor plan is located under the Document tab. This home is now thru drywall stage and cabinets are being installed.

23433 N 84th Place Scottsdale, AZ 85255

$5,000,000
5 Beds
5.5 Baths
5,340 SqFt
Status Active
MLS # 6701102
Property Type Single Family Residence
Price Type --
This to-be-completed home will be the epitome of modern sophistication and luxury living, offering two primary suites, with spa like bathrooms, and large walk-in closets. There are two additional bedrooms with attached bathrooms and walk-in closets, and an additional office/den. The attached casita offers a separate entrance with private bath, making it the perfect space for guest quarters or home gym. Kitchen is a chefs dream with large island, top of the line appliances, and a butlers pantry. Sitting on almost two acres, corner lot, gorgeous mountain views, and located in the quiet, gated community of Pinnacle Paradise. Plans and permits available. Home to be finished by end of 2024. This is your opportunity to work with the contractor in picking your own finishes.

4959 E Red Rock Drive Phoenix, AZ 85018

$5,000,000 - 4Br/3Ba -  for Sale in Red Rock North, Phoenix
New
$5,000,000
4 Beds
3 Baths
3,460 SqFt
Status Active
MLS # 6775731
Property Type Single Family Residence
Price Type --
Perched on the red rocks of Camelback, this hillside house boasts incredible views of the city to the south and stunning rock features as a surround. The main house has 3 bedrooms adorned with city views, with a guest house nestled underneath. The offset pool and spa are tucked against the mountain for an incredible combination of privacy and top of the rock atmosphere. The master suite has room to spare with a master bath that blends contemporary design with luxury features. The kitchen and dining room open to a living room and deck with indoor outdoor living in mind. An inviting gas fireplace serves as a feature to the living room inside while outdoor fire features lead you outside for sunny days and twinkling lights at night.

20226 N 101st Way Scottsdale, AZ 85255

$5,000,000
5 Beds
5.5 Baths
4,746 SqFt
Status Active
MLS # 6737164
Property Type Single Family Residence
Price Type --
This 4,746sf home features 5 bedrooms, 5.5 bathrooms and exudes a cool, modern beach vibe. Highlights include vaulted beamed ceilings in the great room and principal bedroom, light hardwood floors, and abundant windows. The kitchen is equipped with both marble and leathered granite countertops, white cabinets, 2 dishwashers and a European cooktop. Designed for seamless indoor/outdoor living, the home offers pocket doors opening to a front courtyard with a spool, fireplace, synthetic grass, and soothing park views. Additional features include an interior courtyard with a 2nd outdoor fireplace, BBQ, and pizza oven. The upstairs bonus room adds versatility to this meticulously crafted residence. Every detail, from plantation shutters to updated mechanicals, reflects exceptional ... attention to detail. Price includes furniture and furnishings with a small exclusion list.

10023 E Filaree Lane Scottsdale, AZ 85262

$5,000,000
5 Beds
5.5 Baths
5,411 SqFt
Status Active
MLS # 6629086
Property Type Single Family Residence
Price Type --
FULL GOLF MEMBERSHIP AVAILABLE with purchase of home. We are thrilled to announce the commencement of construction on this extraordinary custom home. Crafted by esteemed builders, Black Stone Development, in collaboration with Graffin Design, this residence promises to be a contemporary masterpiece within the prestigious Desert Mountain community. Highlighted features of the main home include a spacious great room seamlessly connected to a formal dining area, an opulent chef's kitchen, 4 bedrooms, and 4 ½ baths. Ascending to the second level, you'll find a versatile study/lounge, a flex exercise room (with closet space, doubling as a potential 5th bedroom), and an expansive roof deck offering unparalleled panoramic views of the Desert Mountain landscape. Additionally, a separate casita with a full bath ensures privacy for both homeowners and guests alike. Step into the ultimate outdoor retreat, complete with a magnificent pool and spa, multiple fire pits, serene water features, an outdoor kitchen, and charming patios that perfectly encapsulate the quintessential Arizona lifestyle. Car enthusiasts will appreciate the four-car garage, supplemented with ample storage space. Every detail of this home has been meticulously planned to enhance your living experience. Early buyers will have the unique opportunity to provide input on customization and select interior finishes to tailor the home to their preferences. Don't miss out on this exceptional opportunity to own a piece of Desert Mountain luxury living.

32 N Biltmore Estates Drive Phoenix, AZ 85016

$5,000,000
7 Beds
10 Baths
10,030 SqFt
Status Active Under Contract
MLS # 6736576
Property Type Single Family Residence
Price Type --
''As a philanthropist who loved golf and played it daily in retirement, he chose 32 BILTMORE ESTATES''. For the past 24 years, the Estate has been owned by the same ''second'' owner. The property's pedigree speaks volumes about its affluence and distinction. Embodying a seamless blend of classic elegance and modern luxury ambiance, the home is both welcoming and grand. Almost fireproof; commercial grade mechanicals, steel framed, masonry and metal roof. Its panoramic views of Camelback Mountain coupled with the lush golf course greens offers a serene and evolving picturesque setting. You'll appreciate the home's location, rich history, and architectural beauty from the moment you step up, family gatherings with friends in its spacious living and dining areas will become most memorable... Both primary bedroom-windows are undoubtedly and accurately facing towards breathtaking views of Camelback Mountain. Views of the green, the outdoor kitchen, and the expansive terrace all provide a perfect setting to enjoy the picturesque landscape, making every day feel like a retreat. The staff quarter is generous in size, the lot coverage allows for additional livable guest home or garage storage to be added within its setbacks. This is a rare chance to own a piece of history, an opportunity to experience the unparalleled lifestyle that 32 Biltmore Estates has to offer. Schedule a viewing today to see for yourself what makes this estate truly exceptional.

5300 E Via Del Cielo -- Paradise Valley, AZ 85253

$4,999,999
6 Beds
6.5 Baths
8,086 SqFt
Status Active Under Contract
MLS # 6748669
Property Type Single Family Residence
Price Type --
HUGE PRICE ENHANCEMENT!!!!!..LOOK AT PRICE PER SQUARE FOOT !!! COMPLETELY REMODELED . TURN KEY. This outstanding updated Paradise Valley Estate is situated on a large flat lot with complete new low maintenance landscape design. The open concept contemporary interior show cases beautiful hardwood floors throughout. All bedrooms are en suite with huge showers. The spacious main floor primary suite allows for multi generational living. The upstairs primary suite has a sitting area where you will enjoy amazing views, a fireplace, and a great space to add an elevator, if desired. The vast his/her primary closets also incorporate a washer/dryer. So many places to covet here, with several spaces to entertain, use as separate offices, game rooms, theater or yoga retreat. The kitchen has so much storage, two pantries, glass wine room, Subzero and Wolf appliances with a large island and an abundance of light. The 4 car garage area has an electronic gate to maximize privacy and security. The sport court, trampoline and putting green are strategically situated on the large lot with plenty of room for other activities. Don't miss the heated diving pool and the most beautiful eucalyptus trees I have ever seen for the grand finale.

6112 E Cortez Drive Scottsdale, AZ 85254

$4,999,999
5 Beds
4.5 Baths
5,266 SqFt
Status Active
MLS # 6769489
Property Type Single Family Residence
Price Type --
STUNNING ESTATE in the exclusive 24/7 Guard gated community of Equestrian Manor! This gorgeous designer infused remodel features an amazing open floor-plan with vaulted ceilings, wide plank white oak wood flooring, an exquisite kitchen with custom Rift White Oak cabinets, Babylon Quartzite counter-tops, updated lighting, coffee bar and high-end appliances, marble wrapped fireplace with real wood beams in the family room, all secondary bathrooms have decorative marble flooring, Rifted White Oak Cabinets with Quartz and Caesarstone counter-tops and mosaic tile & marble wrapped showers, formal living room has oversized bar, fireplace and grand sliders to the back patio, unbelievable primary bathroom with a HUGE tile wrapped shower and separate stand alone soaking up, dual vanities with Casablanca Quartzsite counter-tops, his and her separate toilets, spacious walk-in closet with endless custom shelving, new roof, synthetic stucco, fresh interior & exterior paint, designer millwork throughout, New Pella windows and doors, new paver circular driveway, new garage R18 insulated doors and more. The backyard boasts Greenwich Herringbone laid brick on patio, extended patio awning with tongue and groove wrapped patio ceiling, Sparkling Pebble Tech pool with travertine pool decking, Ramada with exterior fireplace and BBQ, basketball court, synthetic turf in the front and back yard, front and back yard perimeter installed Ficus columns for added privacy, new landscaping water system and LED landscape lighting and this house is on sought after Cul-De-Sac lot on the one of the best streets in the community!

5567 E Mcdonald Drive Paradise Valley, AZ 85253

$4,999,995 - 5Br/6Ba -  for Sale in Obriens Camelback Lands Part Tract 4, Paradise Valley
Open House
$4,999,995
5 Beds
5.5 Baths
3,148 SqFt
Status Active
MLS # 6738950
Property Type Single Family Residence
Price Type --
Welcome to Your Dream Retreat in Paradise Valley! Access to the amenities of The Sanctuary including security, gym, maid service, pools, food service & more. This exquisite home was torn down to the foundation in 2012, and 3m was spent on the re-build. Enjoy Stunning views of Camelback Mountain and city light views. The main house boasts elegant living areas and a gourmet kitchen perfect for entertaining. Step outside to enjoy the sparkling pool, or engage in friendly competition on the private tennis and basketball courts. 3 separate guest casitas are perfect for friends and family. Experience extraordinary living with luxurious amenities, stunning views, and unrivaled tranquility in this exceptional Paradise Valley estate. Your perfect oasis awaits

12140 N 106th Street Scottsdale, AZ 85259

$4,997,000
7 Beds
6.5 Baths
6,063 SqFt
Status Active
MLS # 6596266
Property Type Single Family Residence
Price Type --
NEW CONSTRUCTION - permits ready and we are set to break ground on this exceptionally designed Modern Luxury Estate brought to you by Blue Sky Homes. Boasting roughly 5226 SF this home is an entertainer's dream, with open kitchen, large sliding door system to the backyard and a split bedroom floor plan and with 10'+ ceilings. Guest will feel welcomed in the spacious 800+ SF casita overlooking resort style backyard. This amazing home is located in the popular Cactus/Shea corridor close to shopping, dining, as well as hiking trails. Don't miss out on the opportunity to semi customize this desert gem before it's too late. *Pictures used to reflect floor pan, not actual property. This property is located on Lot B of the site.