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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2068 E Tiffany Court Gilbert, AZ 85298

$2,499,999
5 Beds
4.5 Baths
4,622 SqFt
Status Active
MLS # 6753265
Property Type Single Family Residence
Price Type --
Located on nearly an acre, this Circle G remodeled custom home is a dream where you can enjoy small town living in the big city. The perfectly designed floorplan includes 5 bedrooms, office, 4.5 baths, large family room, bonus/teen room, oversized 3 car garage, extended driveway with electric security gate and huge new RV garage. The chef's kitchen features Thermador appliances with WIFI range hood, touch to open refrigerator and freezer, microwave, gas range & griddle, steam oven, warming drawer, oven, built in sub zero under counter ice maker with RO water, 4 ft Galley prep sink with dual touch Brizo faucets, and Cambria quartz counter tops. Perfect for entertaining, the kitchen is open to the large family room, the eat in nook and a large sitting area. Beautiful hand scraped hardwood flooring throughout, Lutron lighting with WIFI control, security cameras, security gate, RO water system, and 2 tankless water heaters. Huge owner's suite is a true retreat with tray ceiling, bay window and sitting area, and outdoor access. Ensuite includes two vanities, jetted tub, separate shower, and stunning walk-in closet w/built-ins. Two secondary bedrooms, each equipped with a private bathroom. Beautiful office with large French doors. Laundry room with a sink & cabinetry. Two more bedrooms with an additional bathroom are located near the bonus room with access to the backyard/patio. Step outside to the large extended patio, pergola and built in BBQ area, all equipped with a top of the line misting system. Diving pool with heated spa and water fall. Manicured lawn with irrigation to the perimeter trees. The 1250 sf climate controlled RV garage is the hidden gem of this home. 14 foot tall by 12 foot wide garage door, plumbing, RV hookup, epoxy floor. Centrally located by the 202, Gilbert Regional Park, San Tan Mall, Mercy Medical Corridor, entertainment and dining. This home is a rare find!

10015 N 55th Street Paradise Valley, AZ 85253

$2,499,900
5 Beds
3 Baths
3,766 SqFt
Status Active
MLS # 6759455
Property Type Single Family Residence
Price Type --
Amazing residence on a private cul-de-sac lot with views of Camelback Country Club Golf Course & amazing mountains! Double custom iron-work doors open to the dramatic entrance of the staircase overlooking the Great Room, which highlights a fireplace & soaring high ceilings. Panoramic windows, designer tile & natural stone, 3 fireplaces, surround sound speakers, plantation shutters, & elegant light fixtures. Fabulous dining room ideal for dinner parties. Immaculate kitchen showcases a large center island great for entertaining, granite counters, built-in SS appliances & a wine cooler, & tons of cabinets. Oasis backyard offers a pebble-tech pool with gorgeous waterfalls, putting green, & large covered patio. For your vehicles, you'll find a 3-car oversized garage and an RV gate. Huge main retreat features a spa-like bathroom with a shower boasting a glass block wall, a jetted tub, dual square vessel sinks, & walk-in closet. Great home with solar from Tesla. Great opportunity! Bring your buyers, they will love it! Hurry!

28254 N 95th Street Scottsdale, AZ 85262

$2,499,900
3 Beds
3.5 Baths
4,048 SqFt
Status Active
MLS # 6766949
Property Type Single Family Residence
Price Type --
Welcome to Troon North! This stunning, custom-built 4,000+ sq ft home, featuring 3 bedrooms, den and 3.5 bathrooms, is set on 6.64 acres in one of Scottsdale's most prestigious communities. Enjoy your private desert compound with unobstructed views of Pinnacle Peak, Lone Mountain, city lights, and surrounding mountain ranges. This never-lived-in home boasts energy-efficient features, including state-of-the-art appliances, advanced HVAC systems, extra insulation, low-E windows, an EV charging station, and epoxy flooring in the garage. The property offers incredible potential with the option to add a 22,000 sq ft shop or barn near Dynamite Rd, perfect for collectors or equestrians. HOA fees are a fraction of the cost compared to surrounding properties, at just a few hundred dollars annually. For the same price, other homes in the area offer less than half an acre, while this home sits on a sprawling 6.64-acre lot! Additional features include historic trailers at the rear of the property, with plans for gas line installation down the street. For $240K over the asking price, you can add a custom pool and extra landscaping based on the detailed drawings provided. Don't miss this rare opportunity to own a luxury desert estate with endless possibilities!

8730 E Tether Trail Scottsdale, AZ 85255

$2,499,000
5 Beds
5 Baths
4,250 SqFt
Status Active
MLS # 6763844
Property Type Single Family Residence
Price Type --
Welcome to your stunning new home, complete with a beautiful pool, nestled in a neighborhood established in 1996- Save 28 years of headaches with this brand new home! This spacious 5-bedroom, 5-bathroom home is designed for comfort and luxury, ready for its new owner in just 60 days. Key features include:Upgraded black aluminum windows,iron entry door,Durable 2x6 framed exterior,Large fireplace and a spacious kitchen with a massive island and quartz counters,Top-of-the-line upgraded appliances,All bedrooms equipped with walk-in closets and private bathrooms,Master bath featuring a large entry, steam shower, standalone tub, and double sinks,Elegant 8' doors throughout and soaring high ceilings,Energy-efficient spray foam insulation,Expansive north-facing backyard. Come take a look.

5314 N 41st Place Phoenix, AZ 85018

$2,499,000
5 Beds
3 Baths
4,013 SqFt
Status Active
MLS # 6752736
Property Type Single Family Residence
Price Type --
The kitchen showcases a stunning view of Camelback Mountain & the Praying Monk. This beautifully renovated home features an open, entertaining plan with an inviting entry by way of a charming conversation patio. Spanning over 4,000 sq ft, enjoy 5BR/3BA, handsome library, LR, formal dining and great rm/family rm - complete with a breakfast bar & en suite eating area. The spacious split master suite occupies the entire south wing - 2 access doors to pool/patio areas - one right off the gym room. Resort-style backyard with a heated pool & spa, plus a freestanding 3-car garage equipped with a mini-split. Four private patios, one of which features an automated screen. There are surprises & vignettes everywhere. Please review the detailed list of features & improvements found in the docs tab.

2208 E Belmont Avenue Phoenix, AZ 85020

$2,499,000 - 4Br/4Ba -  for Sale in Biltmore Highlands, Phoenix
Open House
$2,499,000
4 Beds
4 Baths
4,168 SqFt
Status Active
MLS # 6765713
Property Type Single Family Residence
Price Type --
BACKING to the coveted Phoenix Mountain Preserve, a rare opportunity to own a piece of the mountain in the heart of metropolitan Phoenix. Enter to the open white kitchen flowing into an inviting 'Keeping Room' with gas fireplace, all enjoying panoramic views: Your Chef views the city skyline as he prepares his delivery through the glass doors leading to the quiet private backyard with outdoor kitchen and pool under the awe-inspiring Mountain backdrop. A contemporary brushed chrome rail staircase leads to a lofted game & media room with wet bar positioned under the cutouts which were designed to perfectly frame the Phoenix skyline. Glass doors invite you to step out on to the front patio to stargaze & enjoy the dark sky and serenity of the best street in the coveted Biltmore Highlands. The backyard features outdoor kitchen, paved covered patio and several removable sail coverings for seasonal comfort, with its own gate into the Mountain Preserve. Just steps from the 22nd Street Trailhead to Squaw Peak, this location offers both privacy and easy access to over 200 miles of hiking trails in the Phoenix Mountain Preserve. The master suite is a private retreat, enveloped in mountain views, featuring a luxurious bath and large walk-in shower. Separate space provides for office or workout room. The private deck is the focal point of this amazing retreat. A second master bedroom is tucked away on the main floor with glass doors leading to the mountain. An oversized third bedroom (once two bedrooms) can be divided or create a large media room, game room, office, study or guest suite. Also downstairs is a spacious laundry room with mop sink and cabinets. Garage accommodates a third car in tandem in addition to a golf cart bay, workshop with sink, and separate storage area. The storage areas are configured on either size of the primary parking spaces to accommodate those needing access to a van or ramped vehicle. Phoenix is renowned for its urban hiking, with the Phoenix Mountain Preserve (formerly known as Squaw Peak) weaving through the city and just minutes from Sky Harbor Airport. This national oasis invites visitors to immerse themselves in the stunning landscapes of the Sonoran Desert, exploring its diverse flora and fauna while enjoying the tranquility of this natural sanctuary. This home offers a unique chance to reconnect with nature, explore rugged terrains, and appreciate the resilience of desert ecosystems.

7909 E Santa Catalina Drive Scottsdale, AZ 85255

$2,498,000 - 4Br/4Ba -  for Sale in Santa Catalina, Scottsdale
New
$2,498,000
4 Beds
4 Baths
4,403 SqFt
Status Active
MLS # 6777120
Property Type Single Family Residence
Price Type --
Welcome to this beautifully updated, modern home in the heart of North Scottsdale! This spacious 4-bed,4-bath residence offers a stunning blend of luxury and functionality. Completely remodeled with all-new flooring and stylishly upgraded bathrooms, this house sits on a desirable south-facing lot, flooding the interior with natural light. The expansive backyard is perfect for entertaining, featuring a sparkling pool, spa, BBQ, putting green, and ample space for entertaining—steps to a view deck to enjoy breathtaking sunset views. Inside, a large den provides space for a home office or media room, while the extra large 4-car garage offers abundant storage for vehicles and recreational gear. Situated for easy access to all of North Scottsdale's top amenities, golf, and hiking, this home offers the perfect combination of tranquility and convenience. Don't miss your chance to experience luxury living in an ideal Scottsdale location.

41504 N 107th Way Scottsdale, AZ 85262

$2,497,000 - 3Br/4Ba -  for Sale in Desert Mountain, Scottsdale
Open House
$2,497,000
3 Beds
3.5 Baths
2,941 SqFt
Status Active
MLS # 6745885
Property Type Single Family Residence
Price Type --
SEVEN GOLF MEMBERSHIP AVAILABLE. Welcome to this Remodeled and fully Furnished home located in the exclusive guard-gated community of Desert Mountain. Nestled at the end of a cut-de-sac on a large lot, with ample room to add a casita, this rare find in the village of Cochise Ridge offers an expansive and private outdoor patio with negative edge pool, beautiful rock waterfall and spa overlooking the natural open space, mountains and city lights. The open floor plan residence with modern finishes that exudes elegance and comfort is ideal for both relaxed family gatherings and entertaining with a huge flat screen TV and Sonos surround sound audio. The open residence seamlessly flows from living room/great room into a fully stocked gourmet kitchen, equipped with high-end appliances, large pantry in 100+ bottle dual zone wine cooler, sleek countertops, and ample cabinetry for the culinary enthusiast. The home offers three generously sized ensuite bedrooms, each with its own private bathroom, ensuring a serene retreat for family and guests. The primary bedroom is secluded on a separate wing with a large walk-in closet, gas fireplace and private patio. Step outside to discover your personal oasis: a negative edge pool integrated with a desert rock waterfall spa offering ample patio/deck space with breathtaking views and the perfect setting for a refreshing swim or sunset cocktails. Entertain with ease in the separate outdoor BBQ and al fresco dining area, where you can host unforgettable gatherings with friends and family. Spa and Pool Equipment all New. An oversized two-car garage with epoxy floor coating, whole house water conditioning system, industrial shelving and double garage doors provides ample space for your vehicles and additional storage needs. This home is available TURNKEY including furniture, full kitchen supplies, linens, some art and more. - just bring your toothbrush. A transferrable SEVEN GOLF MEMBERSHIP is available to transfer via a separate purchase through the Desert Mountain Club. Extensive list of upgrades. New Spa New pool equipment $3500 pellet grill Newly reconditioned bbq Almost New (barely used) Furniture New AC unit New Air Handler Industrial Garage Shelving All new TV's and Sonos sound system Two wine refrigerators Large gun/valuables fire safe Original art Extensive landscape lighting Smart home controls for multi area temperature control, pool temperature and wifi weather station. Embrace the Desert Mountain lifestyle with world-class amenities, stunning natural beauty, and the privacy of a prestigious community. Make this your full-time residence or the ultimate vacation getaway.

10284 E Filaree Lane Scottsdale, AZ 85262

$2,495,000
4 Beds
4.5 Baths
4,244 SqFt
Status Active
MLS # 6686113
Property Type Single Family Residence
Price Type --
Golf Membership to the Desert Mountain Club Available.This classic Spanish-inspired Santa Fe residence seamlessly blends traditional charm with modern comforts, boasting soft curves alongside contemporary lines and angles. Its hacienda shape offers a distinctive layout, with gathering spaces on one side, outdoor living in the center and private ensuites and a casita on the other. Located centrally within Desert Mountain, it enjoys convenient proximity to the Sonoran Fitness Clubhouse and quick access to town via the nearby back gate. The homes large picture windows capture sweeping vistas from south to northwest, showcasing vibrant sunsets, majestic mountain ranges and twinkling city lights, as well as up-close views of mature cacti. Step outside, and youll discover a haven of outdoor bliss. A meandering water feature flows gracefully through the Sonoran landscape, leading to a geometric-shaped pool where you can bask in the Arizona sun. The covered breezeway connects living spaces, offering seamless indoor-outdoor living. Whether youre dining Al Fresco, star gazing by the firepit, or taking a dip in the pool, every moment is accompanied by captivating views at every turn. Stepping inside, guests are greeted with a prominent rustic front door, leading the eye through glass French doors to the stunning outdoor space beyond. The open floor plan centers around the kitchen, a hub of activity with a spacious island, Wolf, Sub Zero appliances, and ample Alder wood cabinets. Adjacent, a cozy circular casual dining area with a kiva fireplace offers a picturesque spot to savor meals while soaking in the views. The great room invites relaxation with its panoramic vistas, fireplace warmth, and easy access to outdoor pleasures. For additional entertainment, a media room/den awaits with blackout shades, a mounted TV, and French door access to the outdoors. The primary ensuite is a luxurious retreat, showing off stunning views, a kiva fireplace, and a spa-like bath with double vanities, a soaking tub, walk-in shower and designer closet. Two generously appointed guest ensuites offer comfortable accommodations, each with carpeted floors, designer baths, and walk-in showers. A standalone guest casita provides additional privacy and convenience, complete with a breakfast bar, media entertainment and a luxury bath. Throughout the interior, hand-hewn vigas, latilla poles and wire brushed interior doors complement modern design elements like angular cut corbels, substantial picture and viga framed windows and high ceilings, creating a harmonious blend of authenticity and sophistication. Saltillo tile floors flow seamlessly indoor and out, while carpeted bedrooms offer cozy retreats. Beyond the home, Desert Mountain offers an unparalleled lifestyle, with access to 7 clubhouses, 7 golf courses, multiple dining options, and a 20-mile trail system bordering the Tonto National Forest. It promises years of diverse living experiences amidst the breathtaking beauty of the Sonoran Desert. Welcome home to Desert Mountain.

13978 E Coyote Road Scottsdale, AZ 85259

$2,495,000
5 Beds
4.5 Baths
3,808 SqFt
Status Active
MLS # 6700409
Property Type Single Family Residence
Price Type --
Multi million dollar absolutely breathtaking city views! Authentic one-of-a-kind Hacienda Style Home unlike anything in Scottsdale Mountain. High on the mountain and feels like your own private range. West exposure is tucked into mountain with wonderful boulder formations. Lush, private courtyard entry. Great room floor plan with casita off pool and an upper level second master suite with office. Master suite, 2 bedrooms and casita on first floor. Professional kitchen with 48' range & all the trimmings. Granite, stone floors, vessel sinks, phantom screen doors, outside kitchen, natural wood doors, vega poles and latilla ceilings. This SW ranch paradise exudes quality, detail and pride! Arrange a sunset & evening - Mind blowing!! All room sizes and figures approximate.

11885 N Sunset Vista Drive Fountain Hills, AZ 85268

$2,495,000
4 Beds
3.5 Baths
4,044 SqFt
Status Active
MLS # 6731452
Property Type Single Family Residence
Price Type --
Talk about a place to entertain! This 4,000+ sq. ft, 4 bed, 3.5 bath Fountain Hills masterpiece has it all. Large lot (.82 of an acre) and mountain views? Check. Open floor plan? Yes, and it includes wood floors, high ceilings, and a large pocket door (creating an indoor/outdoor environment). The kitchen is huge! It features a large island, stainless steel appliances, and a butler's pantry! The primary bedroom is a sanctuary complete with a walk-in closet and closet organizer. The family room leads you to the large backyard complete with a covered patio, Cantera fireplace, and a built-in BBQ. The PebbleTec pool offers a place to cool off! Even better? The property backs to a reserve. Garage has a gray epoxy chip floor. Located in Fountain's beautiful community of Eagle Ridge.

33504 N 87th Street Scottsdale, AZ 85266

$2,495,000
3 Beds
3.5 Baths
4,345 SqFt
Status Active
MLS # 6737808
Property Type Single Family Residence
Price Type --
Welcome to this beautiful home located in the gated community of Copper Sky. This new Taylor Morrison home is both elegance and comfort wrapped up in one. Situated on a private 1.2 acres this 3 bedroom with den/office boasts a large kitchen with granite countertops, double islands, a prep kitchen with extra fridge, double ovens, R/O system, stainless steel appliances and walk in pantry. The kitchen is open to the family and dining rooms. The family room has a 15 foot slider that opens to the extended back patio with motorized screens, bistro lights, built in bbq, a gas firepit, heated pool and spa, artificial grass, mature citrus, and the most stunning Arizona sunsets! There is a wine room with a wine fridge. The primary bedroom has a separate sitting or workout area 2 primary closets and a large bathroom with an oversized shower and standalone tub. The 2 extra bedrooms are ensuite and separate from the primary bedroom. There is a separate office/den located conveniently near the front door. The amenities go on and on. This home is a must see!