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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7640 E Snowdon Circle Mesa, AZ 85207

$850,000

5 Beds

4 Baths

3,426 SqFt

Status Active

MLS # 6759152

Property Type Single Family Residence

Price Type --

Discover luxury living in the prestigious Highlands at Las Sendas, nestled on a prime cul-de-sac lot. This home boasts nearly 11,000 sq. ft. of outdoor space with RV gate access and an oversized 3-car garage. Inside, elegance meets functionality with plantation shutters, granite finishes, and crown molding throughout. The gourmet kitchen is a chef's dream, complete with a spacious island featuring a gas cooktop, two dishwashers, and two refrigerators, perfect for entertaining. Retreat to the Master Suite, where a private sitting area opens to a deck with uninterrupted views of the preserve--no neighbors in sight! The two secondary bedrooms each offer their own en suite baths, ensuring comfort and privacy. Step outside to your personal oasis: a saltwater pool, outdoor kitchen, and fire pit, designed for unforgettable gatherings. This home offers more than just spaceit's an experience. Don't miss your chance to see what makes this property so exceptional!

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9225 E Barn Wood Lane Prescott Valley, AZ 86315

$850,000

4 Beds

3 Baths

2,299 SqFt

Status Active

MLS # 6757436

Property Type Single Family Residence

Price Type --

Custom designed horse set up built in 2021 at the back of the property is a horse lover's dream! This little ''farmette'' just needs your horses and chickens and it is turn-key! Inside the home features a Spacious Island Kitchen with loads of counter space and open to the gourmet kitchen complete with a new Wolf stove. Separate living room and Great room + 4 bedrooms. High End surround sound in family room and outside patio areas. Fully fenced back yard with excellent landscaping and lots of trees, Amazing well! Enjoy the master suite with large bath with jetted tub & Separate shower along with a massive walk in closet. 3 other good sized bedrooms perfect for family and guests. Solar system for low electric bills! A super opportunity for an amazing home. Extended 3 car garage, RV parking on the side + a large storage shed, roof is 8 years old. Built in cabinets in the garage. Security cameras on exterior of the house along with a ring doorbell system. New high end water filtration system installed includes RO system and water softener.

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15444 E Palo Brea Lane Scottsdale, AZ 85262

$850,000

4 Beds

3 Baths

2,766 SqFt

Status Active

MLS # 6770538

Property Type Single Family Residence

Price Type --

Experience luxury living in North Scottsdale without the hefty price tag. This stunning home sits on a sprawling acre of land, half a mile from Tonto National Park, with breathtaking views of Four Peaks and Granite Mountain. Practically new, it stands out with an exceptional outdoor living area that includes a custom retaining wall, fresh pavers, and a spacious turfed yard—perfect for entertaining. Inside, every room feels like it belongs in a magazine, illuminated with natural light and elegant finishes throughout. The kitchen and bathrooms, especially the luxurious owner's ensuite, showcase high-end upgrades. Thoughtful storage spaces and open floor plan maximize every square foot. It's the perfect balance of privacy and comfort, offering a retreat-like feel while still being in North Scottsdale. Plus, the shared well and no HOA provide major savings. Don't miss your chance to own a Scottsdale oasis!

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1243 E Artesian Way Gilbert, AZ 85234

$850,000

4 Beds

3 Baths

1,902 SqFt

Status Active

MLS # 6772579

Property Type Single Family Residence

Price Type --

Rare lakefront home in Harbor View at Wind Drift! 4 bed 3 bath updated home w/pool & spa-plus lakefront access w/private dock. Remodeled open concept kitchen: upgraded kitchen appliances-48'' custom Italian range, 48'' range hood, pot filler, stainless steel sink w/ commercial grade kitchen faucet, subway tile backsplash, large kitchen island, all new kitchen cabinetry & countertops. Main floor bedroom & full bath w/ spa like feel. Two living areas-one w/vaulted ceiling & faux ceiling beams & one w/fireplace. Plus new light fixtures and recessed lighting. 3 bedrooms upstairs including luxurious primary suite! Enjoy all the best in your low maintenance backyard with new turf on the side -heated pool & spa, covered patio, enjoy gas AND charcoal grills! New pool heater and new smart pool pump, new garage door motors, new paint thru the house. 3 car garage with EV charging. Close to shopping and all Gilbert's amenities!

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1120 N Road 1 -- Chino Valley, AZ 86323

$850,000

3 Beds

3 Baths

2,752 SqFt

Status Active

MLS # 6771043

Property Type Single Family Residence

Price Type --

Discover country living at its finest on nearly 5 acres in Chino Valley! This ranch-style home offers 3 beds, 3 baths, plus a den/office, and an extra-large master suite. The gourmet kitchen is a chef's dream. A one-bedroom guest house with a 2-car attached garage and a 3-car detached shop adds even more appeal. Outdoors, enjoy mature trees, a greenhouse, and a large deck. The property is fully landscaped with drip irrigation. Handicap accessible with wide hallways and doors. RV garage workshop (2,120 sq ft) and space for up to 10 cars. Amazing views throughout!

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7300 E Sand Hills Road Scottsdale, AZ 85255

$850,000

4 Beds

3 Baths

2,205 SqFt

Status Active

MLS # 6773182

Property Type Single Family Residence

Price Type --

Renovated gated luxury in North Scottsdale for under $1,000,000? Yes! Once inside this desirable gated community, you will be taken to your awesome new home that has been meticulously renovated and cared for. Awesome home for entertaining with separate living and family areas, and a kitchen that will make your friends totes envious of you. There is a bedroom/office downstairs and a full bathroom-perfect for multi-generational living. Upstairs are the master suite with gorgeous bathroom and other bedrooms. The best for last--the backyard. No neighbors behind you means more privacy, relaxing play pool, sunshine, margaritas, coffee or juice--this is desert living at its finest...and in North Scottsdale, close to TPC, Barrett Jackson auto Show, Mayo and everything else. Why ya waiting?

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3424 E Plum Street Gilbert, AZ 85298

$850,000

4 Beds

3 Baths

2,972 SqFt

Status Active

MLS # 6771552

Property Type Single Family Residence

Price Type --

Discover this stunning move in ready home that has it all! With 4 bedrooms, 3 bathrooms, an office, and a spacious loft, this beautiful residence is packed with upgrades. Meticulously maintained and beautiful inside and out! The open-concept floor plan features a bright and airy great room, a formal dining area, and high ceilings. The gourmet kitchen boasts gorgeous granite countertops and a generous island with new faucet. Enjoy high-quality plantation shutters, an osmosis system, a water softener, and more. The low-maintenance backyard is ideal for relaxation, complete with premium turf, a sparkling pool, and a built-in BBQ. New HVAC, water heater, garage door opener and spring, irrigation timer, ceiling fans/light fixtures and much more. Located in the sought-after Marbella Vineyards in Gilbert, this home offers convenient access to shopping, dining, and freeways.

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9056 E Maple Drive Scottsdale, AZ 85255

$850,000

4 Beds

2.5 Baths

2,145 SqFt

Status Active

MLS # 6772565

Property Type Single Family Residence

Price Type --

Welcome to luxury living in this move-in ready home in the sought-after Ironwood Village community with Mountain views, only this enclave of DC Ranch can offer! White Carrera Marble tile, lush carpet & wood-like flooring, high ceilings, recessed lighting, plantation shutters, custom closets & high quality details carry throughout the home. Enter into the bright & open floor-plan, into the formal living room & elegant formal dining room - glide into the family room w/ soaring ceilings & cozy fireplace, open to the eat-in-kitchen w/ Frigidaire SS appliances, Corian countertops, curved Peninsula bar-top & breakfast nook. The split-floor-plan deluxe master suite is downstairs & features beautiful bay-window, private patio access, full bath w/ dual-sinks, soak tub, resort-style shower & walk-in-closet - The luxuries extend to the remaining 3 guest bedrooms & 1.5 bathroom, upstairs. 2 car garage w/ epoxy garage floors with built-in cabinets. Enjoy the tranquil backyard complete w/ covered patio, turf grass & sparkling play pool - perfect for family or entertaining. Ideally located close to hiking, tennis, DC Ranch Crossing, Coyotes Ice Den, Grayhawk Golf Course, the 101 and so much more! Don't let your dream home slip away! More the love about this home: Interior & Exterior Paint (June 2019) New vinyl plank flooring throughout entire downstairs (July 2023)

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8407 S Ice House Canyon Road Globe, AZ 85501

New

$850,000

4 Beds

3.5 Baths

2,508 SqFt

Status Active

MLS # 6774548

Property Type Single Family Residence

Price Type --

Welcome to your dream home on 10.5 acres, where luxury meets country living. This custom-built home offers mountain views and a private outdoor oasis, bordered by forest service land for unmatched privacy. Located just 5 minutes from historic downtown Globe, this stunning home features an open concept with 4 bedrooms, 3.5 bathrooms, an office, and tasteful high desert landscaping. Arrive via your private road to a charming front porch and step through the oversized farmhouse door, greeted by natural light. The foyer boasts a wood accent wall, custom cabinetry, and access to a stylish powder room with unique design touches. The home features a lush backyard with 2,250 sqft of custom installed artificial turf, an above ground pool, and a lower lot with horse corrals and trailer storage!

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2411 E Caldwell Street Phoenix, AZ 85042

$850,000

5 Beds

3 Baths

3,374 SqFt

Status Active

MLS # 6778230

Property Type Single Family Residence

Price Type --

Custom 5 bedroom, 3 bathroom home thoughtfully crafted to enjoy the mountain and city views that surround the estate. Wrought iron door leads to a foyer with soaring ceilings and flex rooms on either side. Chefs kitchen with SOLLiD soft close cabinetry, black stainless Cafe' series appliances, granite counters and backsplash, and breakfast bar with beverage cooler. Kitchen opens to dining room and large living room with a lattice covered patio. Three of four bedrooms upstairs offer private patios with dramatic views of downtown Phoenix. Hard surfaces throughout with tumbled travertine or engineered hickory hardwood. Enjoy the privacy and flexibility of no HOA with the convenience to walk or bike to South Mountain trails. Owned solar panels. Epoxy garage with ample storage.

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45020 N 18th Street New River, AZ 85087

$850,000

3 Beds

2.5 Baths

2,508 SqFt

Status Active

MLS # 6777492

Property Type Single Family Residence

Price Type --

HILLTOP RETREAT!! This very private 3-acre hilltop property has panoramic views of Tonto National Forest and surrounding mountains. Natural desert landscape and cacti. Home has new flooring throughout, Steel roof. Whole house GENERAC generator. Private well. Over 4000 gallons of freshwater storage. Newer dual AC units. Mechanical sunshields. Stone fireplace in primary bedroom and family room. Workshop, extra storage in laundry room and much more. Energy efficient 12'' block walls. Existing pen for animals. Full length covered patio. Above ground pool. Still room on property to build another home, shop or barn. Ride your ATVs or horses out in Tonto National Forest which is only a few blocks away. Less than 30 minutes from TSMC Semiconductor plant, shopping and freeways.

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9003 E Windrose Drive Scottsdale, AZ 85260

$850,000

3 Beds

2 Baths

1,579 SqFt

Status Active

MLS # 6777460

Property Type Single Family Residence

Price Type --

THERE IS NOT ANOTHER PROPERTY IN 85260 OR 85259 IN THIS SQUARE FOOTAGE RANGE THAT HAS BEEN REMODELED THIS EXTENSIVELY OR THIS TASTEFULLY. NEW AS OF SEPTEMBER 2024: ROOF WITH 20 YEAR WARRANTY, CABINETRY THROUGHOUT HOME, HIGH END STAINLESS APPLIANCES, GRANITE/QUARTZ COUNTERTOPS, MARBLE BACKSPLASH, LVP FLOORING THROUGHOUT, CEILING FANS/LIGHT FIXTURES, REIMAGINED FIREPLACE, LARGE FORMAT TILES, DELTA BATH FIXTURES, SWISS MADISON TOILETS, NEW HARDWARE, INTERIOR/EXTERIOR PAINT & LANDSCAPING. ALSO FEATURES A SPARKLING HEATED POOL/SPA, A GREAT ROOM FLOORPLAN THAT FLOWS SEAMLESSLY & A GOURMET KITCHEN THAT HAS A LARGE ISLAND WITH STORAGE ON BOTH SIDES IN ADDITION TO A PANTRY CLOSET. THIS SPECIAL HOME IS IN A FABULOUS LOCATION SITUATED ON A PRIVATE LOT WITH EASY MAINTENANCE LANDSCAPING & A MUST HAVE OPEN CONCEPT FLOORPLAN WITH SOARING VAULTED CEILINGS WHERE FUNCTIONALITY MEETS BEAUTIFUL TIMELESS DESIGN !!!!

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