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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5500 S Four Cross Ranch Road Skull Valley, AZ 86338

$9,900,000
3 Beds
3.5 Baths
4,289 SqFt
Status Active
MLS # 6781357
Property Type Single Family Residence
Price Type --
Historic & picturesque Four Cross Ranch, located 20 miles SW of Prescott & 2 hours from Phoenix. Ranch spans a total of 1,576 deeded acres, w/additional 4,033 acres of BLM & State Land grazing leases, making it ideal for ranching, recreation & hunting. Perched on a hill, the main residence offers panoramic views of rolling pastures & distant mountains, creating a serene vantage point, along with 4 more homes for guests and ranch hands. Ranch is efficiently watered by multiple wells & offers top-notch facilities for cattle & horses, including a 14-stall enclosed barn, a two-stall shedrow barn w/spacious outdoor runs & an open-air barn with W panels. Complete w/tack room, office, round pen & cutting and roping arenas. Multiple workshops and equipment sheds provide ample space for all ranching activities. The large shop features three-phase electric power. Historically significant, the ranch was once partially owned by Virgil and Elvira Earp during the Territory of Arizona era. Scattered throughout the land, you may stumble upon ancient petroglyphs. Whether you're drawn to its rich history, exceptional livestock facilities, or the serene beauty of its surroundings, Four Cross Ranch is a legacy of excellence waiting to be explored. Main Residence 4289 sq/ft (3bed/3.5bath) Modular Home 1900 sq/ft (3bed/2bath) Modular Home 1900 sq/ft (3bed/2bath) Guest House 1806 sq/ft (2bed/2bed) Guest House 3574 sq/ft (3bed/2bed)

8302 N Mockingbird Lane Paradise Valley, AZ 85253

$9,750,000
6 Beds
7 Baths
8,210 SqFt
Status Active
MLS # 6777816
Property Type Single Family Residence
Price Type --
A property that unveils itself from day to night, from private and intimate, to full blown entertaining with friends and family. This home has it all! At 8210 sq ft and situated on a private 1.2 acre lot the residence epitomizes modern elegance and thoughtful design. With stunning Mummy Mountain and Phoenix Mountain Preserve views enhanced by floor to ceiling pocket window doors that give new meaning to indoor/outdoor living. Highlights include: a stunning primary suite, five additional en-suite bedrooms, a private one-bedroom guest residence with separate entry, beautifully designed office, home theatre room and exercise room with infrared sauna. The open-concept chef's quality kitchen complemented by a spacious butler's pantry with additional dishwasher, refrigerator/freezer, wine refrigerator and abundant storage is a wow. The living and dining areas with full bar seamlessly integrate with the central courtyard and outdoor spaces. With custom heated pool and spa, sunken fire pit, gas fireplace and full outdoor kitchen that will be the envy of anyone who loves to entertain. Tennis, pickle ball anyone? We have you covered. The laundry room boasts a dry-cleaning/steamer appliance, dual washer/dryers and the four-car garage includes an electric vehicle charging station and convenient dog wash. The home is also designed for future solar panel integration. The team of Aspen Dev Co., The Ranch Mine and Boxwell Homes have designed and built a one of a kind Paradise Valley retreat. Come and see what makes this property so special...and once you feel it, you'll want to call it home.

26446 N 119th Street Scottsdale, AZ 85255

$9,750,000
6 Beds
7.5 Baths
8,299 SqFt
Status Active Under Contract
MLS # 6767018
Property Type Single Family Residence
Price Type --
Just completed and ready for occupancy! Located in the highly coveted Troon area of North Scottsdale, in the exclusive luxury gated community of Cantabrica Estates, award winning architect Craig Wickersham, in collaboration with luxury home builder DWD Homes, has given careful consideration to the design and layout of this newly built home to create a striking modern silhouette set against the dramatic high Sonoran Desert landscape that maximizes views and privacy. From pristine, design-forward finishes to vast expanses of glass that usher in the Arizona sunshine, the uniquely designed interior blends contemporary elegance with touches of warming finishes. The main house offers 6494 square feet with 4 bedrooms, 4 full bathrooms and 2 half baths. The The great room, with its floor to ceiling automated and pocketing glass doors by Fleetwood, showcases direct views of Troon Mountain. Flowing into the formal dining area, highlighted by a glassed front wine room and opening to a private patio area, guests will enjoy views of the Mazatzal Mountain range to the east, in addition to views of Troon Mountain to the west. For more relaxed entertaining, the casual dining area offers a bar area with four refrigerated beverage drawers, a Scottsman ice maker, and floor to ceiling, corner opening, glass doors that give access to the outdoor kitchen and patio areas. Along with a chef inspired kitchen, for both additional storage and use as a service kitchen, the architect added a Butler's Pantry with dishwasher, sink and refrigerator. Additional rooms include an office, the wine room that holds approximately 700 bottles of your favorite wines, a large entertainment/media room with direct access to the outdoor area, and a gym with cork flooring and its own private patio. The guest house has 1805 square feet with an expansive upper balcony to enjoy the surrounding mountain views, two ensuite bedrooms, a full size kitchen, very large separate living room, and a laundry room, giving a total of 8299 square feet to this home. Highlighted are 6.5 oversized garage spaces with room to add 2 additional garages, if needed. For those with a discerning taste in creativity, artistry and fine materials, this residence harmoniously balances its contemporary design with timeless earthy textures and soothing hues to create a serene environment. Along with showcasing the latest in efficiencies and technology, designer selected expanses of Eurostyle Rift cut Walnut and French White Oak cabinetry in the chef's kitchen and throughout the home are highlighted. Finishes and fixtures include top of the line kitchen appliances like Wolf, SubZero and Miele. Dornbracht, La Cava, Toto and Waterstone are a few examples of plumbing fixtures. Along with large format ratified limestone porcelain tile flooring and various Quartzite counter tops, extraordinary decorative lighting by Holly Hunt, Hammerton Forge & others is featured. An abundance of natural sunlight filters throughout the home with Fleetwood's system of windows and the retractable glass door system in the main living space that opens to patios. With the doors and walls of glass throughout the home, there is a wonderful and seamless emersion between the indoor and outdoor spaces. The outdoor living areas provide entertaining drama. Enhanced by views of Troon Mountain and the McDowell Mountain range, the expansive under cover patio with its outdoor kitchen, the pool and spa, and the large ramada with its multiple areas for seating and dining, the fireplace and the oversized TV niche, all create a wonderful outdoor lifestyle. Looking beyond this incredible home with its many unique and quality driven details, you will see what makes it and Cantabrica Estates so special--the endless and pristine beauty of the area showcased by the surrounding McDowell and Mazatzal Mountain ranges, Troon Mountain and Sonoran Desert views. While just a short distance from all the city has to offer, the community of Cantabrica Estates is about tranquility and open space. For outdoor activities, close by are miles and miles of scenic hiking, biking and horseback riding trails, lakes for boating and fishing, as well as many world class golf courses. Easy access to the 101 Freeway allows you to reach various destinations around the valley quickly. Phoenix Sky Harbor can be reached in approximated 35 minutes and Scottsdale's private airport is about a 20 minute ride. While there are many outstanding doctors, clinics and hospitals in the valley, The Mayo Clinic is also a short drive away. Looking for more? Scottsdale is known for its art and culture and offers an incredible mix of museums, shopping, restaurants, galleries and nightlife, along with a wide range of performing arts and special events such as baseball's spring training, Barrett-Jackson car auction, the Arabian horse show and the Waste Management Phoenix Open Golf Tournament. Click on Documents tab for additional information about this home.

5114 N Casa Blanca Drive Paradise Valley, AZ 85253

$9,745,000
6 Beds
7 Baths
7,493 SqFt
Status Active Under Contract
MLS # 6667094
Property Type Single Family Residence
Price Type --
Don't miss the newest masterpiece developed by Irvine Asset Group and Vasbinder Development. The Arizona 5 C's Residence is conceived as an intimate experience for both homeowner and guests, choreographed around a series of private vegetated courtyards. The meditative east garden greets visitors, while the active west court enjoys expansive iconic Camelback Mountain views; the great room engages both environments. Acting as the main material, creamy colored brick is composed to create texture and shadow through a series of perforated screens of filtered light. Warm woods, soft porcelain tile, and expansive glazing, paired with arid-appropriate vegetation, blur the boundary between exterior and interior—to offer ideal desert living. The home boasts a large open floor plan great room with fireplace and 13' operable multi-slide doors, dining and kitchen with large walk-in butler's pantry; a wine room; private primary bedroom and ensuite; 3 additional bedrooms with ensuite baths; office with mountain views; private guest quarters; rec/theater room; gym/bonus room; detached studio with small kitchenette and bath; 5 car garage; and 1,700SF of outdoor livable terrace with BBQ, pool, hot tub, and movie lawn. With custom fluted wood millwork and copper flecked concrete counters, a citrus tree grove, a beautiful resort-style backyard enjoying Arizona's climate all year round, soft luminous cotton drapery, and leather pulls throughout--the home revels in Arizona's celebrated five C's: copper, citrus, climate, cotton, and cattle.

7120 N 46th Street Paradise Valley, AZ 85253

$9,595,000
5 Beds
6 Baths
7,253 SqFt
Status Active
MLS # 6764563
Property Type Single Family Residence
Price Type --
Discover unparalleled luxury at this gated 2-acre Paradise Valley estate, offering stunning views of Camelback Mountain and city lights through floor-to-ceiling glass walls. The gourmet kitchen is a chef's dream, complemented by a wet bar and wine room, perfect for entertaining. The home boasts a media room, fitness and spa room, and a split floor plan with a bonus room for the kids. Outdoors, enjoy a beach-entry negative-edge heated pool with spa, sports court, and a thrilling zip line & putting green. A 5-car climate-controlled garage with an elevator ensures convenience and security for car enthusiasts. This estate is a true entertainer's paradise, offering a seamless blend of indoor-outdoor living with multi-million-dollar views.

5555 N Camino Del Contento -- Paradise Valley, AZ 85253

$9,500,000
5 Beds
7.5 Baths
7,400 SqFt
Status Active
MLS # 6784428
Property Type Single Family Residence
Price Type --
A SIGNATURE contemporary estate in the heart of Paradise Valley, this architecturally significant property blends rich organic elements w/ monolithic 24-inch rammed earth walls, floor-to-ceiling glass, steel, copper-clad exterior, finished concrete floors & warm Douglas Fir ceilings. Designed + built by The Construction Zone, this 2.5-acre compound, secured by dual-gated entry, offers a 3-car garage & an add'l 8+ car, temp-controlled SHOWROOM garage! Ascend the floating staircase to the primary suite, lofty lounge area, offices, & balconies showcasing city + Cmblk Mtn views. A secondary wing is home to 3 bdrms & exercise room, w/ ensuite bathrooms, family/media room, & private patio. This TIMELESS estate offers mesmerizing views of Cmblk Mtn, spacious guest casita & golf simulator room!

6554 N 40th Place Paradise Valley, AZ 85253

$9,390,000
6 Beds
6.5 Baths
7,500 SqFt
Status Active
MLS # 6613811
Property Type Single Family Residence
Price Type --
Welcome to this 7,500 sq ft private estate, a masterpiece by UR Development's in-house team. Enter through dramatic glass doors into a stunning open-concept design with 95% of the living space on one level. Enjoy six ensuite bedrooms, an office, powder room, and four-car garage. The versatile casita overlooks the pool, and the chef's kitchen boasts dual islands, custom cabinetry, and Wolf/Sub-Zero appliances. Entertain in style with a custom wood wine cellar and handcrafted bar. Outdoor features include desert landscaping, an infinity-edge pool, an eight-person spa, a fireplace, and a fire pit. Revel in panoramic views of Camelback and Piestewa Peak, with a C4 smart home system and more. Ideally located minutes from Arcadia, Scottsdale Waterfront, and Biltmore.

6879 E Palma Vita Drive Paradise Valley, AZ 85253

$9,195,000
3 Beds
3.5 Baths
5,480 SqFt
Status Active
MLS # 6719626
Property Type Single Family Residence
Price Type --
The Estates Homes are created by celebrated architect, C.P. Drewett of Drewett Works and award-winning Designer, Claire Ownby of Ownby Design. The floor plan offers gracious space spanning a main and lower level with astonishing views of Camelback Mountain. Future owner can choose from 3 architecturally styles. Each Estate is serviced and branded by The Ritz-Carlton Paradise Valley. Owners have full access to private amenities, hotel amenities, a wide variety of homeowner services, and hotel privileges. The Estate are built by luxury home builders, Starwood Custom Homes and GS Fries Construction. The owners have a very personalized experience with the entire team and involved in every step and progression of their semi-custom home. Please note Estate #6 is not built.

7555 N Eucalyptus Drive Paradise Valley, AZ 85253

$9,000,000
4 Beds
3.5 Baths
7,592 SqFt
Status Active
MLS # 6687994
Property Type Single Family Residence
Price Type --
New to the market for the very first time, this majestic, warm, and elegant Desert Contemporary occupies a serene setting and sits on a site of 2.3 acres on the Paradise Valley Country Club golf course. This one-of-a-kind highly desirable lot is situated on one of the most coveted cul-de-sacs in Paradise Valley. The splendor of the home, built in 1998, and featured in Phoenix Home and Garden magazine, begins by opening the dramatic front door of inlaid walnut wood with sculpted iron handles. Showcasing the extraordinary craftsmanship found throughout the home, the entry rotunda conveys a gallerylike calm, featuring dramatic art niches, honed marble and cherry wood floors illuminated by a dome skylight. A magnificent great room has soaring14' high ceilings of beams and inlaid wood. Floor to ceiling glass doors and windows frame views of the golf course and incredible vistas of the mountains. The kitchen with alder wood cabinetry, center island and eating bar flow into a breakfast room with a two-way fireplace and curved windows. Deep set patios invite you outside to the marble clad BBQ and outdoor dining, firepit and reflecting pool. Formal dining can be enjoyed while looking at vignettes of desert landscaping through glass doors on one side and a wall-to-wall window on the other. A peaceful retreat, the primary bedroom and office wing is a private space with well-placed windows, high ceilings and an atrium effect for the primary bathroom. A cozy yet spacious office is warmed by a 3-sided slate fireplace, creating a dual office space, art walls and comfortable seating. A secondary bedroom suite has a kitchenette and separate entrance, making it perfect for guests. A new wing was added in 2005, with a sizable jack-and-jill bathroom between two bedrooms, one of which can serve as another office space. Symmetrical lines, warm hues, serene elegance, and comfort make this residence a timeless masterpiece.

42486 N 109th Place Scottsdale, AZ 85262

$9,000,000
5 Beds
10 Baths
12,825 SqFt
Status Active Under Contract
MLS # 6671996
Property Type Single Family Residence
Price Type --
FIRST TIME ON THE MARKET! Step into one of the loftiest residences in North Scottsdale! This European Style Estate, envisioned by renowned architect Bing Hu and brought to life by Shiloh Homes, nestles into a private hillside with the National Forest as its expansive backyard. Experience the epitome of privacy and serene living on over 2 acres, crafted with steel and concrete, tucked away in the secluded village of Sunset Canyon. Marvel at the extraordinary, rare views that span from sunrise to sunset, capturing city lights and everything in between! The residence boasts a primary bedroom, three ensuite bedrooms with a private sitting area and bar, two offices, a home theater, two wine cellars, ten bathrooms, and a guest house with a separate entry. FULL GOLF MEMBERSHIP AVAILABLE. Welcome to a haven of luxury, views, and unparalleled craftsmanship! Custom finishes abound, including vaulted and beamed ceilings, seven fire places, and two charming fire pits. Step into an exquisite culinary dream kitchen with dual islands, three farm sinks, three dishwashers, and a spacious butler's pantry. The home also features both a staircase and a stunning elevator, providing access to every level of the house!

4536 E Foothill Drive Paradise Valley, AZ 85253

$8,999,999
4 Beds
5.5 Baths
8,604 SqFt
Status Active
MLS # 6779307
Property Type Single Family Residence
Price Type --
This stunning property, remodeled by the acclaimed builder MDF Development with interiors led by Lauren Wallace, offers a luxurious and private escape in Paradise Valley. Set in an exclusive, secluded location, the home boasts incredible views and seamlessly blends indoor and outdoor living. From top to bottom, every detail has been meticulously crafted, featuring smart home technology with Crestron home automation for ultimate convenience. Home is in mid-construction and can be purchased early to allow buyer to selective certain finishes. The home comes with a 2-year builder warranty, ensuring peace of mind in this beautifully transformed retreat. Home currently under construction and pictures are of previous homes from same design/build team. Home can be purchased mid-construction.

5814 E Camelback Road Phoenix, AZ 85018

$8,999,999
5 Beds
5 Baths
6,243 SqFt
Status Active
MLS # 6759228
Property Type Single Family Residence
Price Type --
Introducing an exquisite 5-bedroom, 5-bath luxury estate spanning 6,243 sqft, meticulously crafted by Architect David Dick and Two Hawks Designs & Development. This architectural masterpiece boasts high-end finishes throughout, blending elegance and functionality. The expansive layout includes a state-of-the-art gym, two resort-style pools, and a dedicated pickleball and baseball court, perfect for sports enthusiasts. Take in breathtaking Camelback and Papago mountain views while entertaining guests in the full outdoor kitchen,creating memorable moments against a stunning backdrop. This home is more than just a dwelling, it's a haven for entertainment and relaxation. Situated conveniently close to premier retail, top-notch entertainment venues, and exquisite dining options, it offers the perfect blend of luxury living and accessibility. Welcome to a lifestyle of sophistication and comfort.