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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5100 E Rancho Paloma Drive Unit 2043 Cave Creek, AZ 85331

$620,000

2 Beds

2 Baths

2,074 SqFt

Status Active

MLS # 6707699

Property Type Townhouse

Price Type --

This beautiful condominium, built in 2022, boasts a spacious and airy open floor plan, designed for modern living. This unit offers privacy with breathtaking mountain views and an attached 2 car garage. This beloved second home, has been lightly lived in, ensuring its great condition. Equipped with smart home technology, allowing you to manage your home remotely with ease. Control lighting, security, and other essential functions from anywhere, ensuring your home is always ready for your arrival. Enjoy ''The Good-Life'' in this wonderful pet-friendly community, with a fitness room, a heated pool and spa. The Office can be converted into a 3rd bedroom if needed. The furniture is negotiable and can be conveyed separately on bill of sale.

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4236 N 27th Street Unit 36 Phoenix, AZ 85016

$620,000

3 Beds

4 Baths

1,816 SqFt

Status Active

MLS # 6709304

Property Type Townhouse

Price Type --

Welcome to Biltmore Living Townhomes, where luxury meets convenience in a beautiful gated community. This stunning townhome features 3 bedrooms plus a den, spread across three spacious levels. On the first floor, you'll find a versatile den perfect for a home office, a convenient powder room, and a spacious laundry room. The second floor boasts a stunning kitchen with light finishes, granite countertops, stainless steel appliances, and a large pantry. The open and inviting dining area and family room are perfect for entertaining, with an additional half bathroom off the dining room. The third floor features the primary bedroom with a private balcony (one of three balconies in the home), a gorgeous bathroom with double sinks, fine finishes, a large shower, and an oversized walk-in closet. This home also includes a large 2-car garage with plenty of storage, a rare find in this desirable area. The community offers amenities such as a relaxing swimming pool, spa, and BBQ area, all within a fully gated, friendly environment. Located in a prime spot, you're just minutes away from the Biltmore area, offering the best restaurants and shopping in the valley, with easy access to the 51, I-10, 202, Paradise Valley, and Scottsdale. Experience the best of Biltmore Living. Schedule a tour today and make this dream townhome your reality!

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632 N 72nd Place Scottsdale, AZ 85257

$620,000

4 Beds

2 Baths

1,990 SqFt

Status Active

MLS # 6727478

Property Type Single Family Residence

Price Type --

Fresh paint, new flooring, new kitchen features waterfall counter top, new restrooms. Homes has been remodeled and is ready for its new owner. Dual pane windows through the home. Shopping retail, entertainment, and restaurants very close.

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1506 N Diane Street Mesa, AZ 85203

$620,000

3 Beds

2 Baths

3,028 SqFt

Status Active

MLS # 6712863

Property Type Single Family Residence

Price Type --

BASEMENT HOME, WITH A POOL, GREAT LOCATION!! Welcome to this uniquely beautiful home offering granite countertops in the kitchen, newer flooring throughout, vaulted ceilings, and new microwave/oven/dishwasher in the kitchen. The spacious basement includes a wet bar and is perfect for entertaining friends and family with movie nights, or all out game time with billiards, ping pong, or poker night. Dive into the refreshing pool, and enjoy basking in the sun in your private oasis while sipping your favorite drink. Bathrooms boast new quartz countertops, and the large laundry room comes with a sink. The primary bedroom offers a spacious walk-in closet and a luxurious bathroom with dual sinks, a separate tub, and shower. This home is a must-see!

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3785 N 150th Lane Goodyear, AZ 85395

$620,000

2 Beds

2 Baths

1,641 SqFt

Status Active

MLS # 6714594

Property Type Single Family Residence

Price Type --

Gorgeous Home on a Golf Course Lot in the Active Adult Community of PebbleCreek with Resort Style Living. Highly upgraded split floor plan with 2 Bedrooms, 2 Baths plus a Den. Beautiful upgraded 42'' Kitchen Cabinets with Quartz/Leather finish Countertops, Island with Breakfast Bar, Built-in Wine Cooler, Sub Zero Fridge, Gas Stove La Cornue En France with Hood, overlooking Formal Dining Room. Elegant Family Room with Large windows and views with Mountains and Golf Course. Spacious Laundry Room with lots of Cabinets, laundry sink and Upgraded Washer/Dryer. Master Bedroom with walk-out to a Covered Patio. Remodeled Master Bathroom with oversized walk-in Shower, Double Sinks and Walk-in Closet. Peaceful, Covered Patio with Built-in BBQ and lots of room to Entertain. **Dream Home**

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3386 W Hemingway Lane Phoenix, AZ 85086

$620,000

5 Beds

3 Baths

2,700 SqFt

Status Active

MLS # 6725354

Property Type Single Family Residence

Price Type --

Welcome to your dream home in Anthem! This stunning 5-bedroom, 3-bath beauty is not just a house; it's where your best life begins. From the charming front porch to the spacious 2-car garage and RV gate, this place has it all. Step inside to find gorgeous Spanish tile, elegant plantation shutters that make you feel right at home. Natural light floods the cozy living room and the great room, which seamlessly opens to the backyard through sliding glass doors. Now, let's talk kitchen: walk-in pantry, stainless steel appliances, and granite countertops that practically scream, ''Cook here!'' Plus, there's a breakfast bar for casual bites or quick chats. Upstairs, you'll find a versatile loft or a bonus room that could be a study, playroom, or whatever your heart desires. The main retreat is a peaceful escape, featuring double doors, an ensuite with dual sinks, and a walk-in closet that would make any fashionista swoon. But the real star? Your backyard oasis, complete with a covered patio, built-in BBQ, outdoor fireplace, and a sparkling pool with a rock waterfall - perfect for entertaining or just unwinding after a long day. And let's not forget about those solar panels keeping your energy bills in check! Living in Anthem means endless amenities: gyms, sports courts, water parks, and community events that keep the fun rolling year-round. This home is stylish, spacious, and ready for you to soak up the Arizona sunshine. Are you ready to make it yours?

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18182 W Young Street Surprise, AZ 85388

$620,000

5 Beds

3.5 Baths

3,636 SqFt

Status Active

MLS # 6739794

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS!! Home Sweet Home! This exquisite 5-bedroom, 3.5-bathroom residence features a 2-car garage, elegant stone accents, and a welcoming front patio. Inside, the living/dining room boasts a cool palette, plantation shutters, and attractive wood-look flooring. The great room features double French doors that open to the backyard for seamless indoor-outdoor living. The impeccable kitchen comes with granite counters, wood cabinetry with crown moulding, recessed lighting, SS appliances, a pantry, and an island with a breakfast bar. The versatile bonus room is perfect an office or study. The cozy loft upstairs provides a peaceful retreat. Discover a sizeable main bedroom offering plush carpeting, a quaint sitting nook, an ensuite with dual sinks, and a walk-in closet. Outside, the backyard oasis showcases a covered patio, stylish pavers, a ramada, a firepit for evenings under the stars, and a sparkling pool. Make this gem yours!

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886 S Pleasant Drive Chandler, AZ 85225

$620,000

4 Beds

2.5 Baths

2,137 SqFt

Status Active

MLS # 6743825

Property Type Single Family Residence

Price Type --

Welcome to your dream home in beautiful Chandler, Arizona! This stunning 4-bedroom, 2.5-bathroom residence offers the perfect blend of comfort and elegance. Step inside and be greeted by an inviting floor plan with abundant natural light creating a warm and welcoming atmosphere. The luxurious master suite is a serene retreat, complete with a generous walk-in closet and a spa-like en-suite bathroom featuring dual vanities, a soaking tub, and a separate shower. Three additional well-sized bedrooms provide plenty of space for family, guests, or a home office. Step outside to your private oasis—a beautifully landscaped backyard with a sparkling pool that promises endless hours of relaxation and fun. Whether you're hosting summer barbecues, enjoying a quiet evening under the stars... or simply taking a refreshing dip, this backyard is perfect for both entertaining and unwinding. Additional features of this exceptional home include a 3-car garage, solar panels, new AC units and proximity to top-rated schools, parks, and shopping. Don't miss this opportunity to own a slice of paradise in Chandler. Schedule your showing today and experience the perfect combination of luxury and comfort!

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3649 E Cody Avenue Gilbert, AZ 85234

$620,000

4 Beds

2 Baths

1,884 SqFt

Status Active

MLS # 6753565

Property Type Single Family Residence

Price Type --

Your beautifully REMODELED 4 bedroom home w/ a POOL in Carol Rae Ranch is now for sale! Inside you will find spacious dining & living areas, luxury vinyl flooring, graceful archways, and neutral palette throughout. The fabulous kitchen is comprised of ample cabinetry w/ample counter space, a pantry, stainless steel appliances, and an island complete w/a breakfast bar. Double doors open up to the primary bedroom, boasting a walk-in closet and a private ensuite w/dual sinks. This home also features a water softener! Finally, the lovely backyard includes a covered patio and a fenced pool perfect for the warm summer days! THIS IS HOME, make it your first stop!

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16403 W Baden Avenue Goodyear, AZ 85338

$620,000

5 Beds

4 Baths

4,166 SqFt

Status Active

MLS # 6760403

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This stunning 2-story residence, located in the desirable Canyon Trails community, offers 5 spacious bedrooms, 4 full bathrooms, and a bright, open floor plan. 1 bedroom and full bath on first floor. The grand entry boasts vaulted ceilings and a versatile den, while the inviting family room features a cozy fireplace — perfect for relaxing evenings. The open-concept kitchen is a chef's delight, showcasing granite countertops, a breakfast bar, new stainless steel appliances, and dual wall ovens. The expansive master suite is a true retreat, complete with an en-suite bathroom featuring a glass block shower, separate double vanities, and a large walk-in closet. Upstairs, enjoy additional living space in the loft/bonus room. Step outside to a backyard oasis. The covered patio leads to a sparkling pool and an outdoor kitchen, creating the perfect setting for gatherings. There's even an RV gate. Plus, save on energy bills with the solar panels! This home is a must-see to fully appreciate all its features and charm.

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7300 E Earll Drive Unit 1012 Scottsdale, AZ 85251

$620,000

2 Beds

2.5 Baths

1,625 SqFt

Status Active

MLS # 6769038

Property Type Apartment

Price Type --

Look no further! This beautiful 2-bedroom unit is ready for you to move in and enjoy! Check out the harmonious open floor plan, enhanced with hardwood flooring, large windows, and a perfectly matched neutral palette throughout. Spotless kitchen boasts plenty of white cabinetry, recessed lighting, subway tile backsplash, stainless steel appliances, a prep island with a breakfast bar, and sleek quartz counters. Rest and rejuvenation await in the romantic primary bedroom, complete with direct outdoor access, an ensuite with dual sinks, and a walk-in closet. Don't miss the stacked washer & dryer! Unwind under the covered patio while sipping your favorite beverage. PLUS! Wonderful community amenities include clubhouse, sparkling pool, spa, fitness center, and many more. Indulge in a luxurious lifestyle Scottsdale has to offer! Walking distance to a highly desired Old Town Scottsdale with fine dining and shopping. This unit is perfect for minimal maintenance and peace of mind! Furniture can be available for purchase for fully turn key ready. This condo was previously a model unit from builder, featuring the best upgrades offered. You'll feel as if you are on vacation everyday while living here!

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7837 N 6th Street Phoenix, AZ 85020

$620,000

3 Beds

2 Baths

1,839 SqFt

Status Active Under Contract

MLS # 6730822

Property Type Single Family Residence

Price Type --

Welcome to this delightful 3-bedroom, 2-bath gem in north central Phoenix! With its spacious layout, convenient location, and abundant outdoor space, this home offers the perfect blend of comfort and convenience. Three generously sized bedrooms provide ample space for relaxation and rest. Whether you're looking for a cozy retreat or a home office, these rooms offer versatility and comfort. Two well-appointed bathrooms ensure convenience for your daily routines. The bright and airy eat-in kitchen is perfect for casual meals. Imagine sipping your morning coffee by the window overlooking the lush backyard and diving pool. For special occasions or intimate gatherings, the formal dining room awaits. Relax in the formal living room or head to the family /entertainment room The spacious family room provides a cozy spot for movie nights or simply unwinding after a long day. Natural light floods the room, creating a warm and inviting atmosphere. Centrally located, this home offers easy access to shopping, dining, entertainment, and more. You'll love being part of this vibrant community. The laundry room doubles as a workshop, providing space for DIY projects, crafts, or storage. Lace-up your sneakers and explore the nearby walking and biking trails. Plus, the Piestewa Freeway is just minutes away, making your commute a breeze. Conveniently park your vehicles or use the garage for additional storage. Don't miss out on this fantastic opportunity to own a piece of Phoenix paradise. Make this house your home!

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