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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1540 N Mariposa Road Flagstaff, AZ 86004

$1,125,000

4 Beds

4 Baths

3,873 SqFt

Status Active Under Contract

MLS # 6724027

Property Type Single Family Residence

Price Type --

Welcome to 1540 North Mariposa Rd! This stunning property is a true gem that offers a combination of comfort, style, and natural beauty. Curb appeal galore, you'll enter impressed by the enlarged Trex front deck, perfect for enjoying the beautiful Flagstaff weather and watching the deer graze with a peak view of the golf course. Entering you'll notice hickory hard wood floors that lead you to the formal living and dining room to the left and an office/bedroom on the right. From there you'll enter the great room a.k.a. ''the heart of the home!'' It touts high ceilings, a massive rock fireplace, a large breakfast nook, an Arizona room and a chef's dream kitchen. With modern appliances, ample storage space with pull out drawers, and a large island that serves as the perfect gathering spot for family and friends. Whether you're preparing a quick meal or hosting a dinner party, this kitchen has everything you need to make many great memories. The bedrooms in this home are spacious and comfortable, providing a tranquil retreat after a long day. The primary suite bathroom has a walk-in shower, separate soaking tub and a walk-in closet! There are 3 spacious guest bedrooms with a jack and jill bathroom. The 3-guest bedrooms also comes with a full bathroom and an additional flex room to be used for a workout space, extra tv room or for sleeping extra guests. But the true highlight of this property is its outdoor space. Step out onto the back patio, and you'll find yourself in a private oasis with three areas for dining and entertaining. The back is beautifully landscaped with split-rail fencing around the back perimeter. Whether you're enjoying a morning cup of coffee, hosting a barbecue, or simply taking in the stunning views, this outdoor area is sure to become your favorite spot. On colder days, you can still enjoy the backyard views by soaking in the sun from the Arizona Room! The location is perfect with easy access to a variety of Country Club amenities, outdoor activities, including hiking, biking, and skiing. With its proximity to the beautiful Coconino National Forest, you'll have endless opportunities to explore and enjoy the natural beauty of the area.

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31228 N 47th Place Cave Creek, AZ 85331

$1,125,000

5 Beds

3 Baths

3,579 SqFt

Status Active

MLS # 6771706

Property Type Single Family Residence

Price Type --

This stunning home located in coveted Sonora Vista at Tatum Ranch has it all. Nestled on a dead-end cul -de-sac in this private, gated community this home contains immaculate upgrades from top to bottom. Owner made improvements like they would be there forever which include brand new windows, a $40,000 solar system that is paid in full, and virtually every interior finish was updated in 2020. The open concept floor plan is awesome too & features 5 bedrooms, 3 full baths, tons of windows for natural light, high ceilings,& no steps. Modern interior w/features like quartz countertops, grey custom cabs w/hardware, gorgeous tile flooring, brick fireplace, & ss appliances. As if the interior isn't nice enough the backyard is the star of the show featuring large... salt water pool w/new pebbletec, sport court, cozy firepit, grill, smoker, trampoline, huge grassy area and $9,000 worth of motorized shades to compliment the use of the covered patio during every season. This home truly has too much to list and is a rare offering. Move fast as these don't come on the market often.

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14034 N Coral Gables Drive Phoenix, AZ 85023

$1,125,000

4 Beds

4 Baths

3,014 SqFt

Status Active Under Contract

MLS # 6631495

Property Type Single Family Residence

Price Type --

Wow, just wow! Stunning property nestled against a mountain in the prestigious Moon Valley Community! This sleek,modern retreat exudes charm with its meticulously designed layout boasting wood floors, vaulted ceilings, and skylights that provide abundant natural light. Spacious living room, open concept kitchen and dining, 3 bedrooms and a separate fitness room with updated modern finishes throughout. Outside boasts an unbelievable resort-style backyard with pool & hot tub surrounded by amazing views. This home is a must-see beauty!

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3336 E Mountain View Road Phoenix, AZ 85028

$1,125,000

3 Beds

3 Baths

2,538 SqFt

Status Active Under Contract

MLS # 6746792

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Paradise Gardens, offering mountain views of the Phoenix Preserve. Whether you're sipping your morning coffee or entertaining guests you'll love relaxing on your spacious front patio. Step inside to discover vaulted ceilings and 16-ft double sliding doors in the great room, leading to a beautifully renovated home, both inside and out. This home perfectly blends modern luxury and comfort, featuring a stunning custom wood-burning fireplace and premium luxury vinyl plank flooring throughout, creating a warm and inviting atmosphere for lively gatherings or quiet, cozy evenings. The heart of the home is the completely modernized kitchen, with sleek cabinets, quartz countertops, stainless steel appliances, and an under-counter drawer microwave-ideal for... preparing meals and entertaining. Retreat to the primary suite, your private sanctuary with luxurious solid wood flooring and a spacious walk-in closet with built-in shelving. The spa-like en-suite bathroom boasts an oversized double shower with dual rainfall shower-heads, a free-standing tub, and a back-lit LED mirror. The secondary suite provides a haven for guests, featuring its own freshly remodeled bath and a private entrance to the backyard from the adjacent flex room. This space can be utilized as an office, a sitting area, a hobby room, or even converted into a kitchenette for an in-law suite or Airbnb. Step outside to your personal oasis. Relax on the oversized baja shelf in the completely remodeled pool, or host barbecues amidst lush landscaping and extensive paver patios. The circular driveway, with extended RV parking, offers ample space for guests and room for your toys. This stunning property, with NO HOA, promises both tranquility and convenience in one of the area's most sought-after locations. Whether you enjoy hiking, mountain biking, or easy access to endless shopping and culinary experiences, welcome to your new home on Mountain View Rd. where every detail is designed for your comfort and enjoyment.

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7499 E Visao Drive Scottsdale, AZ 85266

$1,125,000

2 Beds

2.5 Baths

2,390 SqFt

Status Active Under Contract

MLS # 6765684

Property Type Single Family Residence

Price Type --

Welcome to this lovely 2-bedroom plus bonus room, 2.5 -bath home located in the sought-after community of Bellasera. This North/South facing property offers a large eat-in kitchen, plantation shutters, a spacious primary suite with an ensuite bathroom and walk-in closet, while the guest bedroom features its own private ensuite, providing comfort and privacy for visitors. The bonus room is a versatile space that can serve as a home office, hobby room, or easily converted into a third bedroom. Additional upgrades include a new water heater, water softener system, and a fully insulated garage, new dual-pane windows, and an insulated, energy-efficient design throughout. The home is equipped with solar panels, a new roof, and a mini-split in the garage, ensuring year-round comfort and and reduced energy costs. Enjoy the tranquil, guard-gated community of Bellasera with its resort-style amenities and stunning desert surroundings. This home is move-in ready and waiting for you to experience the best of North Scottsdale living!

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22808 S 132nd Street Chandler, AZ 85249

$1,125,000

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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4055 N Recker Road Unit 29 Mesa, AZ 85215

Open House

$1,125,000

4 Beds

3 Baths

3,190 SqFt

Status Active

MLS # 6776140

Property Type Single Family Residence

Price Type --

WELCOME HOME! This custom single-story home w/breathtaking mountain views, nestled in the exclusive gated community of Red Mountain Ranch's Country Club Estates. Crafted for those who value lifestyle, luxury, & stunning scenery, this 4-B, 3BA residence has it all for both relaxation & entertaining. Two of the spacious primary suites, each w/its own ensuite bathroom. All of the bedrooms have a walk-in closet. The open floor plan flows effortlessly, featuring a den perfect for a music room, a formal dining area, & a gourmet kitchen that blends seamlessly w/the welcoming family room. Outside, you'll find an entertainer's paradise, complete w/a built-in BBQ, putting green, sparkling pool, & lush lawn, all framed by scenic golf course & majestic mountain views.

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6525 E Cave Creek Road Unit 15 Cave Creek, AZ 85331

Open House

New

$1,125,000

2 Beds

2.5 Baths

2,078 SqFt

Status Active

MLS # 6783182

Property Type Single Family Residence

Price Type --

Where Contemporary meets South West, these rustic design homes fit right in with Cave Creeks charm. This home is constructed with an innovated method utilizing insulated concrete (GFRC) providing high R values not found in stick-built homes. Stay cool, and quiet and enjoy low utility bills. Luxurious Great Room and Kitchen with 14' to 17' ceilings, two master bedrooms and baths, large Den/Office and powder room. All commercial grade windows and doors with a 10' fiberglass door at the entry and 10' glass doors to the back patio. Enjoy all seasons on the sun and shade patio with built in BBQ island, gas firepit, and grassy sitting area under the trees. Surrounded by hiking and biking trails all within minutes of the home. Walk to some of the best restaurants in Cave Creek. Exterior walls and ceilings are constructed from high density foam and coated inside and out with GFRC for strength and rigidity. This method provides R values not found in stick-built homes. The walls are R-40 and the ceilings are R-60. This combined with Low E commercial glass windows and doors provides a very high energy efficient dwelling.

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3902 E Alameda Lane Gilbert, AZ 85298

Open House

$1,125,000

4 Beds

3.5 Baths

2,897 SqFt

Status Active

MLS # 6777951

Property Type Single Family Residence

Price Type --

Discover the perfect blend of modern luxury and comfort in this stunning residence. As you step through the inviting entrance, you're welcomed into a spacious open-concept living area that exudes warmth and style, highlighted by expansive windows and plantation shutters for privacy. The gourmet kitchen is a chef's dream, featuring top-of-the-line stainless steel appliances, a grand island with a breakfast bar, and custom cabinetry. Whether hosting dinner parties or enjoying casual meals, the adjacent breakfast nook and formal dining area cater to every occasion. Retreat to the primary suite, a serene haven filled with natural light, high ceilings, and large windows. The spa-like en-suite bathroom boasts a glass-enclosed shower and dual vanities, while the expansive walk-in closet provides ample storage. The great room offers seamless indoor-outdoor living with double slider doors that open to an extended covered patio, perfect for entertaining or quiet evenings. In addition to the luxurious primary suite, you'll find generously sized secondary bedrooms, each with large closets and access to beautifully appointed bathrooms. The low-maintenance backyard oasis features artificial turf and no rear neighbors, creating a private setting for relaxation. This home includes a spacious three-car garage with custom epoxy flooring. Situated in the coveted Seville Golf & Country Club community, enjoy access to world-class amenities, including a golf course, clubhouse, fitness center, and resort-style pools. With shopping, dining, and top-rated schools just minutes away, this property is a true gem in the heart of Gilbert

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8335 E Montecito Avenue Scottsdale, AZ 85251

Open House

$1,125,000

3 Beds

3 Baths

2,558 SqFt

Status Active

MLS # 6777531

Property Type Single Family Residence

Price Type --

Completely remodeled home in a quiet neighborhood yet so close to all that Old Town Scottsdale has to offer! Need a guest suite, adult children or aging parents moving in with you? This home has a perfect attached casita that can function as a separate casita or be part of your living area if you prefer! It has a kitchenette, living space and then bedroom w/ bath. Currently, owners use as guest room, office and game area. Open concept floorplan w/ gourmet kitchen boasting a 6 FT Brazilian Quartz wrapped Island/breakfast bar w/ designer cabinets and separate beverage center, SS appliances & range hood, Escape to oversized primary retreat w/ dream walk in closet and spa like bath w/ walk in tiled shower, dbl vanity. 2 sliders off the dining area leads to low maintenance backyard. 2 c ar garage w/ epoxy floor and extra parking space in driveway, too. Water softner and RO included as well as washer/dryer. Home shows like a model home, definitely move in ready!!!

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16510 N 92nd Street Unit 1003 Scottsdale, AZ 85260

$1,124,900

3 Beds

5 Baths

3,100 SqFt

Status Active

MLS # 6752776

Property Type Townhouse

Price Type --

This stunning 3 bed, 5 bath home in Soho Scottsdale is the perfect blend of luxury and convenience with a private elevator. Inside, enjoy wood-look flooring, upgraded fans, and a crisp, modern palette. The eat-in kitchen features quartz counters, tile backsplash, stainless appliances, and an island with a breakfast bar. A bonus room offers a cozy lounge or entertainment space. The primary bedroom boasts a walk-in closet and ensuite with dual sinks and designer touches. Relax on the balcony or the jacuzzi-ready rooftop deck with mountain views. ADA compliant and allows residential/commercial use!

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11178 E Mark Lane Scottsdale, AZ 85262

$1,124,900

5 Beds

4 Baths

3,691 SqFt

Status Active

MLS # 6607731

Property Type Single Family Residence

Price Type --

MOTIVATED SELLER! Home must close before years-end, and we are WELL under comps! One of the lowest prices per foot in the whole Troon area (and almost 3,700sf!). Home sold AS-IS (needs exterior paint & stucco repair). This stunning home in Troon North boasts LOTS of upgrades, including En-suite Casita (with separate entry!), travertine floors throughout, and bright granite counters. A true Entertainer's home w modern backyard including new putting green and a view deck with mountain/sunset/city views. The huge master suite is privately located upstairs with an adjoining sitting room and has its own balcony incl separate office. The home is perfectly situated on a cul-de-sac within walking distance to restaurants & boutique shops and is only minutes to Four Seasons Resort and Troon North. Please note: Troon does not allow street parking or driveway parking overnight and this home has a 2-car garage.

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