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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15852 E Tumbleweed Drive
Fountain Hills, AZ 85268
$979,900
4
Beds
3
Baths
2,738
SqFt
Status
Active
MLS #
6783831
Property Type
Single Family Residence
Price Type
--
Gorgeous Mountain VIEWS! Privacy & Tranquility are yours! Premium hillside location showcases sparkling updated Pool with Waterfall, large upper & lower covered patios and well manicured landscaping complete with beautiful metal garden artwork. Spacious main level offers Great Room with soaring Ceiling, remodeled Chef's Kitchen, Master Bedroom with updated Bath & 2 additional bedrooms. Lower level provides a cozy Family Room, bonus office/exercise or hobby area with storage room behind, and a large 2nd Master bedroom with sitting area. Top quality Vinyl plank flooring throughout. Block construction adds extra energy efficiency. Act quick on this awesome home!
1184 E Gleneagle Drive
Chandler, AZ 85249
$979,601
5
Beds
3
Baths
2,824
SqFt
Status
Active
MLS #
6748505
Property Type
Single Family Residence
Price Type
--
New Home! Quick Close! 5 Bedrooms and 3 Full Baths, 3 Car Tandum Garage. Tile Thruout, Quartz Counters, Framed Mirrors, Freestanding Tub, Large Shower New Gated Master Planned Community of 100 Homes. Tree lined Entry, with stone walls, oversized entry monuments, rustic gatehouse, and ranch style gates, opening up to a 3.2 acre Park. Large Homesites, and Extensively landscaped open space, will pay tribute to the properties history as a 40 acre working Earnhardt Family Ranch and retreat right here within the City limits. Easy access to the San Tan Freeway, I-10, and Hwy 87, located amidst top rated Chandler Schools, shopping, large employers and dining! (*Photos shown are of a Model Home of this floorplan, built offsite). Taxes are estimate Price includes Preferred Lender Incentiv
2689 S Rockwell Street
Gilbert, AZ 85295
$979,500
4
Beds
3
Baths
2,862
SqFt
Status
Active
MLS #
6760353
Property Type
Single Family Residence
Price Type
--
This luxuriously upgraded, move-in-ready home, situated on an expansive corner lot in a quiet cul-de-sac, will be sure to impress! Quick access to the 202, San Tan Mall Village and some of the most desirable school districts in Gilbert. The gourmet chef's kitchen is a standout, featuring double Bosch stainless steel ovens, a massive Cambria quartz island, custom cabinetry with under-cabinet lighting, crown molding, soft-closing drawers and pull-outs. The 3-car garage is equipped with built-in cabinets, an RO system, and a water softener. Throughout the home, you'll find beautiful wood-look plank tile. The backyard is perfect for entertaining with a heated pool and spa, built-in BBQ island, extended covered patio, and outdoor shower.
10815 N Spearfish Street
Surprise, AZ 85388
$979,000
3
Beds
3.5
Baths
2,489
SqFt
Status
Active
MLS #
6772799
Property Type
Single Family Residence
Price Type
--
JUST LIKE THE SONG,''THIS IS IT''! INTRODUCING THE MATTHEWS CRAFTSMAN HOME WITH A PLETHORA OF UPGRADES INSIDE AND OUT THAT'S NESTLED ON A CUL-DE-SAC PREMIUM LOT AT STERLING GROVE GOLF & COUNTRY CLUB IN BEAUTIFUL SURPRISE, ARIZONA! HOME IS LOCATED IN THE AGE-RESTRICTED 55+ COMMUNITY OF STERLING GROVE. THIS TOLL BROTHERS HOME HAS IT ALL! GREAT ROOM OPEN FLOOR PLAN WITH BEAUTIFUL BLACK CEILING BEAMS, 10 FOOT CEILINGS WITH RECESSED LIGHTING, TILE FLOORING THROUGHOUT, 90 DEGREE STACKABLE SLIDING GLASS DOORS, AND UPGRADED SHUTTER WINDOW TREATEMENTS! THE CHEF'S KITCHEN IS EQUIPPED WITH A BUILT-IN FRIDGE, GAS COOKTOP, DOUBLE WALL OVENS, OVERSIZED GRANITE WATERFALL EDGE FURNITURE KITCHEN ISLAND, GORGEOUS SOFT CLOSE KITCHEN CABINETS WITH PULLOUT DRAWERS, TILED BACKSPLASH AND QUARTZ COUNTERTOPS! THIS HOME IS 2,489 SQUARE FEET WITH 3 BEDROOMS (ALL ENSUITES), 3.5 BATHROOMS, 3 CAR GARAGE, OFFICE/STUDY ROOM WITH FRENCH DOORS, FORMAL DINING ROOM, LAUNDRY ROOM w/SINK AND UPPER/LOWER CABINETS. SPACIOUS MASTER BEDROOM SUITE WITH A SPA LIKE MASTER BATHROOM, WALK-IN RAIN SHOWER, GORGEOUS TILE TO CEILING, HIS AND HER SINKS, AND A CUSTOM WALK-IN CLOSET! OUTBACK IS YOUR VERY OWN OASIS AND OUTDOOR KITCHEN! RELAX IN YOUR REFRESHING SPOOL/SPA (HEATED), ENJOY YOUR FAVORITE DRINK AND SIT BY THE FIREPLACE AFTER PRACTICING ON YOUR 2 HOLE PUTTING GREEN! PLENTY OF ROOM FOR ENTERTAINING FAMILY AND FRIENDS INSIDE AND OUT! COME SEE FOR YOURSELF! SIDE NOTE: SPRAY FOAM INSULATION IN THE WALLS. WATER FILTRATION SYSTEM/WATER SOFTENER. SURROUND SOUND INDOOR AND OUTDOOR. BACK PATIO SCREEN (HAVANA SHADE MOTORIZED SCREEN). PLUMBED GAS LINE FOR FIREPIT. MASTER BEDROOM BUILT-IN CUSTOM CLOSET. ENSUITE #1: WALK-IN SHOWER. ENSUITE #2: SHOWER/TUB COMBO. ALL FURNITURE EXCEPT FOR THE MASTER BED IS AVAILABLE FOR SALE. ART WORK AND DECOR IS NOT AVAILABLE FOR SALE. Sterling Grove Golf & Country Club is a Gated Community w/24 Hour Guard Post. Great Opportunity to Enjoy on a daily basis so many Wonderful Amenities and Beautiful Views of the White Tank Mountains, Lakes, Ponds and Gorgeous Greens on your Walks, Jogs, Bike Rides! Amenities: TROON Managed Jack Nicklaus Design 18 Hole Golf Course, Tennis Courts, Pickleball Courts, Country Club, Resort Style Pools, Fitness Center, Spa, Restaurants, and Much More!
323 W Quartz Rock Road
Phoenix, AZ 85085
$979,000
4
Beds
2.5
Baths
3,073
SqFt
Status
Active
MLS #
6738918
Property Type
Single Family Residence
Price Type
--
Beautiful custom home situated on 1.25 acres with horse privileges and no HOA! The open floorplan is centered around the great room and gourmet kitchen with knotty alder cabinets, stainless steel appliances, gas cooktop & granite counters. The spacious primary suite offers double walk-in closets, plus an updated bathroom with jetted tub. There are 3 additional bedrooms plus an office/gym/craft room located between the garage bays. Oversized 3-car garage plus covered RV parking. Backyard has a covered patio, dog run, tortoise enclosure and plenty of room for a pool! Producing well is shared with one neighbor. Roof was recoated in 2022 and under warranty until March 2027. Located near Norterra for shopping & dining. Enjoy neighborhood access to miles of hiking, biking and horseback trails!
21637 N 59th Terrace
Phoenix, AZ 85054
$979,000
3
Beds
2.5
Baths
2,052
SqFt
Status
Active Under Contract
MLS #
6754037
Property Type
Single Family Residence
Price Type
--
Lightly lived in, low maintenance & highly efficient D.R. Horton 'McCormick' model home - the perfect blend of style & convenience! It features a tankless hot water system, 14-Seer Carrier AC, & synthetic turf backyard which sides open space behind for added privacy. Entertaining is made easy with the gourmet kitchen & expansive quartz counter island, 5-burner gas cooktop, under counter lighting, stunning pendant lights, surround sound speakers, & large walk-in pantry. This one-level home has no interior steps & 3-car tandem garage to stable multiple vehicles/toys w/ plenty of overhead storage. Located in the very popular Talinn at Desert Ridge - a gated development minutes from City North & Desert Ridge Marketplace, where shopping, entertainment, fine & causal dining collide. Skip the wait of building...this stunning move-in ready home is available now! [Builder had a $40,000 lot premium on this location]
4327 E Sands Drive
Phoenix, AZ 85050
$979,000
4
Beds
2
Baths
2,252
SqFt
Status
Active
MLS #
6757580
Property Type
Single Family Residence
Price Type
--
Make this beautiful move-in-ready home yours before the holidays! This former 3 bedroom turned into full 4 bedroom, single story, 3 car garage home with large low maintenance backyard and huge pool in highly desirable Desert Ridge community is a rare find in the area! Just minutes away from Desert Ridge Marketplace shopping and Scottsdale, this home boasts high ceilings, custom accent walls (including a fun wine feature), new flooring and it's been freshly painted throughout! The modern fixtures and kitchen updates make this the perfect entertaining home. It's roof and HVAC were replaced in the last several years so you can enjoy the perks of expensive updates already complete, in a fabulous established community!
1220 S Camino Cobre Drive
Wickenburg, AZ 85390
$978,000
3
Beds
2
Baths
2,357
SqFt
Status
Active
MLS #
6780662
Property Type
Single Family Residence
Price Type
--
Welcome to this exceptional home, designed to capture sweeping VIEWS of the town from its elevated vantage point. A private courtyard at the home's entrance is a welcoming touch and a tranquil spot to greet guests or enjoy a quiet morning. Once inside, you're greeted by soaring ceilings and beautiful exposed beams, creating an airy, open feel ideal for gatherings or peaceful evenings. For the home chef, the fully equipped kitchen awaits, with generous counter space, and a layout that makes cooking a joy. An inviting family room right off the kitchen offers a cozy retreat, perfectly balancing the grand openness of the home with a more intimate space to unwind. The primary suite is a lovely sanctuary, with direct access to the backyard where a large covered patio beckons for relaxing, entertaining, or simply soaking in the views. Outside, the fenced backyard enhances privacy and security, perfect for pets, gardening, or creating your own outdoor oasis. With a 3-car garage providing space for storage and hobbies, this property combines luxury, comfort, and functionalityall while keeping you connected to the beauty of its surroundings and the charm of town just a short drive away.
7575 W Gelding Drive
Peoria, AZ 85381
$977,079
4
Beds
3
Baths
2,650
SqFt
Status
Active
MLS #
6772889
Property Type
Single Family Residence
Price Type
--
Bella Pasa, a gated enclave of 30 semi-custom homes in the perfect location! Our newest plan, a 4-bedroom, 2.5 bath single-level home with the Ultimate RV Garage- 44 ft long with a 16 ft ceiling, a 12x14 door with room for all the toys! Large north-facing lot, covered patio, multi-slide 'wall of windows' for indoor/outdoor living. LG appliances, 10 ft ceilings and 8 ft tall doors; upgraded electrical package and many upgrades, still time to select and personalize the interior finishes. Mid 2025 completion. $20,000 towards financing or additional upgrades.
259 W Forest Service Road Unit 249
Young, AZ 85554
$975,000
3
Beds
3
Baths
2,998
SqFt
Status
Active
MLS #
6758228
Property Type
Single Family Residence
Price Type
--
Creek-front property in the middle of Tonto National Forest. This beautiful 3-bedroom 3- bath custom home sits on 1.1 exquisitely manicured acres bordering Haigler Creek. Too many design features to mention. Includes a 2 -car attached garage with extra-large sleeping loft. Fenced garden area. Irrigation system on the entire property with surface water rights to the creek. An additional 1-acre lot adjacent to the property is available. If you're searching for tranquility and comfort, don't miss out on this one-of-a-kind property in Arizona.
28306 N 158th Street
Scottsdale, AZ 85262
$975,000
4
Beds
3.5
Baths
3,038
SqFt
Status
Active
MLS #
6774290
Property Type
Single Family Residence
Price Type
--
Beautiful Luxury home by NEXTGEN Builders with views! To-Be-Built 4 Bedroom + office/den, and 3.5 Baths, High quality luxury build includes 2-car garage, plus 46' RV garage with 12x14' door. No HOA, Contemporary style front door, paver front sidewalk and 23' driveway, Quartz countertops at kitchen island, Stainless steel appliance package. Quartz counter tops throughout. All bedrooms have walk-in closets. Owner's suite has it's own bath with large entry shower, stand-alone tub, double sinks, and walk-in closet. 8' doors throughout, nicely finished. Energy efficient Spray foam insulation, 2x6 framed exterior, fully sheathed exterior, post tension foundation, & amazing views, Buyer to verify all facts & specs. Water is handled by shared well. Paved roads to property. Photos are of a Model.
14103 S 44th Avenue
Laveen, AZ 85339
$975,000
3
Beds
3
Baths
2,975
SqFt
Status
Active
MLS #
6710652
Property Type
Single Family Residence
Price Type
--
This is desert living with amazing mountain views, privacy, seclusion, peace and quiet! This includes the 1 acre lot south (APN: 300-04-036) of the house. Basement home with guest house/shop offers flexibility for various living/working arrangements! Perfect for horses, hobby enthusiast, multi gen living, basement offers a separate living level along with the detached building for extended family or vacation rental. Ideal for small business 1200sf unit located across wash with bridge, keeps home private and work separate! Think of the savings not having to pay for an additional work space or more than one home! NO HOA and centrally located close to freeway and access to the entire valley! Set at the base of the mountain/preserve, perfect quiet, peaceful setting to enjoy sunsets and natural desert life! This multifunctional property is for those nature lovers and those not wanting cookie cutter living. Chef Kitchen. Modernized interior. Located in the county with lower property taxes. If more space is needed, another lot north of house is available! See MLS No. 6708136