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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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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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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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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1540 W Lawrence Lane Phoenix, AZ 85021

$620,000

4 Beds

2 Baths

1,895 SqFt

Status Active

MLS # 6769284

Property Type Single Family Residence

Price Type --

This lovely 4 bed, 2 bath well-loved home in the highly sought after Royal Palm neighborhood is ready for you to make it your own. Open kitchen overlooks lush green backyard. Bonus room with separate exterior access could be used as an Office/Den/Family Room. Large Primary bedroom with direct access to backyard & patio. Oversized lot with long patio, wrap around yard, play house & a fenced garden area too. Plenty of room to add on extra livable space or put in a pool. 2 car garage with built in cabinets and a large attached shop/storage room is perfect for all of your projects. With some fresh paint and new flooring, this home will shine! This family friendly neighborhood is close to Royal Palm Park, restaurants, grocery stores & bike paths. It is in district for Sunnyslope High School. This home is being sold AS IS.

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7608 N 17th Avenue Phoenix, AZ 85021

$620,000

4 Beds

2 Baths

1,612 SqFt

Status Active Under Contract

MLS # 6760382

Property Type Single Family Residence

Price Type --

This fully remodeled home rivals any HGTV makeover. The beautiful and functional kitchen / greatroom has a 16 foot wide wall of sliding glass doors that open to the large covered patio, backyard, and the gorgeous pool. Truly connecting indoor and outdoor living. The kitchen is equipped with stainless steel appliances and a beautiful waterfall edge island. The home also has a walk-in pantry and a generous laundry room. This bright, happy home brings functional style to a great location.

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2509 E Darrel Road Phoenix, AZ 85042

$620,000

3 Beds

2.5 Baths

2,835 SqFt

Status Active

MLS # 6765409

Property Type Single Family Residence

Price Type --

Seller will consider contributing to buyer's loan costs and/or interest rate buy down with the right offer! Gorgeous golf course lot makes a perfectly serene backyard escape to enjoy! Spacious 3-bedroom, 2.5-bath, 3-car garage home located in the coveted gated community of Fairways at the Legacy. The master bedroom is conveniently located downstairs, offering privacy and ease of access. Nestled on the golf course, this home offers course views and wonderful views of South Mountain with no rear neighbors! The spacious floor plan includes an inviting living area, sky-high ceilings, an open kitchen, and a large entertainment bonus room perfect for hosting family and friends.

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6346 N 14th Street Phoenix, AZ 85014

$620,000

2 Beds

3 Baths

2,283 SqFt

Status Active

MLS # 6703109

Property Type Townhouse

Price Type --

Welcome to your dream home! This stunning Uptown house with 2 bedrooms, 3 full bathrooms, and office space, and separate den offering ample space for comfortable living. With spacious bedrooms, walk in closet, an open-concept kitchen, separate laundry room, and a private pool, luxury meets functionality here. This house is situated in gated area with a private street. Located in the greatly desired Madison School District only minutes away from Biltmore, PHX airport, downtown Phoenix, and Scottsdale. Enjoy the convenience of a 2-car garage. HOA covers: COX cable with all the movie channels ($130 value), landscaping and maintenance in common areas, as well as landscaping of grass along the front of the house. Don't miss out on the opportunity to make this your new home.

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5419 E Grove Avenue Mesa, AZ 85206

$620,000

4 Beds

2.5 Baths

2,681 SqFt

Status Active

MLS # 6771187

Property Type Single Family Residence

Price Type --

Awesome home for sale in Stonegate Estates! This corner-lot home greets you charming with beautiful curb appeal from the moment you drive up. The interior is airy and bright, featuring vaulted ceilings and a great floorplan that's perfect for entertaining! The kitchen is spacious, with plenty of cabinetry for storage, kitchen island, and lots of additional counter space. It opens up to the dining area and large family room, plus an additional dining room or den! The master bedroom is massive, capable of fitting even larger furniture, and has a bay window with automatic privacy blinds. The master bathroom has a separate garden tub and walk-in shower, with a massive walk-in closet. All secondary bedrooms are spacious, with access to a secondary bathroom and powder room. The backyard has a covered patio that can be completely enclosed with automatic patio cover, a paver extended patio, grass, and view fencing to the park behind, meaning no rear neighbors! If that's not all, there's interior laundry with plenty of space for folding table or additional cabinetry, additional cabinets in the garage, and located in a well-maintained neighborhood! Minutes to the freeway without freeway noise, and near Dana Park for all the shopping, dining, and entertainment needs! Welcome home

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4020 N Scottsdale Road Unit 2010 Scottsdale, AZ 85251

$619,999

1 Bed

1 Bath

937 SqFt

Status Active

MLS # 6679065

Property Type Apartment

Price Type --

Boutique building right in the heart of Old Town Scottsdale. This contemporary loft style studio has stainless steel appliances, concrete countertops, floor to ceiling windows, tastefully updated bathroom and with views of Camelback mountain from the patio. The location of this 21 unit building offers endless options of fine dinning, shopping and recreational activities. Its not often units come for sale here at 4020 Lofts, so act now!

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