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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7117 E Rancho Vista Drive Unit 3002
Scottsdale, AZ 85251
$869,000
2
Beds
2
Baths
1,289
SqFt
Status
Active
MLS #
6771770
Property Type
Apartment
Price Type
--
This is an Optima Masterpiece with unobstructed views of the Camelback Mountain and the Amazing Sunsets and Scottsdale city lights! The massive 1100 SF balcony is elegantly landscaped to give anyone that serene feeling. This gorgeous home with open concept kitchen and living room offers automated blinds, electric linear fireplace, granite counter tops and large bedrooms. . Optima features plenty of amenities including 24,000 sq ft fitness center, lap pool, two spas, steam room, basketball, pickle ball, racquetball & exercise room full of many equipment. Do not miss out on this one of a kind luxury!!
1627 E Las Palmaritas Drive
Phoenix, AZ 85020
$869,000
3
Beds
2
Baths
1,735
SqFt
Status
Active
MLS #
6772976
Property Type
Single Family Residence
Price Type
--
PRIME LOCATION WITH ENDLESS POTENTIAL! Nestled on a sprawling 23,740 sq. ft. lot this home presents a rare opportunity in one of Phoenix's most desirable areas, needs some TLC. Showcasing breathtaking Mountain vistas and offering direct access to the Mountain Preserve, this property combines suburban tranquility with urban convenience. LOCATION HIGHLIGHTS: Minutes from the 51 freeway, 20 minute commute to downtown, within the prestigious Paradise Valley School District, and walking distance to the Mountain Preserve Trails. Lots of potential, owners have lived and loved it for 35 years.
8443 E Bonnie Rose Avenue
Scottsdale, AZ 85250
$869,000
4
Beds
3.5
Baths
1,892
SqFt
Status
Active
MLS #
6783723
Property Type
Single Family Residence
Price Type
--
MOTIVATED.BRING ALL OFFERS!Highly upgraded mid-century Hallcraft home on the popular Park Scottsdale. This nostalgic beauty showcases a freshly painted exterior with a coated driveway & a low-maintenance front yard. The impressive interior boasts a spacious open layout favoring a sleek & modern design. New luxury vinyl flooring, recessed lighting, and a soft palette that can't be left unsaid. The renovated kitchen displays elegance & charm with its white shaker cabinets & contrasting black w/granite counters, plus new sleek SS appliances. You'll find a private & cozy family room tucked away at the back with backyard access. This gem features two main bedrooms! One downstairs & one upstairs, each with a pristine ensuite featuring high-end details&a floor-to-ceiling tiled shower.
5538 N Crescent Hill Place
Tucson, AZ 85718
$869,000
3
Beds
3
Baths
2,670
SqFt
Status
Active
MLS #
6785028
Property Type
Single Family Residence
Price Type
--
**Catalina Foothills** Stunning 2670sf 3bd 3ba + DEN home in the gated community of Salida del Sol/ Promontory II, a beckoning neighborhood with only 29 homes, and natural open spaces. Featuring SW Design with an inviting entry way. Experience an elegant foyer that expands to a BRIGHT & OPEN great room boasting high ceilings & warm Saltillo tile. For the CULINARY Enthusiast, a large breakfast bar kitchen with plenty of counter space & storage, BEAUTIFUL new GRADE 5 granite counters and NEW SS appliances. Luxurious and large primary suite. Oversized guest rooms (one with its own private bath). Plantation shutters throughout. Sitting on a .34AC lot with incredible mountain, sunset & city light views. At Swan/Sunrise, excellent and convenient to shopping, restaurants & entertainment.
26092 S 226th Street
Queen Creek, AZ 85142
$868,990
4
Beds
4.5
Baths
4,008
SqFt
Status
Active
MLS #
6773443
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, located in the highly sought-after Harvest community, offers a private gated section just steps from the pools, catch-and-release lake, and park. Enjoy a peaceful setting while staying close to shopping and entertainment. The oversized kitchen, island, and pantry provide the perfect setup for entertaining or relaxing. All bedrooms feature ensuite baths, with two additional spaces ideal for a flex room and den. Don't miss out.
5923 N 83rd Lane
Glendale, AZ 85305
$868,632
6
Beds
4
Baths
4,517
SqFt
Status
Active
MLS #
6782503
Property Type
Single Family Residence
Price Type
--
MLS#6782503 January Completion! Model Home! The Acadia at Stonehaven Voyage presents a spacious 6-bedroom, 4-bath home. A charming front porch welcomes you into an impressive foyer, which leads to a formal dining room. Adjacent to the foyer is a cozy guest bedroom with a walk-in closet and a full bath for added convenience. The expansive kitchen island overlooks the casual dining area and great room, creating an ideal space for entertaining. The luxurious owner's suite boasts a spa-inspired bath and two walk-in closets. Upstairs, you'll find 4 additional bedrooms along with a generous game room. Structural options include: Bedroom 7 with bath 5 in place of study, multi-slide door at gathering room and double gate.
15436 E Sunburst Drive
Fountain Hills, AZ 85268
$868,000
3
Beds
2.5
Baths
2,469
SqFt
Status
Active
MLS #
6754039
Property Type
Single Family Residence
Price Type
--
Beautiful custom home with no interior steps and $40k in upgrades. This picturesque street enchants with its meticulously designed homes, and breathtaking Four Peak mountain views. As you enter you will fall in love with the beautiful, new iron glass door and the soaring vaulted ceilings. The upgraded kitchen boasts granite countertops, decorative tile backsplash, pull out drawers, stainless appliances, a wall oven/microwave, new RO system and a walk-in pantry. The spacious master is the perfect retreat featuring a jetted soaking tub, separate shower and its own private patio. Enjoy your morning coffee on the huge, covered deck with a stunning view of Four Peaks! The 2.5 car garage is wider and deeper then most with an insulated door. Live the Fountain Hills life you have dreamed of here.
1788 W Brooke Lane
Queen Creek, AZ 85144
$868,000
5
Beds
4
Baths
2,882
SqFt
Status
Active
MLS #
6780893
Property Type
Single Family Residence
Price Type
--
Luxury custom built home on 1 1/4 acres on hill top with amazing 360 degree views. 5 bdrms. with private entrance for mother -in-law ensuite bdrm beautiful custom cabinitry on entertainment wall in great room, custom drawers and shelves in master closet. 2 X 6 walls with spray foam insulation including in garage. 60'' fridge and freezer, oven combo with air fryer, and pot filler over range, farm house sink and quartz counter tops to compliment the beautiful kitchen and breakfast room. 400 amp power panel, can be ready for a casita or RV work shop. Enjoy all of the advantages of this beautiful custom home with no HOA with plenty of room for horses, or all of your recreational toys. Floor plan and elevation is availeabel under the documents tab.
15829 W Bonitos Drive
Goodyear, AZ 85395
$868,000
5
Beds
3.5
Baths
3,120
SqFt
Status
Active
MLS #
6784324
Property Type
Single Family Residence
Price Type
--
Check out this private community in Palm Valley! The exterior of the home features a grand courtyard entrance and beautifully maintained landscaping. The Kitchen is fully upgraded with new white cabinets with silver hardware, an R/O, Granite Countertops, and a large island. The primary bathroom features a large walk-in closet, a large tub, walk-in shower, and dual vanities! Experience the amazingly done backyard with two water features. an outdoor kitchen, and a fireplace, all connected with travertine pavers. The Owner was meticulous in the care of this home, a new fridge was installed along with a new dishwasher. Plantation shutter are all through the home, and owned solar panels are installed to lower you electric bill during those hot summers.
26812 N 161st Street
Scottsdale, AZ 85262
$867,950
4
Beds
3
Baths
3,458
SqFt
Status
Active
MLS #
6713041
Property Type
Single Family Residence
Price Type
--
Discover the luxury in this 3,458 square foot single-story home, perfectly situated on a sprawling acre lot in the city of Scottsdale. This expansive acre lot provides both beauty and privacy. The highlight of the outdoor space is the pool and patio area with an outside BBQ and fireplace, perfect for relaxing and entertaining under the Arizona sun. There is plenty of space for those with recreational vehicles or needed additional storage space. There is even room for a horse facility or an additional building. Completely fenced, it offers privacy and security. The open-concept layout is accentuated by high ceilings, elegant flooring, and an abundance of natural light, creating a warm and inviting atmosphere. A spacious floor plan seamlessly connects the living spaces, making it perfect for both everyday living and entertaining. Large windows frame stunning views of the surrounding landscape from the great room, with its large fireplace and custom built-ins making it a perfect spot for relaxation and casual gatherings. The heart of this home is undoubtedly the chef's kitchen which opens to the great room and is outfitted with top-of-the-line appliances, including a Viking Pro Stove plus wall oven and a spacious refrigerator. An oversized island provides ample prep space and doubles as a breakfast bar, perfect for casual dining and socializing. The kitchen also features a walk-in pantry and plenty of storage, ensuring that all your culinary needs are met. The custom cabinetry, granite countertops, and stylish backsplash add a touch of elegance and sophistication. This kitchen is equipped to handle everything from everyday meals to gourmet feasts. The property shares a well with two other parties. No high water bills to deal with. Two, new in 2022, four ton heat pumps and extremely low electric bills due to the mini splits, provide comfort year round. The roof was new in 2022. Seller is open to doing any REHAB UPGRADES OR REPAIRS you require. The primary suite is a true retreat, offering a spacious bedroom, a walk-in closet, and a spa-like ensuite bathroom. Relax and unwind in the luxurious soaking tub. Three additional bedrooms plus two additional baths, provide plenty of space for family and guests. This home is equipped with a host of additional features that enhance its appeal and waiting for you to discover! With its luxurious upgrades, spacious layout, and prime location, this Scottsdale home is a rare find. The good news is, the motivated seller is ready to make a deal, so don't miss your chance to own this exquisite property.
1 Easy Street Unit 11
Carefree, AZ 85377
$866,839
2
Beds
2.5
Baths
1,847
SqFt
Status
Active
MLS #
6653234
Property Type
Townhouse
Price Type
--
This stunning contemporary 2 Bedroom, 2.5 Bath with a Den that can be used as an Office or a 3rd Bedroom is artfully centered in upscale, artsy, downtown, Carefree. From the moment you enter, you'll be captivated by unobstructed mountain views, and the luxurious finishes to impress the most discerning buyers.Enjoy the beauty of mountain views without compromising on convenience. On property amenities include, heated pool and spa, covered ramadas with bbq grills, seating areas, fire table, bocce ball court, & putting green. You'll enjoy the quiet and peaceful beauty of Carefree and be just steps away from urban amenities, world class dining, shopping, gourmet groceries, art galleries, golf, hiking, biking, spa's, and more, this is your opportunity to enjoy the best of both worlds! $37,000 in upgrades: Bosche Stainless Steel Appliances including 5 Burner Gas Cooktop, Wall Oven, Microwave, Dishwasher, French Door Refrigerator with lower drawer Freezer Metal Cable Railing System Vector Linear Gas Fireplace Granite Countertops Custom Cabinetry Flooring: LVP, Tile, and Carpet
Glendale
AZ 85306
$865,000
8
Beds
4
Baths
2,712
SqFt
Status
Active
MLS #
6768229
Property Type
Single Family Residence
Price Type
--
Discover a lucrative investment opportunity at 6008 W Paradise Lane - once a thriving sober living recovery center could also be a great assisted living home. This turnkey property boasts a charming 2,750-square-foot commercial house, 8bdrms, 4 baths, can accommodate up to 10 beds. Nestled on a spacious .25-acre lot. This gem offers modern appliances, a stunning outdoor deck and gazebo, and convenient accessibility features. This is ready for an owner operator or investor so you can put a tenant in place with 3% annual rent increase. Don't miss out on this ROI-driven venture!