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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7607 E Corva Drive Scottsdale, AZ 85266

$985,000

2 Beds

2 Baths

1,706 SqFt

Status Active

MLS # 6776144

Property Type Single Family Residence

Price Type --

This one is a 10! Enjoy resort style living in centrally located, guard gated Bellasera. Absolutely immaculate, completely updated in 2021, on-trend and move-in ready. Premium lot backs to huge NAOS with spectacular mountain views and open space to the west providing extra privacy. Enter through the courtyard to a light, airy great room featuring an open floor plan with wood-look porcelain tile and a custom entertainment wall with fireplace. Interior updates include: Kitchen with premium cabinets, new appliance package, quartz countertops and a custom center island; Primary suite with a custom accent wall and barn door leading to the new spa-like primary bath with expanded shower, custom closet and dual sinks; Guest bath with new sinks, faucets and lighting. Other upgrades include new paint throughout, new bedroom carpeting, new solid interior doors, a whole house water filtration system, gutters, exterior paint, travertine pavers in courtyard and patio, a new sunshade for the south side of the patio and a new irrigation system. Wonderful outdoor living awaits with recently installed landscaping perfect for entertaining and enjoying amazing Arizona sunsets. Perfect year-round residence or Lock/Leave with access to all superb community amenities including the pool, fitness center, tennis courts, and dog park.

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15232 N Skylark Circle Fountain Hills, AZ 85268

$985,000

3 Beds

3 Baths

2,700 SqFt

Status Active

MLS # 6780297

Property Type Single Family Residence

Price Type --

Experience luxury and breathtaking scenery in this stunning Fountain Hills home, complete with a separate guest home and an expansive open floorplan perfect for seamless living and entertaining. Enjoy unparalleled views of the surrounding landscape and the iconic Fountain Hills fountain, just moments away. Conveniently located near premier shopping, dining, and entertainment, this home embodies modern living. The 6-car garage offers ample space for vehicles, hobbies, and storage—ideal for car enthusiasts or those needing extra room. Don't miss this rare opportunity to own a home that blends comfort and sophistication. Will not last long!

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3947 E Beechnut Place Chandler, AZ 85249

$985,000

4 Beds

2.5 Baths

3,290 SqFt

Status Active Under Contract

MLS # 6774454

Property Type Single Family Residence

Price Type --

Exquisite TW Lewis home in gated Pontevedra, premier single story only neighborhood in Valencia. Handsome iron gated courtyard entrance opens to a circular foyer. This 4 BR, 2.5 bath beauty includes a dbl door office or flex-room. Plantation shutters set this up for the great expectations of its many upgrades. Chef's quality eat-in kitchen, 5 burner natural gas stove with SS hood vent, huge slab granite island w/ pendant lights, stainless steel appliances, custom hardwood staggered cabinetry w/ 2 appliance garages & delightful Butler's pantry w/ added storage. Great Room features neutral tile, new carpeting, stone gas fireplace, Bose surround sound system, 4'' baseboards, Dining Room w/ quaint bricked side yard patio venue for al fresco entertaining evenings. Enjoy custom lighting throughout as well. The generously sized primary BR suite features new carpeting, dual vanities, a huge walk-in closet and a convenient exterior door to the patio. This split BR plan offers coveted privacy. Two bedrooms share a J 'n J set up. Large laundry rm w/ cabinets. Private verdant backyard features no pool, but just waiting for your design if you choose. The backyard is large and has brand new evergreen turf for easy care, motorized retractable awning and misting system. Epoxy flooring in garage 2018, exterior paint 2021, certain carpeting 2024, H2O softener 2021, interior paint 2018, water heater 2021, dishwasher 2021. This home is located very close to the neighborhood park for easy access. It is move-in ready for the couple or family that wants to live the good life!

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29512 N 128th Lane Peoria, AZ 85383

$985,000

3 Beds

3.5 Baths

2,984 SqFt

Status Active

MLS # 6759585

Property Type Single Family Residence

Price Type --

This home is a Combination of Beauty & Amenities Galore! On Golf Course w/ Gorgeous Mtn Views. Enjoy entertaining in Resort Style backyd w/Awesome Sunsets, a lighted Pergola w/Heated Spa, a Serene Fountain & Firepit. Perfect for entertaining & guests will love the privacy offered by the PRIVATE CASITA! Interior is Open Concept Living with updated Center Island Kitchen w/New Quartz countertops, New Commercial Refrig/Freezer, New Gas range w/Custom Hood + Dual wall ovens for a total of 3 Ovens, New RO system + a Butler Pantry/laundry rm. Great room has Wet Bar & Gas Firepl. In addition to 2nd Ensuite Bedrm there is a Flex Room w/courtyard entry, + a Den with Separate Courtyard. Owned Solar w/Vehicle charging, New A/C in 2023, Master w/new remote blinds. See docs tab for amenities lis

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306 E Dennisport Court Gilbert, AZ 85295

$985,000

4 Beds

3 Baths

4,214 SqFt

Status Active

MLS # 6781948

Property Type Single Family Residence

Price Type --

Nestled in a serene cul-de-sac within the prestigious Gilbert Commons community, this luxury home offers a perfect blend of privacy, elegance, and functionality. With stunning curb appeal and refined modern updates, this residence welcomes you with a grand foyer featuring soaring ceilings, a sweeping staircase, and abundant natural light streaming through floor-to-ceiling windows adorned with shutters. Designed for seamless entertaining, daily living, or hosting extended-stay guests, the first floor includes two spacious living areas, multiple dining rooms, a convenient downstairs laundry, a full bathroom, and a versatile den that can serve as a fifth bedroom or office. The high-end kitchen boasts stone countertops, sleek new tile, stainless steel appliances, and a large central . . . island, making it a chef's dream. Relax by the cozy fireplace or step outside to a tranquil backyard oasis featuring a Pebble Tec pool with a waterfall, an extended covered patio with pavers, a lush grassy play area, citrus trees, and an RV gate complete with extended concrete pad. Upstairs, features a large secluded loft, great for movie nights or anything you can imagine. Also upstairs the luxurious master suite offers a private balcony, dual walk-in closets, and a completely remodeled en suite bathroom with a soaking tubperfect for unwinding after a long day. Additional highlights include tile flooring, walk-in closets in every bedroom, plantation shutters, water softener system, and a spacious three-car garage with storage cabinets. This home is near some of the best dining, shopping, and entertainment in the east valley with downtown Gilbert, downtown Chandler, and San Tan Marketplace all within a few minutes drive.

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8094 E Via Del Vencino -- Scottsdale, AZ 85258

$985,000

3 Beds

2 Baths

2,522 SqFt

Status Active

MLS # 6618908

Property Type Townhouse

Price Type --

LOCATION, LOCATION, LOCATION! Completely renovated 2 story townhome in the highly desirable Santa Fe neighborhood in McCormick Ranch. Complete remodel with raised ceilings was completed in 2020 and includes 2 new AC Units, 2 new sets of washers and dryers - One upstairs and one down, Wolf Induction Range, second Wolf Induction cook top, Large Sub-Zero refrigerator/freezer, ice machine, 80 gallon water heater and paver and artificial turf back yard. This unit is right off the Indian Bend Greenbelt and is walking distance to great restaurants including Lucy's and The Vig. Great lock and leave easy maintenance unit. The community offers a heated pool and spa, a gym and clubhouse. The HOA fee includes exterior maintenance of the unit and front yard maintenance.

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3040 N Point Ridge Road Buckeye, AZ 85396

$985,000

5 Beds

3.5 Baths

2,918 SqFt

Status Active

MLS # 6727519

Property Type Single Family Residence

Price Type --

Welcome to the Master Planned Community of Verrado! With 'A' Rated Schools, 78 parks, 20+ hiking and biking paths, 2 community pools, fitness center, shopping, dinning a 2 championship golf courses! This home is an entertainer's paradise or a personal retreat where you can create the life you dream of. This beautiful two-story house has been remodeled from head to toe features a spacious downstairs master suite with a separate tub and shower, and raised height vanities. The oversized lot includes artificial grass, pavers, a covered gazebo/ramada, and a sauna. There are four additional bedrooms, a loft, and 3.5 baths. The chef's kitchen boasts numerous upgrades, including new appliances, upgraded staggered cabinets, granite countertops, an oversized island and an R/O and soft water system. The entry, den, kitchen, and laundry areas are adorned with 22-inch diagonal tile. Owned solar system and new flooring on the second floor and stairs add to the home's appeal. This must-see home is located in the charming, amenity-rich Verrado community, with parks, the Swim Park, and Verrado Heritage School within walking distance. Truly a canvas for your masterpiece.

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11007 E Vecino Street Chandler, AZ 85248

$985,000

4 Beds

4 Baths

3,633 SqFt

Status Active

MLS # 6749070

Property Type Single Family Residence

Price Type --

Welcome to your new home!! ''CLOSE IN'' HORSE PROPERTY LIVING!! Become the proud owner of this energy-efficient home offering well-kept landscaped outdoor areas, RV hookup and parking and much more! This home offers incredible space with it's split four bedrooms ( which includes two master suites ) along with multiple bathrooms. The back yard is an outdoor delight from the large covered/south facing patio to the inviting & refreshing play swimming pool, built-in barbecue, plus an in-ground firepit! In addition, your new property has plenty of room for your horses and of course a chicken coop for your chicks. The interior of the home has been impeccably maintained & shows well in every detail. There are two distinct living areas each with it's own fireplace. The kitchen is a gourmet's delight and of course has stainless steel appliances, double ovens, lots of pull out shelving, plenty of counter space, tons of spacious room plus a butcher block center island prep station. Lots of storage including a walk-in closet / pantry. There are three and 3/4 bathrooms with the master bath featuring a garden tub with jets and a snail shower! You'll not run out of hot water as there are two water heaters! There are also multiple a/c units and a newer roof! COOL!! This property is a must see!!

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13440 N 13th Street Phoenix, AZ 85022

Open House

$985,000

5 Beds

3.5 Baths

4,057 SqFt

Status Active

MLS # 6750418

Property Type Single Family Residence

Price Type --

''COME'' see this true 5Bed/3.5Ba/4 Car garage home in the The Pointe Mountainside Golf Community. Enter a light and bright living/dining room with beautiful herringbone wood floors. Open spacious kitchen with stainless steel appliances and granite counters looking onto a large warm family room w/ fireplace. Walk out to a serene back yard with a sparkling saltwater pool and waterfall. Large laundry room with built-ins and wash sink. H2O Concepts whole house water system installed. Huge Primary bedroom has a great walk-in closet with custom built-ins .Walk out onto the balcony and enjoy amazing sunsets. All bedrooms are large and have spacious walk-in closets. One bedroom downstairs with an en suite bathroom. Enjoy this wonderful community.

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4215 E Desert Vista Trail Cave Creek, AZ 85331

Open House

$984,999

3 Beds

2.5 Baths

2,642 SqFt

Status Active

MLS # 6614108

Property Type Single Family Residence

Price Type --

Homesite 22-Sidewinder-As you approach, you'll be greeted by a charming private entry courtyard that sets the tone for this exceptional home. Step inside and be captivated by the expansive great room featuring soaring vaulted ceilings. For the culinary enthusiast, the oversized kitchen island beckons. It's not just functional; it's a focal point for gatherings and meals. The inclusion of double ovens will delight any chef. The home is equipped with the following options already 16' center slider doors at great room, free standing tub in primary bathroom, garage service door, exterior stone, laundry room sink, and bbq gas preplumb. Included are the upgraded electrical, low voltage, and all finishes. Enjoy upgraded flooring, quartz countertops, stainless steel appliances and more!

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7141 E Rancho Vista Drive Unit 5005 Scottsdale, AZ 85251

$984,999

2 Beds

2 Baths

1,233 SqFt

Status Active

MLS # 6682197

Property Type Apartment

Price Type --

*SELLER FINANCING AVAILABLE IN THE LOW 5'S* This 5th floor luxury remodeled condo with Camelback Mountain views offers the perfect blend of modern sophistication and natural beauty, providing you with an exquisite living experience. As you enter, you are greeted by an elegant and modern interior design, characterized by sleek lines, high-end finishes, and tasteful decor. Finally, step out onto the balcony to fully appreciate the Camelback Mountain views. The balcony is designed to allow you to relax and soak in the beauty of the surrounding landscape. Amenities include concierge, indoor & outdoor heated pool and spa with women and men's locker room, fitness center, racquetball & basketball court. Walking distance from Scottsdale Fashion Square Mall, Old Town, restaurants, & so much more

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23060 E Sonoqui Boulevard Queen Creek, AZ 85142

$984,900

4 Beds

3.5 Baths

3,633 SqFt

Status Active

MLS # 6758540

Property Type Single Family Residence

Price Type --

This one-of-a-kind luxury home is an entertainer's dream, perfect for families and hosting. Designed with gathering in mind, the open executive kitchen flows seamlessly into a spacious, stylish living area—ideal for everything from lively get-togethers to cozy family nights. Expansive double glass doors lead to your private outdoor paradise, featuring an extended patio, pickleball court, and putting green. Set on a rare quarter-acre lot with no rear neighbors, you'll enjoy both privacy and space to host effortlessly. With soaring 12' ceilings and a split floor plan, this home offers a true retreat for both family and guests. The ultimate in entertaining, privacy, and style! Discover the Meridian community, where 229 acres of open space invite residents of all ages to embrace outdoor living. With 8 interconnected parks, Meridian offers endless opportunities for recreation and free play. From miles of scenic walking and biking trails to wide-open areas for unstructured fun, there's something for everyone. Dive into the community pool, unwind by the fireplace, or explore unique features like the outdoor movie ramada, splash pad, and community garden. For adventure seekers, there's climbing nets, tire tunnels, boulder gardens, and volleyball. Even chalkboard walls and outdoor table tennis await. Experience a lifestyle where play and relaxation thrive together.

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