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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5769 S Joshua Tree Lane Gilbert, AZ 85298

$3,295,000
4 Beds
4.5 Baths
4,052 SqFt
Status Active
MLS # 6659453
Property Type Single Family Residence
Price Type --
60-90 Day Delivery! Stone Crest is Camelots latest offering in the SE Valley. Luxury and glamour is the standard in this beautiful contemporary model home featuring 4 en-suite bedrooms, 4 car garage and a Man Cave that offers a great spot for entertaining outdoors! With Camelot you know your home is built with love and passion, indoor/outdoor lifestyle in mind - where it's easy to unwind, explore, or throw an unforgettable party with the ones you love. Step into the future of luxury living with the high quality design and innovative architecture of Award winning Architect Robert Hidey.

5455 E Lincoln Drive Paradise Valley, AZ 85253

$3,290,000
3 Beds
3 Baths
3,015 SqFt
Status Active
MLS # 6748220
Property Type Apartment
Price Type --
Why go on vacation when you can LIVE like you're on vacation? Welcome to life lived easy in your PENTHOUSE CONDO at Mountain Shadows Resort. This sleek, modern double unit features 3 bedrooms, 3 bath with impeccable designer finishes, wood floors, floor to ceiling sliding glass doors, and so much more. Gourmet kitchen with oversized waterfall island, Wolf and SubZero appliances, wine fridge and ample amounts of storage. Spacious primary suite with spectacular large walk-in closet. Relax on your patio and take in the breathtaking surrounding mountain views. Enjoy the fabulous amenities that Mountain Shadow Resort offers including dining, golf, pool, gym and spa. Your vacation life awaits!

10617 E Blue Sky Drive Scottsdale, AZ 85262

$3,277,000
4 Beds
5.5 Baths
5,255 SqFt
Status Active Under Contract
MLS # 6767663
Property Type Single Family Residence
Price Type --
Welcome to your dream retreat located in the prestigious gated community of Pinnacle Canyon, on the 14th hole of the monument golf course at Troon North. This exquisite custom home features breathtaking mountain and golf course views, all framed by expansive walls of glass. The thoughtfully designed layout includes 3 ensuite bedrooms, each offering privacy and elegance. The primary suite, with fireplace, is a tranquil sanctuary, while the dedicated guest retreat features a media room and private balcony. Additionally, the separate guest casita provides an inviting space for visitors. The heart of this residence is a generous chef's kitchen complete with high end appliances and stunning views. Outdoor living is a highlight, with numerous seating areas and a well-appointed outdoor kitchen. The negative edge pool and spa complete the experience creating a luxurious oasis against the backdrop of breathtaking scenery.

1894 E Myrtlewood Court Unit 151 Flagstaff, AZ 86005

$3,275,000
5 Beds
4.5 Baths
5,303 SqFt
Status Active
MLS # 6741367
Property Type Single Family Residence
Price Type --
Welcome to your next home located in the coveted Pine Canyon community. This custom home is the perfect opportunity for a mountain retreat to entertain family and friends. At 5,303sqft this home includes 4 bedroom, 4 full, and 2 half baths, large flex room, plus a massive walkout basement, and is perfectly situated in the heart of Pine Canyon. lot is currently split from adjoining lot and can be purchased with a separate transaction. (May not be reflected on county records yet). Park your vehicles and fun toys in this oversized 1,000sqft 3 car garage, equipped with EV charger. Walk inside to a large mud/laundry room filled with additional storage. Hang a right and enter your primary suite where you are greeted with a beautifully curated on-suite bath with dual vanity, soaking tub, large walk-in closet and an elegantly tiled floor to ceiling walk-in shower. The primary bedroom offers a wrapped stone fireplace reaching up to a wood beam ceiling, and private access to the main level deck. As you enter the main level living area you must stop and admire the stunning chef's kitchen with dual islands, Cove dishwasher, wine fridge and a Wolf Subzero appliance package that is sure to impress. If you can take your eyes off of the kitchen, take a minute to appreciate the large living area with stone floor to ceiling fireplace, hickory wood floors, and multiple pocketing sliders leading out to a built-in BBQ which is anchored by a gorgeous Trex deck with custom iron railing. Add on a beautiful entry foyer with custom arched front door, powder bath, and an additional on-suite guest room to round out this magnificent main level. If that wasn't enough head downstairs to a large walkout basement that is a party planners dream. Featuring a custom stamped concrete floor, wet bar with cooling drawers and pantry, large living area, powder bath, and two additional on-suite bedrooms. Add on an additional flex room located strategically off of that massive family room and the options are endless - game room, study, office, library, man cave, you pick it and make it your own. Additional features include: security system with hard wired cameras, two-way Hunter Douglas blinds, downstairs closet equipped for stackable washer/dryer allowing for a 2nd laundry space, two tankless gas water heaters with recirculating pumps and soft water system, two furnaces, two air condensers. Golf cart and Most furniture and furnishings available on a separate bill of sale or included with acceptable offer.

23238 N 94th Place Scottsdale, AZ 85255

$3,275,000
4 Beds
4.5 Baths
4,837 SqFt
Status Active
MLS # 6762057
Property Type Single Family Residence
Price Type --
Beautiful custom residence with incredible views at Pinnacle Peak Vistas. 3 bedrooms plus office/ 3.5 bath located in 3863SF main house. Guest House boasts 974SF 1bd/1ba with full kitchen. Over 3/4 of an acre tucked into cul-de-sac lot with private circular drive. Updated kitchens and baths in both the main and guest houses with new cabinets and appliances. Primary bedroom includes private exit near spa and completely updated ensuite bath. Outdoor entertainment spaces include: double grills, dining spaces, misting system, elevated spa, infinity edge heated pool, and pet yard with 10ft fence for their safety. This well maintained home has new flooring, high efficiency water heater in main house and tankless water heater in guest house, new water softener, and central vacuum.

13240 N 60th Street Scottsdale, AZ 85254

$3,275,000 - 5Br/6Ba -  for Sale in Shea North Estates, Scottsdale
Open House
$3,275,000
5 Beds
5.5 Baths
5,022 SqFt
Status Active
MLS # 6750225
Property Type Single Family Residence
Price Type --
Move into this stunning NEW build by Thomas James Homes by the end of the year! Sitting in the highly desirable Scottsdale neighborhood, this beautiful 5 bedroom, 5.5 bathroom transitional style 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, shaker 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.

36133 N 24th Avenue Phoenix, AZ 85086

$3,250,000
4 Beds
4.5 Baths
5,249 SqFt
Status Active
MLS # 6719921
Property Type Single Family Residence
Price Type --
A remarkable opportunity to enjoy your own custom slice of paradise in the coveted gated preserve enclave awaits, no vacations needed! Builders bespoke meticulously crafted home with upgrades from the foundation up. Large private courtyard and abundant backyard are an entertainer's dream yet allowing for serene private enjoyment. From the outdoor kitchen & living room, to the statement fireplace, to the infinity edge pool straight from your Pinterest board. This oasis has uncompromising quality and attention to detail throughout. Expansive Designer Chefs kitchen. 2 room Casita w/ full kitchen and separate entrance keeps guests close while ensuring privacy for all. The upgrades are too great to list, come see this stunner in person today!

5825 E Cochise Road Paradise Valley, AZ 85253

$3,250,000
4 Beds
4.5 Baths
3,729 SqFt
Status Active
MLS # 6747881
Property Type Single Family Residence
Price Type --
Desert contemporary 2024 new build! Experience Paradise Valley's resort style, tranquil living in this 4 bed, 4.5 bath estate. With natural light beaming in through 2 walls of sliding doors, home boasts modern and clean design elements with open concept great, dining, and kitchen. Custom two-toned wood cabinets, oversized 2-tier kitchen island, and with stainless steel Wolf appliances, including gas cooktop, multiple ovens, coffee bar, and a wine fridge, creating a chef's dream kitchen. Primary suite includes private sliders to the backyard, dual sink vanity, soaking tub, oversized shower, enclosed toilet, and incredible walk-in closet with custom cabinetry. Entertain family and friends in the backyard with custom pool with expanded pool deck, built-in BBQ, covered patio, turf and desert landscaping or front yard with additional covered patio perfect for lounging and dining. Additional features include 3 en suite guest bedrooms, 4 car garage, RV gate, and builder warranty. Located minutes away from Paradise Valley and Scottsdale's top resorts, golf, dining, and shopping.

10512 E Cortez Drive Scottsdale, AZ 85259

$3,250,000
5 Beds
4.5 Baths
5,015 SqFt
Status Active
MLS # 6748941
Property Type Single Family Residence
Price Type --
* SCOTTSDALE STUNNER * CACTUS CORRIDOR GEM * BELLA MONTAGNA BEAUTY * 0.86 ACRE LOT * 5 BED * 4.5 BATH * 5,000+ SQ FT * HIGH-END STAINLESS STEEL APPLIANCES * NEW VINYL FLOORING THROUGHOUT * NEW MAPLE HARDWOOD CABINETS THROUGHOUT * NEW TAJ MAHAL QUARTZITE COUNTERTOPS THROUGHOUT * REDESIGNED KITCHEN * FRESH INTERIOR PAINT * FRESH EXTERIOR PAINT * PRIVATE SPORT/TENNIS COURT * RESORT-LIKE POOL * SPLIT FLOORPLAN * TOWERING COFFERED CEILINGS * 3 CAR GARAGE * EXTRA EXTRA PARKING * CIRCULAR DRIVEWAY * OWNED SOLAR SYSTEM * NEWER ROOF * CLOSE TO MAYO * CLOSE TO HONOR HEALTH * CLOSE TO BASIS SCOTTSDALE * CLOSE TO 101 * GET IT BEFORE ITS GONE! *

35425 N 37th Street Cave Creek, AZ 85331

$3,250,000
4 Beds
5 Baths
5,724 SqFt
Status Active
MLS # 6761079
Property Type Single Family Residence
Price Type --
This exquisite custom-built luxury home in Cave Creek, nestled on a 4.55-acre lot backing onto serene BLM land. This 4-bedroom, 5-bathroom masterpiece, built in 2014, boasts meticulous attention to detail and upgrades throughout. Custom iron doors, rich wood and travertine flooring, and Cantera stone accents. The gourmet kitchen features a Wolf appliance package, granite countertops, a built-in sub-zero fridge/freezer, & an expansive island. The bar/theatre room is a true entertainer's dream with a keg, ice machine, beverage fridge, & double bifold doors opening to the patio. Rooftop deck w/hot tub, outdoor grill, fireplace, and RV pad with dump station. Oversized 4-car air-conditioned garage, 4 Trane AC units, water softener, and foam under roof insulation. The lot is thoughtfully landscaped with an irrigated garden, a chicken coop, and fully established citrus trees. Ready for a pool with plumbing and electrical in place. Despite its secluded setting on 4.55 acres, offering unparalleled privacy and natural beauty, this luxury home is less than a mile from Carefree Highway and just minutes from Cave Creek's vibrant shopping and dining options.

8212 E Tortuga View Lane Scottsdale, AZ 85266

$3,250,000
3 Beds
3.5 Baths
4,197 SqFt
Status Active
MLS # 6768265
Property Type Single Family Residence
Price Type --
Sited on one of the best lots in Whisper Rock's Villas neighborhood, offering unmatched views, privacy, timeless architecture & thoughtful design * Private entry courtyard with heated plunge pool & mature landscaping * Detached guest casita * Open floor plan is ideal for entertaining: Chef's kitchen with wet bar & casual dining; adjacent family room with stone fireplace & disappearing wall of glass doors; formal dining with temp-controlled wine room opening to front courtyard; office/den with built-ins & access to the back patio; dual master suites * Incredible back yard with generous covered patios, gas fire pit & fireplace, built-in BBQ island *

88 N Country Club Drive Phoenix, AZ 85014

$3,250,000 - 5Br/7Ba -  for Sale in Country Club Pl Lot 45 Ex, Phoenix
New
$3,250,000
5 Beds
7 Baths
5,639 SqFt
Status Active
MLS # 6777151
Property Type Single Family Residence
Price Type --
Welcome to Manor 88- a timeless retreat nestled within the heart of vibrant downtown Phoenix, yet offering serene seclusion behind the private gates of the renowned and historic Phoenix Country Club. Upon arrival you are warmly greeted by an expansive brick driveway and tree-filled lawn that frame your view of a charming extended front porch, a perfect spot for an early morning coffee or evening conversations. Meticulously renovated, this 1947 classic offers a sprawling floor-plan bathed in natural light and accented by warm oak hardwood floors throughout. You'll discover spaces designed for both intimacy and entertainment, from the built-in living room bar and floor to ceiling brick gas fireplace to the versatile game/gym/study/movie room along with an office and 4 other generously sized en-suites that ensure comfort and privacy. The grand chef's kitchen features top-of-the-line appliances, granite and quartz counters, brick backsplash, ample storage, solid wood cabinetry and many designer details offering both beauty and function. Off the kitchen, discover the laundry and mudroom, complete with custom cabinetry and a built-in fridge that leads you through a gorgeous light filled hallway to your primary retreat. The dining room opens to an expanded courtyard through elegant pocketed doors and overlooks multiple seating areas, a crafted swing set, a spa and a full grass field, providing endless opportunities for outdoor enjoyment and entertainment. This reimagined European farmhouse style home is complete with owned solar panels, an epoxied 3-car garage, and numerous updates throughout to combine classic charm with modern conveniences. Located near the clubhouse and just moments from the city's heart, this property isn't just a house - it's a warm, inviting home ready for your next chapter.