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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27651 N 125th Drive Peoria, AZ 85383

$1,100,000

4 Beds

4 Baths

2,837 SqFt

Status Active

MLS # 6773344

Property Type Single Family Residence

Price Type --

MAJOR REMODEL ON GOLF COURSE! STUNNINGLY UPDATED & CUSTOMIZED THROUGHOUT, 2020-2022! ALL THREE A/C UNITS REPLACED. ALLll NEW FLOORING, NEW CABINETS & QUARTZ COUNTERTOPS throughout! COMPLETE KITCHEN REMODEL! CUSTOM WALK-IN PANTRY ADDED. Custom LARGER Island/breakfast bar. Appliances REPLACED. Buffet wall in adjacent dining area reconfigured +more cabinets & beverage refrigerator added. New wood-look wide plank tile floors & new carpeting. 'Spiritus' with 12-ft ceilings, FOUR bedrooms & FOUR baths including the casita. Spacious, elegant great room/sitting room with wet bar REMOVED & step-down filled in. Bathroom in huge primary suite gutted. New shower beautifully done, tub replaced, new toilet, mirrors & lighting. Other three baths have quartz countertops, new cabinetry, toilets & fixtures Irrigation system replaced with new PVC & rain sensor control, TANKLESS water heater & iHome automation installed, interior painted. Formal dining room turned into den/office with closet added in stepdown area. Pergolas added to front & side courtyards, epoxy added to 3-CAR (2+1) garage, most window coverings replaced-some with remote control. A WASH is on one side of the home. The backyard with extended patio, built-in gas BBQ island& firepit OVERLOOKS THE GOLF COURSE. Close proximity to Kiva Club. Most furniture available by Separate Bill of Sale. SO FABULOUS-MUST SEE in person! This could be the Trilogy at Vistancia home you've been waiting for! This home is located in award-winning gated, 55+ Trilogy at Vistancia with 5-star-resort style amenities at the 35,000 SF Kiva Club with indoor & outdoor pools, fitness center, day spa, cafe, billiards, meeting rooms, library, tennis courts, pickle ball, bocce ball, events & a plethora of activities to choose from. Outstanding Gary Panks-designed golf course is woven throughout the original part of the neighborhood. The Mita Club has additional outstanding community amenities. Easy access from Trilogy to the 303, shopping, restaurants, entertainment, Lake Pleasant & Paloma Park, Peoria's huge newest community park.

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7642 N 177th Avenue Waddell, AZ 85355

$1,100,000

4 Beds

3 Baths

2,500 SqFt

Status Active

MLS # 6769258

Property Type Single Family Residence

Price Type --

Beautifully maintained home in the highly sought after community of Clearwater Farms! This lovely home offers 4 spacious bedrooms, 3 full baths, a unique split floorplan with one of the secondary bedrooms offering an attached bath and separate entrance/exit, this home definitely lends to the possibility of multigenerational living. You will also be pleased to find a spacious primary bedroom and en suite, two additional large bedrooms, fresh interior paint, newly updated fireplace surround, oversized 3 car garage with charging station, fresh exterior paint, large covered patio, beautiful sparkling pool, fully fenced for peace of mind, lush green pastures, 2 irrigated acres, mare motel, tack room, wash rack, riding arena and round pen..... enjoy ALL OF THIS while taking in the most beautiful Arizona sunset over the White Tank Mountains. This is truly country living at it's finest...just outside the city limits!

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14254 N 46th Place Phoenix, AZ 85032

$1,100,000

4 Beds

2.5 Baths

3,124 SqFt

Status Active

MLS # 6770362

Property Type Single Family Residence

Price Type --

Discover this stunning light-filled, single-story gem just 5 minutes from Paradise Valley, offering an elegant blend of design and comfort. Step through the grand double-door entry into a spacious 4-bedroom, 2.5-bath home featuring vaulted ceilings and an abundance of clerestory windows that bathe the interior in natural light. The open-concept layout includes a sprawling kitchen, perfect for gatherings, along with a cozy family room anchored by a fireplace. Formal living and dining areas provide the perfect setting for entertaining, while the oversized, split Master Suite boasts a sitting area and private backyard access. Outdoors, a covered patio overlooks a pristine pool and spa, with a lush, green lawn. The roof underlayment and AC units were new in 2017/2016.

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35916 N 213th Drive Wittmann, AZ 85361

$1,100,000

5 Beds

4.5 Baths

4,332 SqFt

Status Active

MLS # 6775802

Property Type Single Family Residence

Price Type --

Whether you are looking for a full time respite or thinking of a winter retreat, this one has something for everyone. Located in the heart of the ever popular Wittmann Dally Alley, your new home offers a large yet comfortable spaces with Alder accents, 4 fireplaces, 2 primary suites and 3 additional bedrooms. From the pool table to pool, this home offers a welcoming space for entertaining. Stepping outside, the property is fully fenced and past the pool you will find a horse stalls, large garden area, chicken coop, along with a comfortable casita. The 3 car garage is extended, with one stall having the ability to drive through. There is enough property to add additional horse stalls, or a round pen. This one leaves lots of room for possibilities, please come take a look for yourself!

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18439 W Beryl Court Waddell, AZ 85355

$1,100,000

4 Beds

3 Baths

4,862 SqFt

Status Active

MLS # 6777906

Property Type Single Family Residence

Price Type --

There simply is not a property in Waddell that compares to this immaculate two story sitting on over an acre. A covered patio with built in BBQ overlooks the sparking pool with water features. Need a guest house? There is plenty of room to expand if the 4862 sq ft isnt enough for you and your family. Located within the gated community of Cortessa, you will have security and a custom built neighborhood with mountain views and park-like surroundings. Above the massive great room is an equally massive loft/game room. Exreme attention to detail throughout this magnificent property.

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18965 S 196th Place Queen Creek, AZ 85142

New

$1,100,000

5 Beds

3.5 Baths

3,882 SqFt

Status Active

MLS # 6783169

Property Type Single Family Residence

Price Type --

Welcome to your dream home in La Jara Farms II! This stunning single-story residence on a sprawling .44 acre offers 5 bedrooms, 3.5 baths, and a spacious 3-car garage. Designed for comfort and style, this home features an open floor plan with modern finishes throughout. The gourmet kitchen, complete with premium appliances and a large island, is perfect for entertaining. Retreat to the expansive backyard to enjoy Arizona's beautiful sunsets. Located in the heart of Queen Creek, close to shopping, dining, and top-rated schools. Don't miss out—this is luxury living at its finest!''

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3350 S Holguin Way Chandler, AZ 85248

$1,100,000

5 Beds

3.5 Baths

4,377 SqFt

Status Active

MLS # 6775658

Property Type Single Family Residence

Price Type --

Great Location, Amazing Home! Single story from the outside, basement with a theatre room on the inside. Directly off the front entry is the den/library or home office. The kitchen features granite countertops and backsplashes, GE Monogram appliances, gas cooktop and wall oven, with walk-in pantry, kitchenette and plenty of cabinetry space. Formal dining room/great room area adjacent. Relaxation is just a few steps away when you step outside onto the back patio complete with insulated electric roller shades, built in gas grill and pool with a new pump 2024. This wonderful 5-bedroom home has a huge master bedroom with new Anderson sliding glass doors/windows that open to the backyard spa & pool area. Master bath is complete with two double bowl sinks, separate shower and oversized tub and a huge walk-in closet with plenty of storage. Two additional bedrooms and full bath down the hall, two additional bedrooms and full bath in the basement. Full finished basement with wet bar, granite countertops and undercounter fridge. 144 mounted wall screen and projector for your 8-seat theatre room great for entertaining or gaming. Plenty of storage space to be found in this home, half bath located next to the laundry room/workout facility. New irrigation system installed 2024. Financed solar panels will be paid off at COE. Home is located next to the green space/park area in Avalon, Chandler Unified School District. Come see why this home should be your next home.

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10044 E Graythorn Drive Scottsdale, AZ 85262

$1,100,000

2 Beds

2.5 Baths

1,836 SqFt

Status Active

MLS # 6776284

Property Type Townhouse

Price Type --

Best value for a Desert Mountain residence! Make this quaint Sonora Cottage Village your desert retreat! Great room plan with two king ensuites. Enjoy the meandering greenbelt with walking trails. Shaded patio provides relaxation and resort environment with heated spa. As a community resident, enjoy 25+ miles of private hiking trails encircling Apache Peak (4600+ ft elevation) and providing breathtaking 360* views of mountain ranges and the entire Valley of the Sun. Desert Mountain Club membership office will advise of availability. Club amenities are available for members only.

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2327 N Beverly Place Buckeye, AZ 85396

$1,100,000

5 Beds

3.5 Baths

4,329 SqFt

Status Active

MLS # 6777767

Property Type Single Family Residence

Price Type --

BEAUTIFUL HOME ON THE WASH WITH FABULOUS SUNRISE, MOUNTAIN AND CITY VIEWS!! This stunning home's Kitchen includes quartz countertops, backsplash, beautiful hardware, an upgraded Monogram gas stove, and a huge pantry. The living room and covered back porch have an electric fireplace to keep you warm. This home is spray foam insulated with energy efficient windows throughout. Beautiful wood look tile and brand new carpet! Master suite on first level has separate shower, jetted tub, and huge walk in closet. There is a bonus/6th bedroom upstairs along w/ a game room. Other upgrades include plantation shutters, epoxy garage floors, pool, turf & a view fence to watch the morning sunrise. The owners are VERY clean and have filled this home with love. Take a look at this home of all homes!

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16746 W La Reata Avenue Goodyear, AZ 85395

$1,100,000

2 Beds

2.5 Baths

2,175 SqFt

Status Active

MLS # 6781338

Property Type Single Family Residence

Price Type --

This Nearly NEW home features an amazing backyard with multiple entertaining areas, built-in BBQ, self-cleaning sparkling pool & secluded hot tub, perfect for year round enjoyment! Inside, enjoy an open floor plan with wood-look tile, remote blinds & shutters, a gourmet kitchen with soft-close cabinets & drawers, pull outs in lowers, quartz counters, large island & high-end SS appliances w/vented hood. The spacious primary retreat includes dual sinks & walk-in closet. This home also offers a fully insulated, 2.5-car garage with A/C, chip flooring, overhead storage, utility sink & RV outlet. A flexible den & powder room complete this upgraded home. Easy-care landscaping makes this the perfect retreat! Owned SOLAR to heat pool. This home is truly a dream come true and MOVE-IN ready! This very Active Adult community includes 3-18 hole Golf Courses, 40+ Pickleball & Tennis Courts, State of the Art Fitness Centers, Creative Arts Center, Multiple resort style Pools and Hot Tubs, Theater with live performances, Casual dining, Billiards room, Bocce courts and more. Come take a look!

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11305 S 195th Drive Buckeye, AZ 85326

$1,100,000

4 Beds

2 Baths

2,857 SqFt

Status Active

MLS # 6781143

Property Type Single Family Residence

Price Type --

Craftsmanship Meets+Custom Resort on Acre! This pristine Oasis offer's Quality Craftsmanship everywhere you look! No upgrade was spared, this was the Custom builder model to showcase their options so you can only imagine. When you enter the Great room you will notice the open inviting 12 foot ceilings. Gourmet kitchen with high end granite countertops, stainless steel appliances w/rich solid knotty alder cabinets, Hard wood floors, Custom doors, Travertine floors, Subzero refrigerator, Stainless steel double ovens, a walk in pantry and lots of pull out shelves, gas stove, Primary bath has huge walk-in closets snail shower & extensive tile, built in cabinets, One of the room is used as an office with built in Murphy bed. The backyard is fenced in and private with mountain views from the

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16118 E Ridgestone Drive Fountain Hills, AZ 85268

$1,100,000

2 Beds

2.5 Baths

1,915 SqFt

Status Active Under Contract

MLS # 6759444

Property Type Townhouse

Price Type --

Stunning single level home at ''The Overlook'' in prestigious FireRock Country Club. Well-designed open floor plan perfect for entertaining, featuring an elegant great room with splendid mt. views to the rear patio with a 20 foot slider door system. Indoor/outdoor living at its finest with luxury high end design choices. Spacious well-appointed kitchen overlooks the expansive great room and features a massive center island with breakfast bar. Wolf double range and hood and appliances as well as Subzero refrigerator, subway tile backsplash, and a desirable walk-in pantry. An exquisite master bedroom offers abundant light, a large walk-in closet, and marvelous master bath with spacious shower, dual-sink vanity, and beautiful finishes w/ensuite bath. Gorgeous backyard features heated jetted spool, built in BBQ, gas fireplace, TV, and synthetic grass. 12 foot ceilings. Guard gated. No stairs! 2 car garage w/ storage. Beautiful mountain views! Laundry room has sink and cabinets. Hunter Douglas automated window coverings. Solid core doors. Oversized hexagon tiles on the floor in main living room & travertine on the back patio. FireRock Country Club offers social and golf memberships and everything you could ask for and more in a club setting.

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