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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7141 E Rancho Vista Drive Unit 2011 Scottsdale, AZ 85251

$888,000

2 Beds

1.5 Baths

968 SqFt

Status Active

MLS # 6760250

Property Type Apartment

Price Type --

This incredible luxury renovation is expected to be completed by 1/15/2024. Warm, Inviting, Modern/Contemporary, Light and Bright... this Optima Camelview Luxury Remodel is simply a breath of fresh air. From the moment you walk inside you'll feel right at home with the abundance of natural wood / natural stone elements and abundance of floor-to-ceiling glass windows. This property boasts a rare floor plan with glass enclosed study featuring custom built in murphy bed acting as a usable second bedroom. Huge Private patio perfect for relaxing or entertaining overlooking Camelview's promenade and fountains. Subzero/Wolf Appliances, Fully integrated smart home with automated blinds, nest thermostats, sonos speakers and smart tv's. All found within the luxurious Optima Camelview Village, with it's unbeatable location & state of the art architecture/amenities. Amenities include: Two Outdoor Zen Pools, Spas & Bbqs One on each side of the community (heated year round). 24,000 sq. ft. Fitness Center (Recently Remodeled). Mens & Womens Locker Rooms w/ Steam Rooms, Showers and Private Lockers. Indoor Lap Pool & 2 Spas (Heated year round), On-site concierge, Putting green, Hybrid Basketball / Pickle-ball Court, Racquet ball court, On-site restaurant (metropolis), conference room, 24/7 Security, Reservable party room and multi-purpose fitness/yoga room.

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4958 E Skinner Drive Cave Creek, AZ 85331

$888,000

4 Beds

2.5 Baths

2,838 SqFt

Status Active

MLS # 6770409

Property Type Single Family Residence

Price Type --

Gorgeous home featuring everything on your wish list! The beautiful curb appeal invites you in to find plantation shutters, designer lighting & travertine flooring throughout, adding elegance & a timeless appeal to the main living spaces. The gourmet kitchen boasts high-end stainless steel appliances with a double oven, & ample cabinets space. The centerpiece is a generous island topped with luxurious granite that opens up into the family room making it the perfect place to entertain. The primary suite is the perfect retreat on its own side for privacy with a spa-like bath featuring dual sinks, a soaking tub, separate travertine shower & custom walk-in closet. The private backyard oasis features a long-covered patio, artificial turf, a pool & basketball court. 3 car garage with cabinets!

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17718 E Bear Wallow Way Rio Verde, AZ 85263

$888,000

2 Beds

2 Baths

1,948 SqFt

Status Active

MLS # 6781348

Property Type Single Family Residence

Price Type --

Situated in the prestigious Trilogy at Verde River Resort Living Community and ideally positioned on the stunning MOUNTAIN VIEW LOT, this highly sought after Nice floor plan includes a Two Car AND a separate GOLF CART GARAGE and luxurious upgrades throughout. The extended driveway leads to the inviting entry and from the moment you enter the foyer of this meticulously maintained home you are drawn to the amazing Chef's kitchen with Gourmet Appliance package, induction cooktop, wine cooler and beautifully upgraded cabinetry that opens to the great room and expanded dining area. Designed to embrace the Arizona lifestyle to its fullest, this home offers seamless transition to maximize outdoor living with glass wall of glass from the Great Room to enjoy the remarkable space including custom and an outdoor living room with covered patio for lounging. This home is filled with unique characteristics and details and a perfect place to experience the extraordinary Trilogy lifestyle. You will not want to miss this property! Trilogy at Verde River offers upscale Resort living at its finest and the very best of all possible worlds, close to the conveniences of affluent North Scottsdale yet secreted within the pristine privacy of the Sonoran Desert. The amenities are World Class with Tom Lehman inspired eighteen-hole Golf course, tennis courts, pickle ball courts, and bocce ball, heated lap pool and Resort style swimming pool, hot tub, Afterburn fitness center, Helen's demonstration Kitchen for cooking classes and a 7.5 acre dog park. The community center has casual poolside dining at Eddy's Diner and gourmet dining at award-winning Needle Rock Kitchen and Tap, Alvea Spa with full-service Salon and Spa amenities, Art Loft and events center. Trilogy at Verde River is adjacent to the Tonto National Forest and is situated in the middle of miles and miles of hiking and biking trails. Whether you're seeking a second, winter home, or will live here year-round, Trilogy at Verde River is an ideal distance from the hustle and bustle of North Scottsdale. Attitudes here are different; there's a sense of community. You'll love the Resort living! What memories will you make?

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6574 S Crestview Drive Gilbert, AZ 85298

$888,000

5 Beds

3 Baths

3,379 SqFt

Status Active

MLS # 6743701

Property Type Single Family Residence

Price Type --

JUST SOLD in Seville for $1.1 million—a home like this, making this one an unbeatable deal, priced $52,000 below appraisal! Welcome to Seville, where neighbors become friends and every day feels like a holiday. Tailored for families, this home has an upstairs family room for kids while parents relax below. The pool and lanai set the stage for unforgettable gatherings, and during holidays, the full moon illuminates the turret, adding magic. Picture game day parties downstairs, while a quiet corner upstairs invites you to dive into a favorite book. The low-maintenance yard means weekends free from yard work—or extra savings with a gardener! The kitchen boasts ample storage, sliding shelves, a wine rack, glassware space, and even a beer dispenser, making this home an entertainer's dream!

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2310 S Val Vista Road Apache Junction, AZ 85119

$888,000

4 Beds

2 Baths

2,778 SqFt

Status Active

MLS # 6742880

Property Type Single Family Residence

Price Type --

This fantastic 4 bed, 2 bath residence now on the market is for you! Featuring Superstition Mountain views w/a natural desert front yard and putting green, circular driveway, a welcoming 2 front porch patios, a 3 car oversized garage w cabinets, and an RV hookup. Discover spacious dining & living areas w/high ceilings and a beehive fireplace to keep you warm during the winter months. The kitchen is comprised of oak cabinetry w/ample counter space, a pantry, Tuscan appliances, and a quaint breakfast bar. End your busy day in the primary bedroom, boasting a full ensuite w/dual sinks for added comfort. Finally, the resort style backyard includes a covered patio, extended paver seating area, lush natural turf, a refreshing hot tub, and an outdoor kitchen & a mini park or hangout area.

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10006 S 37th Avenue Laveen, AZ 85339

$887,796

4 Beds

3.5 Baths

3,444 SqFt

Status Active

MLS # 6708986

Property Type Single Family Residence

Price Type --

Ideally located near South Mountain, this charming new home offers designer selections, desert and mountain views, a spacious floor plan with 4-bedrooms, and so much more! Some features in the kitchen include Quartz countertops, a waterfall island, and an Executive kitchen package with double ovens and a 36'' gas cooktop and hood. Dayton Birtch Burlap stacked cabinets in the kitchen and dining area. The great room boasts a 12' ceiling and a corner slider door with a post that leads to the outdoor living area. Other highlights include an extended dining area with lower and upper cabinets, upgraded carpet and pad in the bedrooms, 6'' x 36'' plank tile flooring everywhere but the bedrooms, and a freestanding tub in the Primary bathroom. Gated access and biking and walking paths.

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16423 S 4th Street Phoenix, AZ 85048

$885,900

4 Beds

2.5 Baths

3,026 SqFt

Status Active

MLS # 6709338

Property Type Single Family Residence

Price Type --

Nestled on a lovely hillside lot, this spacious single level home offers the ultimate in privacy with endless possibilities! Featuring an inviting split floorplan with over 3,000 SqFt, 4 spacious bedrooms, 2.5 bathrooms, and a 3-car garage. Step inside where you are greeted by an open and airy floor plan complete with soaring 12 foot ceilings that seamlessly connect the living, dining, and kitchen areas. The gourmet kitchen features an abundance of cabinets, granite countertops, walk-in pantry, and large island with breakfast bar that opens to the greatroom and cozy stacked stone fireplace. Picture windows flood the room with natural light, creating a warm and inviting atmosphere. The primary suite is located at the back of the home, and includes a double door entry, separate patio exit, and an ensuite bathroom with double sinks, separate shower, garden tub, and walk-in closet. Three additional bedrooms offer plenty of space for family, guests, or a home office. Outside, your private backyard awaits! Featuring an extended covered patio, flagstone pavers, sparkling pebble finish pool, tranquil rock waterfall, and plenty of room for outdoor dining and lounging. With no neighbors behind and single story homes on both sides, you'll enjoy privacy and tranquility, making it the perfect setting for relaxing or gathering with loved ones. Other features include a new roof in 2016, new HVAC in 2018, new plumbing main line in 2019, and pool equipment updates in 2023. Located in the prestigious Ahwatukee Foothills community, this home is close to top ranked schools, parks, hiking & biking trails, shopping, restaurants, and the 202 Freeway. A fantastic opportunity to make this home your own; see it today!

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39730 N New River Road Phoenix, AZ 85086

$885,900

4 Beds

2 Baths

2,311 SqFt

Status Active

MLS # 6700261

Property Type Single Family Residence

Price Type --

Recent winner of the 'Best on Tour'! This is deluxe desert living at it's finest! NO HOA + horse privileges - plenty of land to build stables, etc! All the best that the Desert Hills area has to offer you can find in this exquisitely maintained home situated on an acre-plus lot. Imagine relaxing in this dazzling pebble-tech pool (new in 2016) with the waterfalls flowing while you wait for some of the best sunset views in the entire North Valley! The open floorplan is perfect for entertaining, w/ custom espresso kitchen cabinets, ornate granite counters plus an oversize peninsula with tons of room for several hi-top chairs. A separate dining area leads into a spacious great room, enhanced by the vaulted ceilings throughout. No detail has been overlooked with this fabulous turn-key propert Appx a 20-minute drive to the new TSMC facility! This home has been meticulously taken care of with added bonuses throughout, such as stacked-stone on the front pillars, fireplace and the kitchen island, an added water filtration system and water softener (stays with the home), walk-in pantry, extended covered patio, 18 tile in the kitchen/dining areas, storage for pool toys plus covered protection for the pump and filter equipment. This home truly has it all plus of course NO HOA and the privacy that this area has to offer.

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38500 N School House Road Unit 42 Cave Creek, AZ 85331

$885,000

3 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6712442

Property Type Single Family Residence

Price Type --

Beautiful Home, Completely Furnished. Community Pool and Spa. Pickle Ball Courts, Dog Park! Small Fitness Center. Walking Paths. Surrounded by Mountains. 5 Minute walk to downtown Cave Creek. 10 Minute drive at the most to all the Shopping one needs. Across from the Foothills Library. Every type of dining and delights one could choose. You will love this Community. Let this Destination Location be your home! Seller will carry!

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18630 E Pine Valley Drive Queen Creek, AZ 85142

$885,000

4 Beds

2.5 Baths

3,705 SqFt

Status Active

MLS # 6749831

Property Type Single Family Residence

Price Type --

Wow! Take pride in residing in this gorgeous family home in Sossaman Estates! Nestled on a coveted 1/3 acre premium corner lot, complete with play pool, spill over spa, and a rock waterfall grotto w/slide! Featuring 4 bedrooms, 2.5 baths, a den/bonus room, a spacious loft/rec room perfect for a pool table, bedroom, media room or playroom, a 3-car garage w/epoxy flooring and storage racks, RV gate, and 2 storage buildings, one can easily be used as a workshop, Great curb appeal with stone accent elevation, premium artificial turf, and a welcoming front porch. The living room entrance showcases soaring vaulted ceilings, a majestic gas fireplace, and a formal dining room. Chef's kitchen boasts a gas cooktop, double ovens, built-in ss appliances, recessed lighting, pantry, plenty of cabinets with crown molding, granite counters and island with breakfast bar. Owner's retreat is a true gem. Completely remodeled with an ensuite equipped with two vessel sinks, a vanity, freestanding tub, floor-to-ceiling tiled shower w/7 spray heads, multiple cubbies/shelves, rock accents, and an incredible professionally designed walk-in closet. Modern grey paint palette w/luxury vinyl plank flooring & high-end lush carpeting, stylish light fixtures, pre-wired for surround sound, ceiling fans t/out, new RO system, soft water, sunscreens, and New HVAC unit 2022. A HUGE grassy backyard promises enjoyable weekend gatherings, showcasing a refreshing pool & spa with removable fence, an extended covered patio, lots of mature shade trees, and garden. Home is within walking distance to the community parks, amenities, and school. This one-of-a-kind beauty has it all!

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3310 E Tonto Drive Overgaard, AZ 85933

$885,000

3 Beds

3.5 Baths

2,016 SqFt

Status Active

MLS # 6756571

Property Type Single Family Residence

Price Type --

Experience mountain living at its finest with this magnificent retreat, perfect for part-time or full-time residence. This stunning home features ample room with 4 bedrooms & 3 baths. Enjoy granite counter tops, a large kitchen island, and modern amenities in your gourmet kitchen. The living Room and Loft offer flexible areas for a family room, game room, or additional entertainment space, complete with a walk-out deck. Your primary Bedroom is a true sanctuary located on the main floor, featuring expansive walk-in closets, a private office or dressing area, and a cozy fireplace. One additional bedroom on the main floor as well as 2 additional bedrooms on the 2nd floor makes for privacy for everyone. The 3 car garage has attached guest quarters with 1/2 bath. Fully fenced 1.48 acres.

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5822 N 14th Avenue Phoenix, AZ 85013

$885,000

3 Beds

2.5 Baths

2,363 SqFt

Status Active

MLS # 6773216

Property Type Single Family Residence

Price Type --

Welcome to this well-maintained home in the heart of uptown Phoenix just outside the central corridor. This is an ideal investment opportunity with a current long-term lease in place until January 2026 at $5250 per month. The home has undergone many upgrades in recent years, including replacement of sewer line, replacement of central air conditioning unit, new kitchen, renovated bathrooms, new pool installed, and lush landscaping all on automatic drippers. Reliable tenant ensuring immediate rental income please do not disturb the tenant. No changes will be made to the lease prior to close of escrow.

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