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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1615 Stoney Lane Prescott, AZ 86303

$1,149,000

3 Beds

2.5 Baths

2,341 SqFt

Status Active

MLS # 6772460

Property Type Single Family Residence

Price Type --

Built in 2018, this custom home is tucked away in the serene Hassayampa Village Golf Community, located on a quiet cul-de-sac. It offers exceptional privacy with three spacious decks and a charming courtyard, perfect for relaxation and outdoor living. Nature bathing at its finest...all from the comfort and privacy of your own deck. A peaceful creek runs through the back of the property, enhancing the tranquility of the setting. Fully landscaped and equipped with a heated driveway and courtyard, it ensures a worry-free winter. Designed for easy, single-level living with no steps, this move-in-ready home is the perfect lock-and-leave property, offering low-maintenance luxury. Inside, the large great room and gourmet kitchen boast beamed ceilings, granite countertops, and beautiful stonework all complemented by high-end finishes and wood floors. An oversized three-car garage completes this quality-crafted home.

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15426 S 4th Avenue Phoenix, AZ 85045

$1,149,000

4 Beds

3 Baths

3,494 SqFt

Status Active

MLS # 6773234

Property Type Single Family Residence

Price Type --

Tranquil Dove Canyon stunner w/mtn views all around. Luxury upgraded kitchen; GE double oven, granite counters/island, new JennAir dishwasher and cooktop, built-in Wolf microwave. Cabinets to ceiling! Copper sink & wine cooler bar. Large master, 3 walk-in closets. High end bathroom fixtures, walk-in tile shower w/textured glass, deep soaking tub. 1st floor in law/guest quarters. Plantation shutters thru out. New; air conditioner, water cond. system, retractable sunshades, industrial Guardian garage floor. New resort-style yard w/travertine patio. Self-clean blue pebble sheen pool, w/waterfall & new heater, spa, outdoor shower, built-in gas BBQ w/sink. New artificial grass, putting green, café lights, gas stone fireplace. Nearby hiking trail, tennis, pickleball, basketball, volleyball park

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29399 N 67th Way Scottsdale, AZ 85266

$1,149,000

3 Beds

2 Baths

2,159 SqFt

Status Active

MLS # 6753207

Property Type Single Family Residence

Price Type --

This stunning and fully renovated home in North Scottsdale with a brand new pool will be your oasis in the desert! From oversized double doors to imported real hard wood floors, vaulted ceilings, a stone fire place with oversized bay windows and a large living room create a beautiful and bright space for entertaining or comfortable space to lounge. The kitchen boasts custom cabinets with 63 inch uppers, stunning backsplash, GE Cafe stainless steel appliances, and quartz countertops with a waterfall edge on the island. The master bathroom has been fully remodeled with double showerheads marble tile, and tall framed glass windows to enjoy a long steam. The roof was recently fully replaced and so was the AC. Come see this house before its too late!

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11004 E Bajada Drive Scottsdale, AZ 85262

Open House

$1,149,000

3 Beds

2.5 Baths

2,557 SqFt

Status Active

MLS # 6769934

Property Type Single Family Residence

Price Type --

Nestled in exclusive cul-de-sac within sought-after gated Ironhorse community, this exceptional home offers a blend of privacy & luxury. Kitchen w/ granite countertops + bar seating, SS appliances & walk-in pantry. Primary suite w/ large walk-in closet & luxury 5-pc bath. 2 additional bedrooms + large office/den space. 4-panel sliding door opens to fully-fenced yard serving as a perfect outdoor oasis for entertaining. Covered patio, raised sunset view seating, & hot tub w/ breathtaking mountain views. Utility room w/ extra storage & 2-car garage w/ additional overhead storage. Just minutes from Troon Country Club, renowned Four Seasons Resort, Pinnacle Peak & Brown's Ranch hiking & biking trails. Private lot w/ no neighbors on one side & new fully-paid solar panel system for energy efficiency, offering seclusion & sustainability. Don't miss it!

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7141 E Rancho Vista Drive Unit 6012 Scottsdale, AZ 85251

$1,145,000

2 Beds

2 Baths

1,416 SqFt

Status Active

MLS # 6753876

Property Type Apartment

Price Type --

With a sleek, modern design freshly remodeled from top to bottom in 2020, this is a home not to be missed. A sixth-floor end unit in Optima Camelview, this condo offers expansive glass walls with abundant natural light. From the engineered white oak flooring throughout to the all-new Lutron LED lighting, gorgeous light fixtures, and motorized shades. The kitchen & baths have all-new cabinetry & tile and plumbing fixtures with custom two-tone cabinets in the kitchen and serving area. Spacious island with Quartz counters & island seating. Newer stainless steel GE Monogram appliances and an under-counter wine refrigerator in the kitchen provide the perfect backdrop for entertaining. Outside, the patio features brand-new Italian tile and updated landscaping. Sunny East Facing patio brings in plenty of natural light all around. An oversized master bedroom offers a custom walk-in closet and enough room for a sitting area that has incredible views from high above. The location of this condo is what makes it so special. The home comes with 2 secure underground parking spaces and walkability to Old Town, restaurants, shopping, and the arts district. Every amenity is at your fingertips, with Metropolis Restaurant on-site, Concierge, Fitness Center, Basketball courts, Indoor Lap pool, outdoor swimming pools, and putting green.

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8 Biltmore Estate Unit 107 Phoenix, AZ 85016

$1,145,000

2 Beds

2 Baths

1,726 SqFt

Status Active

MLS # 6778441

Property Type Apartment

Price Type --

Stunning single level luxury condo located on the Arizona Biltmore Golf Course, perfect end unit opening onto the golf course with wonderful expansive views and one of largest patios, private front outdoor entry area opening to the unit, gourmet kitchen and great room featuring slab granite counters, beautiful updated cabinetry, stainless steel appliances, wood and stone floors, split primary suite with great views, primary bath features travertine shower, large soaking tub, 2 updated vanities with lighted mirrors and 2 walk-in closets. Step out on your expansive back patio and enjoy the views of golf course & mountains, all of this and a multimillion dollar club house with private workout facility, pool & spa and on site 24 hour guard, closely located elevator that leads to

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429 W Mary Patricia Drive Payson, AZ 85541

$1,145,000

4 Beds

4 Baths

3,233 SqFt

Status Active

MLS # 6674329

Property Type Single Family Residence

Price Type --

Discover your dream home that marries secluded luxury with the untamed beauty of nature. This majestic residence bordered by the expansive beauty of a National Forest with access to the tranquil E Verde River stands as a beacon of rustic elegance, offering panoramic vistas of awe-inspiring red rock formations that captivate the soul. Crafted with meticulous attention to detail, the interior features rustic stone flooring and pine vaulted ceilings, enhancing its mountainous charm and warmth. Each window frames a painting-like view, ensuring that no corner of this home is untouched by the breathtaking landscape outside. The expansive outdoor living area is a highlight, boasting a large fireplace that promises cozy evening fires under the stars. It's a space designed for both relaxation and entertainment, with ample room to play games and unwind in the embrace of nature. The property's rich history as an ancient Indian fishing camp adds a layer of intrigue and connection to the land, inviting exploration and discovery along the river, where secluded pools await for fishing or a refreshing swim. Adventure seekers will find joy in the direct access to wilderness areas, offering miles of trails for ATV explorations and hiking, ensuring every visit brings a new experience. The entry level of the home is thoughtfully designed for accessibility and comfort, featuring a large family room, two bathrooms, and two bedrooms with private entrances from the spacious outdoor stone patio. This level also includes a second kitchen, an additional family room, and a laundry area, providing convenience and flexibility for guests and family alike. Ascending to the main level, the heart of the home reveals itself in a designer kitchen that exemplifies indoor/outdoor living, seamlessly integrating the stunning natural surroundings. The primary suite, complete with an ensuite bathroom, offers unrivaled serenity and luxury. An office with arguably the best views in the house ensures inspiration and productivity amidst the tranquil beauty.

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205 W Quartz Rock Road Phoenix, AZ 85085

$1,145,000

4 Beds

3.5 Baths

3,529 SqFt

Status Active

MLS # 6665297

Property Type Single Family Residence

Price Type --

Seller is offering 2-1 Buydown to lower your interest rate to 5.125% for the 1st year! Private oasis with detached guest home located on over an acre of with city lights and mountain views. Only 2 blocks from the Preserve's 38-miles of hiking and horseback trails. The 2506sf open floorplan, wood beamed ceilings, and Arcadia doors create a bright, inviting space. A spacious kitchen offers granite counters and plenty of storage. Primary suite has 2 walk-in closets, jetted tub and walk-in shower. Outside, relax on the covered patio or by the pebbletec pool. New exterior paint, new carpet in bedrooms and 2 new AC units. The detached building includes over 1,000sf of livable space with a kitchenette and full bathroom, plus a 1-car garage & workshop. County island with no HOA

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16738 E Lone Mountain Road Scottsdale, AZ 85262

$1,145,000

5 Beds

3.5 Baths

3,749 SqFt

Status Active

MLS # 6731568

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER!! Luxury with Views, Actually see the stars at night yet close to all the conviences of Scottsdale. NO HOAs. Great home & location (Mts, lakes, rivers, forests, etc.) for anyone with lots of toys (Boats,4Wheelers, ATVs, Trailors, etc.). High-end finishes thourghout the home that's located on an acre corner lot. Spectacular views of Mazatzal, 4 Peaks, Superstitions Mountains. Horse privileges 168th Str. access to Tonto Nat. Forest from the property. Home is located in the active horse community of Scottsdale/Rio Verde nestled next to the Tonto Forest. Home approved for the EPCOR water pipeline access (Letter upon request). All Buyers and Buyer's agents responsible to comfirm any and all information.

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11621 N 134th Street Scottsdale, AZ 85259

$1,145,000

3 Beds

3.5 Baths

2,184 SqFt

Status Active Under Contract

MLS # 6754237

Property Type Single Family Residence

Price Type --

ARIZONA LIVING AT IT'S BEST! Rare Find, seems like new, immaculately maintained 2nd home. Has all the finest finishes & Just painted 8/24 interior & exterior. Impressive old world turret entry to gated courtyard to model perfect single level home with separate private entry guest casita. Main house boasts two bedrooms, an office & 2.5 bathrooms. State of the art kitchen w/wolf gas cooktop & oven & pasta filler, sub zero frig, Asko DW, granite countertops. Open floor plan to dining area, bar & great rm with fireplace with exit to covered patio, heated spa-pool & colorful sunsets. Upper deck has 180 degree VIEWS of mountains, city lights & Camelback Mountain. Upgrades t/o, premium lot, domed ceilings, art niches. In exclusive gated Vista Collina. 20 single family luxury home enclave. THIS IS NOT A CONDOMINIUM AS SHOWN IN TAX RECORDS. IT IS A SINGLE FAMILY DETACHED HOME. Gated Side yard for your family pet to romp. Close to fine dining, shopping, desirable Scottsdale & BASIS Schools, hiking trails, the Mayo Clinic & easy access to freeways.

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402 E Berridge Lane Phoenix, AZ 85012

Open House

$1,145,000

4 Beds

2.5 Baths

2,323 SqFt

Status Active

MLS # 6776411

Property Type Single Family Residence

Price Type --

Welcome to this beautifully remodeled 4-bedroom, 2.5-bath home nestled in Central Phoenix, offering an ideal location near the 51 freeway, popular dining spots, and the Uptown Farmers Market. This inviting property features modern upgrades throughout, including granite countertops, energy-efficient tankless water heaters, and vaulted ceilings that add an open, airy feel. The layout is designed for both functionality and style, with spacious bedrooms and thoughtfully updated bathrooms. Perfectly positioned for convenient access to the best of Phoenix, this home offers a balance of comfort, location, and refined updates for today's lifestyle.

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1139 E Dolores Road Phoenix, AZ 85086

$1,140,000

4 Beds

3.5 Baths

3,038 SqFt

Status Active

MLS # 6681675

Property Type Single Family Residence

Price Type --

Another beautiful home by NEXTGEN Builders to be built: 4 BD plus office/den, 3.5 BA, high quality luxury home, oversized 2 car gar plus 46+' RV gar with 12x14' tall garage door. Large lot. No HOA, oversized contemporary front door, 2x6 framed exterior, large kitchen island, quartz counter tops throughout. All bedrooms have walk-in closets. Master bath has large entry shower with standalone tub and double sinks. 8' doors throughout. High ceilings, energy efficient spray foam insulation, post tension foundation, Pictures are of model home.

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