3 Different Types of Loan That Will Negatively Impact Your Ability to Get a Mortgage

3 Different Types of Loan That Will Negatively Impact Your Ability to Get a MortgageA 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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8243 E Rancho Vista Drive Scottsdale, AZ 85251

$910,000
3 Beds
3 Baths
1,844 SqFt
Status Active
MLS # 6775087
Property Type Single Family Residence
Price Type --
Pride of ownership! Situated on an oversized 10,000 sqft North/South facing lot with no HOA, this gorgeous home has all the bells & whistles. The home exudes elegance with modern light fixtures, neutral paint, recessed lighting, ceiling fans in every room, and tile flooring w/soft carpet in bedrooms. The welcoming living room is adorned with a fireplace & media niche! The impressive eat-in kitchen boasts SS appliances, butcher block counters, a designer tile backsplash, white shaker cabinetry w/crown molding, and an island w/breakfast bar. The owner's suite includes a recent addition of a primary bathroom with dual quartz sinks, a tiled shower, and walk-in closet. PLUS! Recently upgraded throughout, including 4-ton HVAC, insulation and plaster & newer plumbing drain lines to main. The spacious backyard is like a mini RESORT! Designed for relaxing & entertaining, it features an extended covered patio, several seating areas, a lush lawn, string lights, an outdoor kitchen w/BBQ grill, and beautiful mature trees. With a sparkling pool recently replastered with a newer filter and variable speed pump, this space promises year-round enjoyment. Want MORE? This property comes with a single garage + carport, RV gate, 240V charging, and much more. There are tons more interior and exterior upgrades that you need to check out! Conveniently located near Old Town Scottsdale, greenbelts with miles of biking/walking paths, excellent schools, world-class golf, and great neighbors. This home is perfect and will not last long!

4437 E Cordia Lane Cave Creek, AZ 85331

$910,000
4 Beds
2.5 Baths
2,633 SqFt
Status Active Under Contract
MLS # 6702951
Property Type Single Family Residence
Price Type --
This amazing home in Sandlewood Estates is a must see. You will fall in love as soon as you walk through the front door. The beautiful split floor plan and an amazing open living space concept is stunning. The extra large corner lot with no neighbor behind, a huge backyard and n/s exposure is a wonderful entertainment area. The kitchen a amazing with an extra large pantry and beautiful island. There are three bedrooms + bath & den that complete the potential kids wing. This home includes an extra deep 2-car garage and a separate 1-car garage. It has been freshly painted and has wood tile throughtout the common areas. Pride of ownership really shows though in this unique home and you will love the neighborhood. Come check it out before it is too late! Lister is related to seller.

26114 S 226th Street Queen Creek, AZ 85142

$909,990
5 Beds
4.5 Baths
4,008 SqFt
Status Active
MLS # 6773446
Property Type Single Family Residence
Price Type --
Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender. The Enchantment series, set in the desirable Harvest community, offers a private gated area just steps from the pools, catch-and-release lake, and park. Enjoy a peaceful retreat while staying close to shopping and entertainment. The oversized gathering room, kitchen, island, and pantry create the perfect space for entertaining or relaxing. Two additional rooms offer flexibility for a game room and extra space. Don't miss out.

6796 E Bourbon Way -- Prescott Valley, AZ 86315

$909,000 - 4Br/3Ba -  for Sale in Copperfield Amended, Prescott Valley
Open House
$909,000
4 Beds
3 Baths
2,718 SqFt
Status Active
MLS # 6781528
Property Type Single Family Residence
Price Type --
Another FABULOUS Home by Dan Warta Construction in popular/Gated COPPERFIELD Subdivision on 4 Acres with PAVED ACCESS having 2718 Square Feet of SEMI-CUSTOM finishes & 30+ GPM Well. Home has an Open/Split Floorplan with 4Bedrooms, 3Bathrooms, 3CarGarage + Den & one of the Bedrooms is a MINI MASTER/In-Law Set up. GREAT ROOM Concept, Gas Fireplace with Stone Chimney Face w/Wood Mantel, 2 Tone Paint, Wood Plank Luxury Vinyl throughout, Custom Lighting, Ceiling Fans, 6'' Baseboards, & Wood Sill Plates. Kitchen is well appointed with White Shaker Cabinetry, Honed GRANITE w/Satin finish, Island Sink, Breakfast Bar, Breakfast Nook, Soft Close/Dove Tailed Drawers, Stainless Steel Appliances (inc. Wall Oven/Micro, Dishwasher, Smooth Top Range), Tiled Back Splash, Large Walk-In Pantry plus Butlers' Pantry. Master/Primary is spacious with His/Her Walk-In Closets, Dual/Segregated Sinks under GRANITE, Oversized Walk-in Shower with Tile Surround, & direct access to back patio. Additional features include Paver Driveway, Walkway, & Patios. T & G/Knotty Pine Lids above Patios, Mountain VIEWS, Large Laundry Room w/Storage, & all bedrooms have Walk-In Closets. Seller is a licensed real estate agent in CA.

7277 W Spur Drive Peoria, AZ 85383

$909,000
5 Beds
4.5 Baths
3,508 SqFt
Status Active
MLS # 6772604
Property Type Single Family Residence
Price Type --
Welcome to Shea home, model Emblem 5016! This fabulous 5-bed, 4.5-bath two-story gem exudes charm and elegance. It features a 3-car garage with built-in cabinets, a Tesla charger, and a paver driveway. Inside, you'll find a spacious living room with high ceilings, recessed lighting, wood-look flooring, and neutral paint. The eat-in kitchen includes an accent wall in the dining area, an island with a breakfast bar, plenty of cabinetry, built-in appliances, a walk-in pantry, and quartz countertops/backsplash. Upstairs, the loft offers endless entertainment possibilities. The owner's suite boasts a luxurious bathroom with a dual sink vanity, glass shower, garden tub, and walk-in closet. Additional features include a spacious laundry room and extra storage under the staircase! Host fun gatherings in the oversized backyard, which is comprised of a covered patio, artificial turf, Ramada, and a fenced blue pool. Move-in ready! Seize this opportunity!

19679 E Estrella Road Queen Creek, AZ 85142

$908,995
4 Beds
3 Baths
2,890 SqFt
Status Active
MLS # 6731757
Property Type Single Family Residence
Price Type --
The ranch-style Julia plan greets guests with a charming covered front porch. Once inside, an extended entry leads to an expansive gourmet kitchen with a center extended island, large walk-in pantry, breakfast nook and great room for entertaining. You'll also appreciate the flex room and a formal dining room with adjacent covered courtyard off to the side of the home. This plan offers three additional bedrooms and two guest baths. This beautiful home features many upgrades including the multi-slide doors in the great room,10' ceilings, tile in all traffic areas and more!

12301 N Otto (lot 218) Circle Prescott, AZ 86305

$908,888
2 Beds
3 Baths
2,081 SqFt
Status Active
MLS # 6657523
Property Type Single Family Residence
Price Type --
TAKE ADVANTAGE OF BUILDER INCENTIVES! $20,000 BUILDER OPTIONS CREDIT or 1 YEAR INTEREST RATE BUY DOWN TO 5.99%. New home/lot in Whispering Canyon, mtn views & gorgeous skies await you with this 1 ac lot. This ''right-sized'' model offers great room open concept design with highly upgraded kitchen cabinets, granite counters, walk in pantry, and s/s appliances standard. 17'' x 17'' tile flooring & carpet in the main living areas and 10' coffered ceilings add architectural interest. Split floor plan w/2 bedrooms & an office, den, or optional 3rd bedroom. Primary en suite has bathroom featuring dual sinks, walk in shower, & walk in closet. Front landscaping, paver patios and driveway are included. Select your builder options & design finishes. VISIT OUR MODEL HOME.

1 Easy Street Unit 7 Carefree, AZ 85377

$908,719
2 Beds
2.5 Baths
1,847 SqFt
Status Active
MLS # 6696831
Property Type Townhouse
Price Type --
UNOBSTRUCTED MOUNTAIN VIEWS, FABULOUS DOWNTOWN UPSCALE CAREFREE location offers the epitome of luxury and convenience, where every amenity is just steps from your doorstep in bespoke CAREFREE. This 2 bedroom, 2.5 bath townhome has a Den, that could be an office or an optional 3rd bedroom. From the moment you enter, you'll be captivated by UNOBSTRUCTED MOUNTAIN VIEWS, the CONTEMPORARY OPEN DESIGN, GOURMET KITCHEN BOSCH STAINLESS STEEL APPLIANCES, OPULENT PRIMARY SUITE.. The amazing WALKABILTY of this community only enhance the tranquil, luxurious atmosphere. Community features HEATED Pool, Spa, Putting Green, Bocce, AND More... ball court, restuarants, grocery store, spas, galleries, live music venues, hiking trails, wine bars, and more! Come see how sweet life can be at The View Carefree!

21639 E Vía De Arboles -- Queen Creek, AZ 85142

$905,000
5 Beds
3 Baths
2,964 SqFt
Status Active
MLS # 6755007
Property Type Single Family Residence
Price Type --
Gorgeous NextGen Home with a resort-like backyard. Two homes in one, main home has 4 bedrooms and 2 baths with a huge great room. A beautiful kitchen with quartz counters, SS appliances, and designated dining area creates an open concept living area. Upgraded flooring throughout, shutters and a custom iron gate at courtyard entry. Split primary suite has outside entry and bath has dual showerheads, oversized tub, and walk-in closet. The backyard is a show stopper, perfect for the AZ outdoor lifestyle. Large pool with baja, water features, firepit, BBQ, and two custom pergola's ready to enjoy outdoor living. The NextGen suite has a gorgeous kitchen, living room, bedroom, and bath. Lovely patio with limestone pavers and a fountain. Corner lot in a desired Queen Creek neighborhood.

1650 Hillside Drive Wickenburg, AZ 85390

$905,000
3 Beds
2.5 Baths
2,630 SqFt
Status Active
MLS # 6774692
Property Type Single Family Residence
Price Type --
This property is for THREE PARCELS, over 230K sq ft!! Escape to your own desert sanctuary on 5.3 acres of pristine land, where a beautiful 3-bedroom home awaits! A circular driveway, a 4-car detached garage, and easy-care landscape set the stage for serene living. Imagine cozying up by the wood-burning fireplace on a cold evening or opening the sliding glass doors for fresh air; the large living room offers all these PLUS dramatic beams on the vaulted ceilings and wood-look flooring. Formal dining room is ideal to hold a feast! In the kitchen, you will find abundant cabinetry adorned with crown moulding, recessed lighting, built-in appliances, a center island, and a breakfast nook with a lovely bay window. Double doors reveal the spacious primary retreat, showcasing a make-up desk, a walk-in closet, and an ensuite with a jetted tub. Tranquil backyard provides covered patios, dreamy mountain vistas, and a play area. Don't miss the stalls and tack room! This gem will sell fast! Act now before it's gone!

7630 E Knoll Street Mesa, AZ 85207

$904,999
4 Beds
2.5 Baths
2,760 SqFt
Status Active
MLS # 6780395
Property Type Single Family Residence
Price Type --
Welcome to your dream home in an exclusive, quiet gated community of just 20 residences! This immaculate 4-bedroom, 2.5-bathroom residence includes a den and powder bath, all set on a desirable cul-de-sac lot. With its like-new feel and pristine upkeep, you'll love the 10' ceilings, 8' doors, and engineered wood flooring throughout. The open floor plan flows seamlessly into a gourmet kitchen featuring granite counters, a chic backsplash, a spacious island with a snack bar, and a versatile gas cooktop (also wired for electric). Unwind in the luxurious master suite with dual staggered vanities, soft-close drawers, and an extra-spacious closet. Enjoy the expansive turf in both the front and back yards, a 10' RV gate, holiday lighting master switch, and central vacuum for ease. The 4th-car garage/workshop boasts a 220 single circuit with a 50-amp disconnect and its own mini-split A/C unit for added comfort. Plus, W/D/R all convey! Don't miss out on this truly exceptional home.

32513 N 135th Drive Peoria, AZ 85383

$904,990
3 Beds
2.5 Baths
2,462 SqFt
Status Active
MLS # 6779068
Property Type Single Family Residence
Price Type --
With a 3-car garage and split floor plan, this 3 bed, 2.5 bath home offers Gorgeous sight lines, 10' and 12' ceilings, 12' sliding glass door and windows placed just right allow for natural lighting and an expansive feel. A classic black and white kitchen provides a timeless canvas to accommodate any style. Champagne hardware offers a modern flare to complement your upgraded quartz countertops. Highly upgraded and 2x6 construction for added energy efficiency.