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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3965 E Sierra Vista Drive Paradise Valley, AZ 85253

$3,495,000
5 Beds
5 Baths
4,678 SqFt
Status Active
MLS # 6698002
Property Type Single Family Residence
Price Type --
Discover the epitome of luxury living in this exquisite estate, nestled in the prestigious, guard gated enclave of Paradise Reserve. Step inside this soft contemporary masterpiece, to embrace refined luxury with soaring ceilings, contemporary fireplace, an open light & bright floor plan, hardwood floors & designer finishes. Perfect for entertaining, this home features expansive pocket doors that open the living room to the lushly landscaped yard featuring pool & spa with fountains, a built in grill and expansive patios. Perfect for culinary creations, the chefs kitchen features a sub zero refrigerator, wolf range, double islands & custom cabinetry. Retreat to the lavish primary suite, located on the main level, complete with a spa like ensuite, spacious walk in closet & private patio. A second bedroom/ office is located on the main level and two bedrooms, two bathrooms on the second level featuring Camelback views from the private balconies. The guest casita is the perfect oasis right off the pool, featuring a bedroom, bath and direct access garage. Enjoy the ultimate convenience of being just moments away from world-class dining, shopping, golfing, hiking trails, and cultural attractions, providing endless opportunities for adventure and relaxation.

12560 E Cochise Drive Scottsdale, AZ 85259

$3,495,000
5 Beds
5.5 Baths
4,951 SqFt
Status Active
MLS # 6715679
Property Type Single Family Residence
Price Type --
NEW CONSTRUCTION - Contemporary home with private Casita in the prestigious Shea Corridor on an acre lot with stunning views of the McDowell Mountains! Front entrance takes you into a spacious foyer which leads to an expansive Great Rm, Kitchen and Dining area. The kitchen, with its European-style cabinets quartzite countertops and high-end appliances, also has a large walk-thru pantry. Wide hallways route you to the ensuites, each with an ample walk-in closet and bathroom. Owner's suite has a sitting and TV room, a gorgeous long vanity, bathing area, and an extra-large closet . An oversize 4-car garage fits your full size pickup with plenty of room to spare! The 856 SF detached 1-Bd Casita mirrors the luxury of the main home. with full kitchen and Great Rm for guests or relatives The large porch offers spectacular views of the mountains. Large Travertine steps take you to the modern, heated pool and spa. T There are two sliding metal gates and an RV gate for extra parking and/or access to the backyard, including private parking for the Casita. The home is within close proximity to fine dining and Old Town Scottsdale, the Mayo Clinic, world class golf, hiking trails, Westworld and more! No HOA. Your dream home awaits!

30 E Glendale Avenue Phoenix, AZ 85020

$3,495,000
6 Beds
4.5 Baths
6,564 SqFt
Status Active
MLS # 6720436
Property Type Single Family Residence
Price Type --
Lined Palm trees frame this Spanish Colonial Estate and embrace this luxurious villa settled on over an acre in the heart of North Central Phoenix, within walking distance to Murphy Bridle Path. Filtered through oak and orchid trees, light flickers over the elegant central courtyard with a decorative fountain, lush landscape, and a paved roundabout. The formal entry includes beautiful hardwood floors and a gorgeous chandelier, as dramatic 20-foot beamed ceilings, crown molding, embellished corbels and hardwood floors move you through 4,290 sq ft of living space, seamlessly. A jaw-dropping dining room with a coffered ceiling opens up to an incredible terrace. Beautiful newer 2000+sqft ft guest house included in overall square footage..guest house can easily be connected to main house. Continuing with gathering spaces, the impressive kitchen with vaulted ceilings, high-end stainless-steel appliances, a 20-foot skylight, built-in China cabinets, and a spacious eat-in area create a warm and impressive atmosphere. The primary bedroom, on the main level, features a large walk-in closet, complemented by solid core doors and a glorious ensuite bath. Add another bedroom on the main level and two upstairs, both opening onto private balconies. Outside, the back patio features a fireplace, and overlooks a sprawling backyard enveloped by majestic mature trees and boasts an opulent pool adorned with a captivating water feature, fountain, and spa. Adding to this estate's allure is an incredible 2274 square ft guest house, showcasing 22-foot vaulted ceilings, a spacious family room, two bedrooms, eat-in kitchen, and entertainment area. This invigorating dwelling is move-in-ready, offering a blend of elegance, comfort, and perfection.

10430 N Crestview Drive Fountain Hills, AZ 85268

$3,495,000 - 4Br/5Ba -  for Sale in Crestview At Fountain Hills, Fountain Hills
Open House
$3,495,000
4 Beds
4.5 Baths
4,415 SqFt
Status Active
MLS # 6753304
Property Type Single Family Residence
Price Type --
The Crestview House. Rarely does a home like this become available. Single level, no steps, with unobstructed jetliner views. Featured in House Beautiful Magazine. ''The concept was to create a harmonious interior landscape that blends seamlessly with the view''. Light and contemporary art inspired, with warm tones, rich textures, an inviting color palette, and thoughtful attention to detail at every step. Interior by TOM Interior Design Studio. The home is being sold just as you see it. Each piece of art, accessory, and all furnishings that were specifically hand selected for this property are included. 2.3+ acres, in this gated community, overlook the valley below. Mountain vistas and city lights from almost every room. This exquisite mountainside home is a must-see work of art

8579 E Nightingale Star Drive Scottsdale, AZ 85266

$3,495,000
5 Beds
5 Baths
5,349 SqFt
Status Active
MLS # 6756874
Property Type Single Family Residence
Price Type --
Welcome to this exquisitely stunning updated custom home on a private one-acre cul-de-sac lot with unobstructed mountain views in the gated bedroom community of Sierra Boulders North. The main house boasts three spacious ensuite bedrooms and an additional fourth bedroom equipped with custom built-in cabinetry and a walk-in closet that can double as an office. European white oak floors grace the main living areas and are accentuated by custom woodwork and ceiling beams in the great room. Culinary enthusiasts will delight in the large island adorned with leathered Taj Mahal quartzite countertops, Wolf, Sub Zero, and Cove appliances, and a dry bar with wine and beverage coolers. Love entertaining? Guests and/or multi-generational living is possible with the extraordinary 1,171 sq ft detached guest house, newly constructed in 2019 with elevated finishes that are sure to impress the most discerning buyer. The simple-to-use Control4 Smart Home System operates the exterior lights, home security system, indoor and outdoor cameras, audiovisual systems, and thermostats throughout both homes. Multiple outdoor living spaces can be enjoyed year-round, complete with a stunning rooftop deck, large covered verandas, outdoor gourmet kitchen with a Mugnaini wood-fired pizza oven imported from Italy, Fire Magic BBQ grill, warming drawer, beverage cooler, sink with disposal, and misters that keep you cool all summer long. Cozy up by the outdoor fireplace while roasting marshmallows and telling stories. The outdoor oasis includes a generous heated salt water Pebble Tech pool with upgraded pop-up cleaning system and spa with a mesmerizing water feature that comfortably seats nine. The lush yard is adorned with vibrant green turf, ideal for children's play, yoga sessions, or soaking up the sunshine while playing catch with your furry four-legged friends. No expense was spared in creating this masterpiece with $250,000 recently invested in updates. Outside, fresh herbs and vegetables are easily accessible from three beautifully constructed irrigated raised garden beds. For car enthusiasts or those with a passion for hobbies, the oversized 4-car garage with epoxy floor, built in cabinetry, EV charging station, and organization system offers ample space for vehicles and toys alike. This property is a true gem in today's market. Make it your dream home today!

12290 E Gold Dust Avenue Scottsdale, AZ 85259

$3,495,000
5 Beds
6 Baths
5,067 SqFt
Status Active
MLS # 6761521
Property Type Single Family Residence
Price Type --
Welcome to a luxurious estate nestled in the heart of Scottsdale, Arizona, in the highly coveted 85259 zip code. This magnificent home, sitting on 1.35 acres of pristine land, boasts 5,067 square feet of meticulously renovated living space with 5 spacious bedrooms and 6 elegant bathrooms. With breathtaking and unobstructed views of the McDowell Mountains form the great room and backyard, this residence is the epitome of luxury, style, and functionality. Perfect for the car enthusiast, the property features not one, but two separate garages, one of which is for 3 cars, temperature-controlled, and has drive-through access to the backyard—perfect for housing your prized collection. The exterior showcases newly installed garage doors, adding to the home's modern appeal. Inside, the gourmet kitchen is a chef's paradise, outfitted with double islands, brand-new cabinetry, and top-of-the-line Sub-Zero, Wolf, and Cove appliances. With a walk-in pantry and additional appliance closet, keeping everything organized is a breeze. Whether hosting an intimate gathering or a large celebration, this home is designed to entertain in style, complete with multiple ovens, a warming drawer, and an integrated wine refrigerator. The expansive floor plan offers plenty of room for both intimate gatherings and large celebrations, including a fully equipped man cave complete with a built-in bar for the ultimate entertainment experience. The five ensuite bedrooms offer luxury and privacy for family and guests alike, with large picture windows framing the stunning mountain vistas. The master retreat is a true sanctuary, complete with a mirrored fitness room, a spacious walk-in closet, and a spa-like bathroom featuring a luxury smart toilet/bidet, separate tub, and walk-in shower. Step outside and discover a private oasis in the expansive backyard. Recently renovated with synthetic grass and elegant tile, the outdoor space includes a deluxe chicken coop, a sauna/spa with both indoor and outdoor showers, and an RV slab with full hookups for ultimate convenience. With ample room to add a tennis or pickleball court, this estate is a haven for recreation and relaxation. Backing up to a serene wash, the property offers unparalleled privacy and tranquility, while being just minutes from all that Scottsdale has to offer. This is more than a homeit's a lifestyle.

4840 E Caida Del Sol Drive Paradise Valley, AZ 85253

$3,490,000
6 Beds
5.5 Baths
5,598 SqFt
Status Active
MLS # 6692117
Property Type Single Family Residence
Price Type --
What makes this home a coveted gem? Value: Currently there is only one property with a 1000sqft+ guest houses under $4M in Paradise Valley. Perfect Generational Living. Design: bold, modern architecture with clean lines and multi-generational modern living. Luxurious Interiors: High-end details and a layout that's both functional and fabulously designed. Entertainer's Dream: Incredible outdoor living spaces, complete with a sparkling pool, spa, and an outdoor BBQ/Bar. It's the perfect setting for memorable gatherings, big or small. Location: Minutes away from exceptional schools dining, shopping, and entertainment, yet tucked away in a private refuge. The best of Paradise Valley, with elegant design and superior craftsmanship that seamlessly blends indoor and outdoor living.

7726 N Foothill Drive Paradise Valley, AZ 85253

$3,480,000
5 Beds
4 Baths
4,676 SqFt
Status Active
MLS # 6632404
Property Type Single Family Residence
Price Type --
VIEWS, VIEWS, Stunning elevated Mummy Mountain Hill Side VIEWS, stretching +40 miles of mesmerizing changing colors of the southwest landscapes, and serene city lights, after sunset. The converging of several factors and circumstances, make this, a unique estate lot, unquestionably, one of the best P V lots, worth their value, with discernible and quantifiable features. Specifically, the extended footprint of the current dwelling, driveway and pool area, provide an existing building envelop that is an owner's dream for a generational home and paves the path of a smoother and faster permitting process, while providing an architect, limitless possibilities for a legacy masterpiece design, and importantly, facilitating the builders' challenges to minor landscape disturbances, avoiding delays and costly excavations. Included are, a complete design and construction plans for approx. 8000 SF home, developed with Hillside Requirements in mind. Unlimited options and BEST LOCATION IN PARADISE VALLEY!

27974 N 96th Place Scottsdale, AZ 85262

$3,450,000
4 Beds
3.5 Baths
3,948 SqFt
Status Active
MLS # 6711953
Property Type Single Family Residence
Price Type --
ESTANCIA GOLF MEMBERSHIP AVAILABLE SUBJECT TO BOARD APPROVAL. Single-level home on a 1.3 acre lot with south-facing views of Pinnacle Peak from the great room and master bedroom. This custom home has an open floor plan with large kitchen that flows seamlessly to the living and dining areas. Interior features include stone flooring, wood-beamed ceilings, custom cabinetry, stainless steel kitchen appliances, stone fireplace surrounds, 700-bottle wine room & adjacent wet bar. Exterior living area offers a large covered patio with TV area, gas fireplace, heated spa, built-in BBQ station, many mature citrus trees, and a rooftop deck plumbed for a bar with stunning panoramic views. Large solar panel system is owned. Oversized 3-car garage includes an electric vehicle charger. With all the features, views and Golf Membership... this home will sell fast!

12020 N 68th Place Scottsdale, AZ 85254

$3,450,000
5 Beds
5 Baths
5,022 SqFt
Status Active
MLS # 6752052
Property Type Single Family Residence
Price Type --
NEW from Thomas James Homes with an opportunity to select some interior finishes during early stages of construction! This house has a great address and great schools. Sitting in the highly desirable Scottsdale neighborhood, this beautiful 5 bedroom, 5.5 bathroom this contemporary home is the definition of exceptional design. Wide plank wood flooring, decorative ceiling and wall treatments, including beams and wood paneling, impressive custom lighting, outstanding millwork, stone and tile accents, a gorgeous floor to ceiling fireplace, flat panel cabinetry and a 4-car garage are just a sampling of the outstanding finishes going into the home. The large single story open concept floorplan is expertly crafted for modern living with a large interior courtyard leading to the home's entrance. Inside you'll find a large great room and luxury kitchen joined by a large quartz countertop island. The grand suite hosts a large his and hers walk-in closet and a spa like bathroom with a freestanding soaking tub and walk-in shower. The secondary bedrooms throughout the home have en-suite bathrooms. In addition to the bedrooms, you'll find ample added living space with a private office and a kitchen prep area adjoining a bonus room. Home will feature fully landscaped front and back yards with a pool and spa, providing great Arizona outdoor living space. This home is minutes from dining, shopping and more. Expected completion Fall 2025.

109 E Hayward Avenue Phoenix, AZ 85020

$3,450,000
4 Beds
4.5 Baths
4,528 SqFt
Status Active
MLS # 6758133
Property Type Single Family Residence
Price Type --
NEW CONSTRUCTION - READY Q1 2025. Blue Sky Homes are 50% MORE energy efficient than a standard new build and Energy Star / Indoor AirPlus Certified for cost savings and a significantly healthier home for you and your family! With an emphasis on state of the art design, energy-efficiency, integrated technology, we offer unparalleled indoor / outdoor spaces welcoming year round quality time with friends and family .... All in the heart of Phoenix Arizona. 4 Bedrooms + 4 baths + office + Design + Efficiency + Community + Technology = very happy homeowners! Blue Sky Homes is bringing to the market this stunning Modern new build in the highly desirable North Central neighborhood. Perfectly appointed and finished to the exquisite level that Blue Sky Homes always delivers every time.

10585 E Crescent Moon Drive Unit 28 Scottsdale, AZ 85262

$3,450,000
3 Beds
3.5 Baths
3,365 SqFt
Status Active Under Contract
MLS # 6760127
Property Type Single Family Residence
Price Type --
RESORT LIVING AT A RESORT - Come see this stunning three bedroom, 3.5 bath home with separate casita located at Privada within walking distance to the Scottsdale Four Season Resort. The entryway to your new getaway opens onto a private interior courtyard with a waterfall/gas fireplace and entrances to the casita, office and main house. The majestic cast iron door then leads you directly to the great room and spacious kitchen area. Pass by the small bar area and marvel at the views through the glass sliding doors at Pinnacle Peak. At the touch of a button, the glass doors slide into a wall pocket for true indoor/outdoor living and patio area with a gas fireplace, and built-in gas grill, sink and refrigerator. Then, gaze over in the infinity pool with spa at Pinnacle Peak and the untouched, protected land behind your property ensures you will never have your view of the mountain obstructed. A grand master bedroom with a gas fireplace and large master bath that includes a private outdoor shower, and the second bedroom also has its own full bath. Guests will also have their own miniature retreat within the resort in their large casita with full bath, bar with sink and refrigerator and their own gas fireplace for cozy visits. From your own resort it is a short walk to the Scottsdale Four Seasons resort with restaurants, pool, spa and exercise facilities and classes. Privada residents are always welcome and receive the world famous Four Seasons hospitality as well as the option to become a resort member for significant discounts and access. Be sure to see this gem in North Scottsdale soon as the properties within this community are rarely available.