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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2299 E Saddlebrook Road
Gilbert, AZ 85298
$899,999
4
Beds
5
Baths
3,400
SqFt
Status
Active
MLS #
6773231
Property Type
Single Family Residence
Price Type
--
JUST AWARDED! The prestigious Gilbert Tour Of Homes, BEST HOME ON TOUR. Prepare to be amazed! Check out this gorgeous 4 bed, 3 full 2 half bath residence in the highly sought-after Adora Trails! Featuring a stunning facade w/stone accents, easy-care landscape w/artificial turf, 2 car garage, extended paver driveway, and an RV gate! Discover a spacious open floor plan bathed in natural light, perfect for entertaining. Elegant porcelain plank flooring, plantation shutters, crown molding, and trending palette throughout. The fabulous kitchen is equipped w/everything the aspiring chef needs, staggered cabinetry, granite counters, a walk-in pantry, tile backsplash, pendant lighting, stainless steel appliances such as dual wall ovens, and an island complete w/a breakfast bar. You'll also find a formal dining room ideal for a dinner party w/friends & loved ones. The grand primary suite boasts a walk-in closet and a lavish ensuite w/dual vanities & a garden tub. Don't forget about the large bonus room w/soft carpet! Lastly, the resort-like backyard includes a covered patio, extended seating area, a custom designed gas outdoor fireplace, and a putting green!
6858 E Orion Drive
Scottsdale, AZ 85257
$899,999
3
Beds
3
Baths
2,251
SqFt
Status
Active
MLS #
6732713
Property Type
Single Family Residence
Price Type
--
Super clean and ready to go!! Gated Scottsdale community with community pool, spa and workout facility. Upscale 3 bedroom/2.5 bath detached residence. PREMIUM LOT with extra common space from the east property. Highly upgraded with 10' ceilings, Tile backsplash, Trex and custom metal decor on patio, roof deck with utilities/views, plantation shutters, Bulldog security doors on front and back, tankless hot water system, custom kitchen cabinets to ceiling, Nest security cameras, custom built in closet shelving, fiber optic Cox cable, oversized 15' kitchen island, and oversized slider doors, built in loft shelving, direct access to street. Close to ASU, Sky Song, Old Town Scottsdale and freeway access. Use Aligned and LBX.
21911 E Via De Palmas --
Queen Creek, AZ 85142
$899,995
3
Beds
3.5
Baths
2,710
SqFt
Status
Active
MLS #
6690626
Property Type
Single Family Residence
Price Type
--
This Beautiful Matthews Floorplan featuring 10' ceilings throughout, encompasses 3 ensuite bedrooms + large flex room and is currently under construction on a 10,500 SqFt. lot. Estimated completion is 9/24! This professionally designed home features a multi-gen suite with a separate entrance and kitchenette. The home is upgraded with a Chefs Kitchen boasting a large waterfall kitchen island, upgraded Wolf Appliances, beautiful cabinetry, and quartz countertops! Upgraded sliding glass doors at the dining room and great room allow for a seamless transition to the covered patio and views of the backyard, which backs up to a community green space for enhanced privacy. The primary bath is complete with a beach entry shower & dual sinks. New Toll Brothers Home with Warranties! Don't miss out!
1042 W Ridge Road
Apache Junction, AZ 85120
$899,990
4
Beds
3.5
Baths
3,004
SqFt
Status
Active
MLS #
6780576
Property Type
Single Family Residence
Price Type
--
4 BR 3.5 baths, extended patio, enclosed office, dining room cabs, and FAMILY FOYER ( a new option for us) 3-car garage. Kitchen cabs, 54 inches stacked, shaker style in white and morel with stainless steel appliances and ss chimney hood. Designer appointed mosaic backsplash to top of the hood. Dining room cabs in morel with floating shelves. 16 ft sgd in family room leading to expansive back patio area. Owners bath with super shower and rain can. All baths (except powder bath) with upgraded quartz tops and tile flooring. Wood looking plank style flooring throughout except bedrooms and closets. The family foyer adds space for a second fridge, 42-inch countertop, lower cabinets with a sink, and a walk-in closet for storage. 2X6 CONSTRUCTION; NEW HOME WARRANTY.
22842 E Via Las Brisas Valley
Queen Creek, AZ 85142
$899,990
5
Beds
3.5
Baths
3,471
SqFt
Status
Active
MLS #
6770364
Property Type
Single Family Residence
Price Type
--
You're going to want to see this newly built home in the highly sought-after community of Meridian! This single story 5 bedroom 3.5 bath home spans 3,470 square feet of a spacious floor plan situated on a premium north and south facing lot. With a perfect balance of luxury and functionality, this home is ideal for hosting. Experience the 10-foot ceilings grow to 12-foot ceilings in the great room. Gas range, double ovens, quartz countertops with a waterfall island, soft-close drawers, and an incredible amount of cabinet space make this a culinary wonderland! The wood-looking tile extends throughout the main living spaces and hallways of the home. You're going to want to see this newly built home in the highly sought-after community of Meridian! This single story 5 bedroom 3.5 bath home spans 3,470 square feet of a spacious floor plan situated on a premium north and south facing lot. With a perfect balance of luxury and functionality, this home is ideal for hosting. Experience the 10-foot ceilings grow to 12-foot ceilings in the great room. Gas range, double ovens, quartz countertops with a waterfall island, soft-close drawers, and an incredible amount of cabinet space make this a culinary wonderland! The wood-looking tile extends throughout the main living spaces and hallways of the home. Escape to the master bedroom that has a door leading to the backyard as well as an en-suite with his and her vanities, an elegant soaking tub, beautifully tiled walk-in shower, and vast walk-in closet. Secondary bedrooms are generously sized and comfortably equipped with carpet for a more homey feel. The 5th bedroom is tiled and perfect for an office space or guest room that comes with its own bathroom and an oversized walk-in closet. The backyard boasts a large covered patio and is plumbed for gas ready for your brand new outdoor kitchen. The lush landscape comes with a drip system, sprinkler system, fruit trees, and real grass! The best backyard bonus is that there are no neighbors behind! Let's not forget a 4 CAR GARAGE protected with a polyaspartic floor coating that's more durable than epoxy! This home is tucked back in the last street of the neighborhood, which makes for a peaceful retreat. The master community has a multitude of possibilities for outdoor enjoyment with family and/or pets. The neighborhood offers various parks, walking trails, a community pool, and a top-rated elementary school. Shopping and dining is just minutes away in the popular Town of Queen Creek and quick access to the SR24 is a straight shot up Signal Butte Road. This is truly a wise investment in a great community and prime location. Come and tour your dream home!
5265 E Karen Drive
Scottsdale, AZ 85254
$899,990
4
Beds
2
Baths
2,068
SqFt
Status
Active Under Contract
MLS #
6766727
Property Type
Single Family Residence
Price Type
--
This modern remodel is in a fantastic location in 85254! Step through the welcoming front courtyard into a light and bright space with wood-look tile floors flowing throughout. Kitchen includes stainless steel appliances, quartz countertops, breakfast bar and walk-in pantry. Tranquil Master suite with stand-alone soaking tub and separate glass shower. Relax or entertain in the resort style backyard with covered patio, saltwater pool, and built-in BBQ. Additional features included owned solar, stunning fireplace, easy to maintain landscaping, no HOA, and located just minutes from freeways, shopping, golf, restaurants, Mayo, and more!
32778 N 132nd Lane
Peoria, AZ 85383
$899,990
3
Beds
3.5
Baths
2,840
SqFt
Status
Active
MLS #
6663036
Property Type
Single Family Residence
Price Type
--
odern bright home with 3 large ensuite bedrooms, 3.5 baths plus a study and 4-car garage offers both beauty & energy-efficiency. Enjoy Saturday morning breakfast or Friday night entertaining in this beautiful gourmet kitchen complete with stainless GE appliances, a modern tile backsplash, an oversized island, classic white and gray shaker cabinets, accent lighting, an abundance of storage and huge walk-in pantry. With 10' flat ceilings, 8' doors & large, picturesque windows, this open plan is nothing short of perfection. Owner's retreat with spa-like bath featuring quartz tops, huge walk-in tiled super shower and oversized walk-in closet. Two tone paint, 8''x 32'' plank tile flooring and upgraded carpet throughout. Quality 2 x 6 construction & extensive new home warranty.
4633 N 127th Drive
Litchfield Park, AZ 85340
$899,983
5
Beds
3.5
Baths
4,011
SqFt
Status
Active
MLS #
6726517
Property Type
Single Family Residence
Price Type
--
This is an amazing opportunity to live the active luxury lifestyle in this fabulous home located within the GATED Vintage Subdivision of Wigwam South, Litchfield Park. This gorgeous, remodeled Fulton Bordeaux, 5 bedroom with office model is very special with over $170K in upgrades. Upon entering you will fall in love with the gorgeous tile flooring, open great room, gas fireplace & GOURMET CHEF'S KITCHEN featuring all-new, soft close custom wood cabinets/lighting, granite counter tops, stylish backsplash, an oversized granite middle island, 3 pantries and lots of storage throughout the home. With over 4,000 sq. ft. which includes a fully FINISHED BASEMENT, adding to the meticulously designed living space, there is lots of room for great comfort and extravagant living. FULLY PAID SOLAR
1165 E Gleneagle Drive
Chandler, AZ 85249
$899,970
4
Beds
3
Baths
2,462
SqFt
Status
Active
MLS #
6734134
Property Type
Single Family Residence
Price Type
--
New Home in Chandler! Great Floor Beautifully and Large Yard! Many Features are Upgraded with Woodlook Tile Floors Whole House, Gourmet Kitch, Quartz Countertops, Freestanding Tub and Large Shower with Bench, 10' Ceilings, 8' Door, Gated Master Planned Community of 100 Homes in Southwest Chandler. Dramatic 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 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 floorpan, built offsite). Taxes are estimat
26008 N 149th Drive
Surprise, AZ 85387
$899,950
3
Beds
3.5
Baths
2,995
SqFt
Status
Active Under Contract
MLS #
6770909
Property Type
Single Family Residence
Price Type
--
Beautiful! Brand new custom spec home on 1 acre lot. HUGE DOUBLE RV garage (21'6''x 46'') plus oversized 2 car garage (23'6''x26). Spectacular great room with 12ft ceilings. The gourmet kitchen boasts upgraded granite, high-end cabinets, upgraded GE Profile stainless appliances, large island & custom tile. Master suite includes an impressive walk-in shower, free-standing tub, dual sinks, huge closet & sep. exit. All baths include granite tops, custom tile work & surrounds. Open floor plan features a guest wing with an optional separate entrance. Energy efficient dual-zoned HVAC system & 400 amp electrical panel. Buyer still has time to select some finishes.
5141 S Newport Street
Chandler, AZ 85249
$899,944
3
Beds
3
Baths
2,563
SqFt
Status
Active
MLS #
6755786
Property Type
Single Family Residence
Price Type
--
Lovely new, single-story home located in the gated and private community of Treeland. Loaded with designer selections, this home features 3 bedrooms, 3 bathrooms, a den, a game room, and an attached 3 car garage. The Gourmet Kitchen boasts Stainless Steel built-in appliances with a 36'' gas cooktop and double ovens, and quartz countertops with a waterfall edge island. Other highlights include a 12' multi-slider at the Great Room, Bryant maple white cabinets, upgraded 8'' x 36'' tile plank flooring, and a frameless walk-in shower at the primary bath. The laundry room has cabinets over the washer and dryer and a laundry sink with cabinets. The exterior features a covered patio and pavers at the driveway and front porch.
W Hooper Trail Unit 2
Queen Creek, AZ 85144
$899,900
4
Beds
3
Baths
2,837
SqFt
Status
Active
MLS #
6134536
Property Type
Single Family Residence
Price Type
--
CHECK OUT THE VIEWS!!! BREAKING GROUND SOON! Double bonus: Beautiful new home on a beautiful property backing up to the San Tan Mountain Regional Park! Our most popular floor plan 4 bed 3 bath (could be 3 +Den), Great Room, split Master. Standard features include granite throughout, stainless, tile surrounds, covered patio, 4-car garage, and more! NO HOA! Plenty of time for Buyer to make selections for flooring, cabinets, colors, etc. Estimated completion 9-10 months from ground-breaking. Photos are of a completed version of this plan.