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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19777 E Ivy Lane Queen Creek, AZ 85142

$2,841,700
4 Beds
3.5 Baths
4,360 SqFt
Status Active
MLS # 6688276
Property Type Single Family Residence
Price Type --
Welcome to the epitome of luxury living in the esteemed Whitewing at Whisper Ranch community! This immaculate newer home boasts unparalleled elegance and amenities, perfect for those seeking the pinnacle of modern comfort and style. The spacious layout boasts high ceilings, abundant natural light, and impeccable attention to detail throughout. The heart of the home is a gourmet kitchen featuring top-of-the-line appliances, custom cabinetry, and a generous island, perfect for culinary adventures and gatherings. The epitome of outdoor luxury living awaits in the expansive backyard sanctuary, where endless entertainment possibilities abound. Dive into relaxation in the sparkling diving pool or challenge friends to a friendly game on the sport court. A charming gazebo provides the perfect spot for al fresco dining or enjoying evening cocktails under the stars. For those with a penchant for adventure, the RV garage provides ample space to store your recreational vehicles, ensuring you're always ready for your next excursion. Plus, a guest house, visitors will feel right at home while enjoying their own private retreat. Located in the prestigious Whitewing at Whisper Ranch community, this exceptional home offers the perfect blend of privacy and convenience, with easy access to shopping, dining, and outdoor recreation. Don't miss your opportunity to experience luxury living at its finest!

28083 N 109th Way Scottsdale, AZ 85262

$2,800,000
4 Beds
4.5 Baths
3,500 SqFt
Status Active
MLS # 6655145
Property Type Single Family Residence
Price Type --
Serene is brand new gated enclave of 21 cutting edge single level contemporary homes designed by Swayback Architects & Planners and built by Sonora West Development. Each Serene home brings a new definition to the ''Lock and Leave'' lifestyle with open Great Room floor plans perfect for both entertaining and everyday living. There are four different models to choose from with lavish interior finishes created by renown interior designers Est Est. This Model B has an office and 2 car garage at 3,500/sf (Also available at 3,290/sf with 3 car tandem garage.) Either configurations available only on lots 1, 3, 5, 8 & 19. Base price shown does not include lot premiums but does include 25K pool and a 25k landscape allowance, Subzero & Wolf Appliances & BBQ. Backing to the North side of Pinnacle.. Peak Mountain in North Scottsdale, Serene is close to shopping, restaurants and over two dozen private and public golf courses. Don't miss your opportunity to take part in the Serene lifestyle.

5587 E Edward Lane Paradise Valley, AZ 85253

$2,800,000
3 Beds
3 Baths
2,502 SqFt
Status Active
MLS # 6746956
Property Type Apartment
Price Type --
Lock and leave modern Villa, southern exposure and views of iconic Camelback Mountain. First floor, end unit on quiet street, single level living, 10' ceilings, Sierra Pacific casement windows and 9' bi-fold doors, wood floors throughout, dual fuel 48'' Wolf range w 6 burners, 48'' Wolf wall hood, 48'' Sub-Zero refrigerator, new Cove DW, Quartz countertops, Rinnai Tankless water heater, Kohler fixtures, Emtek door hardware, Toto lavatories, motorized shades, Distinctive custom cabinets and custom closet design, garage storage, epoxy finish and electric car charger, Resort style living, Concierge svcs, golf, artisanal dining, Fitness studio w yoga, pilates & more. Long list of personalized guest services at Mountain Shadows Resort. NO SHORT TERM RENTALS - 6 mo minimum lease. Citizens Club members enjoy priority tee time access on the golf course, equal to hotel guests, use of 4500 sf fitness center and all group fitness classes, introductory fitness assessment, use of day locker facilities, and signing and charging privileges throughout the Resort. Mountain Shadows Resort Amenities made available to Villas Homeowners include a 15% discount to the lower of the Best Available Rate or Rack Rate before discount to Resort guests, including: Hotel Room Nights Restaurant Food & Beverage Greens and Cart Fees Poolside Cabanas Retail Outlets Hotel Valet or Self Parking Nome Meal Delivery from the Resort's Food and Beverage Outlets Alarm system, prewired for motorized shades, smart home.

37200 N Cave Creek Road Unit 1055 Scottsdale, AZ 85262

$2,800,000
4 Beds
4.5 Baths
3,041 SqFt
Status Active
MLS # 6774624
Property Type Single Family Residence
Price Type --
Welcome to this exquisite modern Camelot villa, located in the prestigious SEVEN subdivision of Desert Mountain! This well thought out home offers captivating views and privacy. Upon entering, the expansive great room welcomes you, offering stunning northern views of the Continental Mountains and a luxurious patio space to enjoy. Boasting over 3,000 square feet, this home features 4 bedrooms, 4.5 baths, elegant flooring, custom cabinetry, stylish lighting, and breathtaking countertops throughout. The Primary bathroom offers heated floors, a steam shower, a dream-worthy closet, and towel warmers. The fully landscaped backyard is perfect for creating unforgettable memories, complete with a pool, BBQ, and fire pit. Adding to the luxury are the two separate casitas—an exceptional and rare feature! The innovative telescoping doors provide a seamless flow from the spacious interior to the stunning outdoor spaces, capturing the essence of Arizona's indoor-outdoor lifestyle. The gourmet kitchen is a chef's dream, equipped with state-of-the-art appliances. Every detail of this villa, from the beautiful landscaping to the meticulously designed spaces, has been curated for an unmatched living experience Furniture available under a separate agreement.

6637 E Hearn Road Scottsdale, AZ 85254

$2,800,000
4 Beds
3 Baths
3,006 SqFt
Status Active
MLS # 6765654
Property Type Single Family Residence
Price Type --
This fully remodeled home completed in 2022 is being sold with plans and renderings to expand to 6,500 sq. ft., featuring 7 beds, 6.5 baths, a 4-car garage plus a 934 sq. ft. RV garage, and a home theater. The current layout includes 4 bedrooms in a split floor plan, with a secondary master suite and two additional baths in the west wing. The owner's suite offers large windows overlooking the 2/3-acre backyard, complete with a private pool, sport court, fire pit, outdoor kitchen, and extended turf area. A seamless blend of modern design and future potential.

10779 E Whitethorn Drive Scottsdale, AZ 85262

$2,800,000
4 Beds
3.5 Baths
4,063 SqFt
Status Active
MLS # 6693349
Property Type Single Family Residence
Price Type --
Now $150K UNDER new appraisal. Exquisite NEW CONSTRUCTION in gated Pinnacle Canyon completed March 2024 by Bent Nails, Inc. and Realm Architecture & Design. Quality through and through, this desert getaway is replete with luxurious finishes such stone and wood floors throughout, granite countertops, handcrafted custom cabinetry, Subzero/Wolf Kitchen and loads of extras such as refrigerator/freezer drawers, steam oven, vacuum seal drawer, and a passthrough window from the outdoor kitchen. The open concept family room centers on a gorgeous stone fireplace and is perfect for large gatherings or intimate evenings at home; this flexible floor plan offers privacy and comfortable living. Beautiful Primary Suite and Junior Primary Suite; both are bright and airy with wonderful walk-in closets and their own laundry. Wood plantation shutters and automated shades throughout. Disappearing doors allow indoor/outdoor living to flow out to a generous covered patio overlooking the surrounding mountains.Enjoy this acre+ desert oasis year round with built-in heaters, heated pool and spa, fire pit, misting system, and a fabulous outdoor kitchen. Whole-house water filtration and soft water, Lutron system controls shades, thermostat, lights. Auto-locking garage doors. *Please check the documents tab for an extensive list of amenities* This is truly Arizona living at it's best!

3079 E Fruitvale Court Gilbert, AZ 85297

$2,800,000
6 Beds
7 Baths
6,051 SqFt
Status Active
MLS # 6721005
Property Type Single Family Residence
Price Type --
This 6 bedroom, 7 bath home has it all! Theater room, interior courtyard, a full-sized lap pool/spa, putting green, 4 car garage w/ storage. The list goes on. This home has also been upgraded with a 30'x60' RV garage with hook up and sewage drain, along with storage cabinets and a sink. It also has an exterior half bathroom that serves the shop and pool area. This beautiful home's exterior has been freshly painted, the pool was upgraded in the last month, resurfaced and new waterline tile added, the baja step was extended, and barstools installed for swim up effect. The pool also received new updated equipment. The turf in front yard along with a paver round-a-bout drive for extra parking were also additions recently completed. This home is great for entertaining and calls for lots of fun

6914 E 2nd Street Scottsdale, AZ 85251

$2,800,000 - 4Br/4Ba -  for Sale in Old Town 5, Scottsdale
Open House
$2,800,000
4 Beds
3.5 Baths
3,014 SqFt
Status Active
MLS # 6768865
Property Type Single Family Residence
Price Type --
Introducing Old Town 5! Downtown Scottsdale's newest urban living community with 5 stylish homes available, all with state of the art finishes, fresh design elements and luxurious living spaces. Each home will include a stunning gourmet kitchen, wide plank wood flooring, sleek cabinetry, refined marble, gorgeous custom lighting and fully retractable walls of glass that open to spacious entertainment balconies. The full guest house is an added bonus. High style, architectural excellence, quality, comfort and functionality combine to create an environment like no other. And Located in the center of the ever booming Old Town Scottsdale, where the lifestyle is unparalleled, and walking distance to the finest dining, clubs and shopping in all of The Valley, this unprecendented community of upscale homes promises to be as unique as it is desirable!

10379 E White Feather Lane Scottsdale, AZ 85262

$2,800,000 - 3Br/4Ba -  for Sale in Pinnacle Canyon At Troon North, Scottsdale
Open House
$2,800,000
3 Beds
3.5 Baths
4,778 SqFt
Status Active
MLS # 6734916
Property Type Single Family Residence
Price Type --
REDUCED $200,000! BACK ON MARKET AFTER ROADS RESURFACED.Offered turnkey with a full price offer; including furnishings, accessories, kitchen items & Christmas Decorations (ask for the itemized list). Introducing easy access, lock & leave, move-in-ready custom in Troon's esteemed Pinnacle Canyon! This Tierra Builders custom home offers a split floor plan: 3 bed, 3.5 bath, office & 3-car garage, perfect for luxury living. Positioned alongside the 17th tee box of Troon's Monument Course, it's a dream for golf enthusiasts. Recently renovated with fresh paint, a new roof & a meticulously designed resort-style backyard, the property is a sanctuary of luxury. For entertaining, the spacious semicircle wet bar has seating for 6. Light bright interior spaces, with high ceilings throughout. MORE. Step into the backyard oasis boasting new patio & pool decking, upgraded pool equipment & beautifully updated landscaping, creating an ambiance of tranquility & refinement. The breathtaking views of majestic mountains (including Pinnacle Peak) and sparkling city lights from multiple vantage points throughout the home. Whether entertaining guests or enjoying quiet evenings, this residence offers single level living plus an unparalleled blend of elegance and comfort. Don't miss the chance to own this exceptional retreat that embodies the essence of upscale Sonoran Desert living at PINNACLE CANYON AT TROON. Additional new upgrades include: washer & dryer, dishwasher, tankless Navien gas water heaters, epoxy sealed garage floors, all landscaping irrigation lines, and exterior landscape lighting.

25564 N 119th Street Scottsdale, AZ 85255

$2,799,995
3 Beds
3.5 Baths
4,330 SqFt
Status Active
MLS # 6728699
Property Type Single Family Residence
Price Type --
This STUNNING plan with award winning exterior design in a gated community can be yours at Toll Brothers at Ranch Gate Estates! Generous 65,600 sqft (estimated) home site size. This Mariola home design boasts dramatic ceilings up to 12' tall with 3 bedrooms, 3.5 bathrooms, a primary retreat, a flex room and an added bonus room. The dramatic interior courtyard welcomes great opportunity for indoor/outdoor living and the perfect ambiance to entertain family and friends. Two sets of large stacking doors off the dining room along with a 90-degree corner sliding door at the great room welcome a light-filled home along with bringing views to the outdoor living from all angles inside the home. Close proximity to the McDowell Mountains for hiking and biking. November 2024 move in date!

12313 N 93rd Way Scottsdale, AZ 85260

$2,799,990
4 Beds
4.5 Baths
5,117 SqFt
Status Active
MLS # 6675558
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 stunning Sterling model comes complete with landscaping in both the front and back yards, as well as a spacious four-car tandem garage. The kitchen is adorned with KitchenAid Pro Premier Appliances and features a thoughtfully planned cabinet layout. In the foyer, a trey ceiling adds elegance, while the great room is highlighted by a multi-panel center sliding glass door. Additional luxuries include an AV built-in with a fireplace, a guest suite with a living area, and a lavish owner's bath. All conveniently situated in the sought-after Cactus corridor.

5841 S Marin Court Gilbert, AZ 85298

$2,799,900
4 Beds
4.5 Baths
5,286 SqFt
Status Active Under Contract
MLS # 6721236
Property Type Single Family Residence
Price Type --
Beautiful custom 4BR/4BA + den, dining, game room & nicely upgraded detached guest quarters. Combined sq ft of 5286. Private, theatre, travertine floors, 12 ft ceilings with striking wood beams, stone accents & crown molding throughout. The killer kitchen features Wolf Appliances, massive granite counter top space, 2-dishwashers, walk-in pantry & a cool beverage service area. Primary BR features coffered ceilings, custom closets, dual walk-in shower & Jacuzzi tub. Bring the toys, trucks, etc. & store them in your HUGE detached 2000 + SF, garage. With over ht. 14 ft RV door + 3-car attached gar. This home has been designed for a lifestyle of unparalleled comfort & luxury! The back yard Oasis is set with pool, spa, massive fireplace , built-in BBQ & ext. patio for all your entertainment! Situated near one of Gilbert's premier location only 5-10 min. to the So. 202 FWY, SanTan Village Mall, 20 min. to both downtown Gilbert & downtown Chandler & 35 minutes to Phoenix Sky Harbor International Airport. Far too much to list, a must see!