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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30061 N 70th Drive Peoria, AZ 85383

$550,000

4 Beds

3 Baths

1,818 SqFt

Status Active

MLS # 6748482

Property Type Single Family Residence

Price Type --

Your DREAM home is here in Sonoran Mountain Ranch! Backing the mountain preserve, this beauty offers privacy & serene views. Providing 4 beds, 3 baths, 2-car garage, & a low-care landscape. Home exudes refined style, showcasing an open layout paired with a fireplace, designer paint, archways, & wood-look tile flooring in all the right places. The impressive kitchen boasts SS appliances, granite counters, a double-door pantry, two-tone cabinetry, tile backsplash, & a 2-tier island. The den can be an office or play area! Main bedroom has a double-door entry, outdoor access, and an ensuite w/dual sinks & a walk-in closet. If entertaining is on your mind, the backyard awaits you! With a covered patio, artificial turf, & refreshing pool, this space promises year-round enjoyment. Move-in ready!

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818 N 87th Street Scottsdale, AZ 85257

$550,000

3 Beds

2 Baths

1,628 SqFt

Status Active

MLS # 6761025

Property Type Single Family Residence

Price Type --

LOCATION LOCATION LOCATION! Welcome to this spacious home, nestled in the heart of South Scottsdale, and ideal for someone looking for a home improvement project. With some modern updates, this home will easily return to its full potential. It has great bones and a fabulous layout with both a family room and a living room, spacious kitchen, and a pool that's serviced weekly behind a new wrought-iron fence and a newer variable speed pump and filter. New'ish SS appliances are staying, along with the W&D. An atrium off the family room is a perfect place for a flower garden or water feature. This is your opportunity to put your own touches and style on an affordable home in a prime location with a LOW HOA near the 101 and 202, and a 7 minute drive to both Old Town Scottsdale and ASU.

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3610 E Sumner Place Rimrock, AZ 86335

$550,000

3 Beds

2.5 Baths

2,152 SqFt

Status Active

MLS # 6754467

Property Type Single Family Residence

Price Type --

Gated community 30 minutes south of Sedona, Arizona. Brand New, Never Lived in home with community pool and clubhouse, tennis courts, walking trails, work out facility. Beaver Creek Preserve community features modern luxury with rustic charm, blending in with the natural landscape around. This home is ready for your RV and toys, featuring a 2 car garage plus a 52' in length and 14' width RV Garage, Awesome kitchen, large island, granite countertops, walk-in pantry in your new kitchen, 3 bedrooms plus a den, and a gorgeous primary bathroom. Inside, expansive windows frame panoramic views, while the open-concept layout boasts premium finishes and modern amenities. Outside, a spacious patio invites outdoor living and stunning vistas.

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1036 E Sahuaro Drive Phoenix, AZ 85020

$550,000

3 Beds

2 Baths

1,735 SqFt

Status Active

MLS # 6760943

Property Type Single Family Residence

Price Type --

Welcome to the heart of Phoenix. This 3 bedroom 2 bath open floor plan is nestled in the desirable Pointe Tapatio community. Once inside you are greeted with a sunken seating area with a large fireplace. Gaze up to the vaulted ceilings with windows that provide ample natural light. The spotless kitchen has numerous cabinets for storage and a new marble backsplash to complement the granite counter tops. Double doors open to the master bedroom with a California walk in closet and dual sink vanity. Relax in the spectacular backyard with your private pool and covered patio. Multiple recent upgrades: paved front patio, front & back yard timed watering system with all new pipes and drips, new kitchen appliances, backsplash, extra plush carpet and MORE. DON'T MISS OUT ON THIS BEAUTIFUL HOME

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1748 W Stanford Avenue Gilbert, AZ 85233

$550,000

3 Beds

2 Baths

1,571 SqFt

Status Active

MLS # 6762230

Property Type Single Family Residence

Price Type --

Wow check out this gorgeous and move in ready 3 bedroom, 2 bath home in the established Gilbert golf community of El Dorado Lakes! This corner lot is almost 10,000 sqft and is in a prime location right on the golf course! So many new improvements done in 2023 including a BRAND NEW ROOF, new interior paint, and new blinds and roller shades throughout. The kitchen has also been recently updated with gorgeous quartz counters, recessed lighting, RO under sink water system as well as a partial remodel to open the kitchen up to the great room. All 3 bedrooms and closets have new LVP vinyl flooring which means no carpet! The large primary suite has a separate exit to the backyard, an attached bathroom w/a new bathroom vanity and a walk in closet. The massive backyard features a covered patio that spans the full length of the home, new landscaping and irrigation, citrus trees and a view fence to enjoy the incredible golf course!

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2405 E Alameda Drive Tempe, AZ 85282

$550,000

3 Beds

2 Baths

1,560 SqFt

Status Active

MLS # 6763280

Property Type Single Family Residence

Price Type --

This attractive home offers 3 bedrooms, 2 bathrooms, a 2-car garage, and NO HOA! The seller has made significant updates, including removing a wall to transform the sunken living room into an open floor plan with a fireplace. The kitchen features modern grey cabinets, exquisite granite countertops, a black stone backsplash, black stainless-steel refrigerator and gas stove. The secondary bathroom has been renovated with a new tiled shower and a vanity topped with granite and a glass sink. The house has an expansive covered patio stretching from the side to the back, alongside a sizeable storage shed. The spacious diving pool has been renovated with Pebble Tec and outfitted with a new variable-speed pump, along with additional blocks added to the fence for enhanced privacy. Further upgrades consist of an AC unit that is only three years old, an attic fully insulated with blown-in material for greater energy efficiency, and a garage floor coated with epoxy. The front yard is landscaped with xeriscaping for low maintenance. The pool table is included if the Buyer wishes. Conveniently located near restaurants, shopping, and freeways.

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2362 N Kachina Lane Chino Valley, AZ 86323

$550,000

3 Beds

2 Baths

1,687 SqFt

Status Active

MLS # 6764850

Property Type Single Family Residence

Price Type --

Welcome to this charming 3-bedroom, 2-bath home situated on a spacious 1.5-acre lot in beautiful Chino Valley! Imagine unwinding on the large front porch, taking in breathtaking sunsets, or enjoying your morning coffee on the expansive back deck while watching the sunrise over stunning views that stretch as far as the eye can see. The home's prime location offers a scenic view of the Mignus Mountains & tree farm. Inside, you'll find a newly updated kitchen and bathrooms, adding modern comfort and style. The living room is bright and inviting with vaulted ceilings, a cozy fireplace, and abundant natural light. Two of the guest bedrooms feature unique storage lofts, perfect for added space and character. Brand new roof updated in 2023. Just 30 minutes from Prescott and close to Watson Lake, you can easily enjoy kayaking, fishing, and hiking the beautiful granite mountains. With ample room for animals, toys, or simply enjoying the mild four seasons, this property offers a blend of space, comfort, and rural charm. Don't miss out on this exceptional opportunity!

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6504 W Behrend Drive Glendale, AZ 85308

$550,000

4 Beds

2 Baths

2,313 SqFt

Status Active

MLS # 6765381

Property Type Single Family Residence

Price Type --

Move in Ready! Spacious 4-bedroom, 2-bath home in desirable Arrowhead Subdivision. Features an open concept kitchen to great room, fresh interior paint, and a prime location in Glendale with easy access to the Loop 101. Ideal for comfortable living!

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1100 W 9th Street Tempe, AZ 85281

$550,000

3 Beds

2 Baths

1,588 SqFt

Status Active

MLS # 6766519

Property Type Single Family Residence

Price Type --

You'll love this spacious 3-bedroom, 2-bath home with a rare two-car garage, located in the heart of Tempe! It features modern updates throughout, including a beautifully upgraded kitchen with ceiling-height cabinetry, Quartz countertops, and stainless steel appliances. The primary suite offers a bonus space perfect for a home office or an extra room, plus a large Arizona room ideal for a second living area or game room. The home boasts energy-efficient windows, a brand new 2024 HVAC system, and stylish tile flooring in the main living areas. The large backyard includes a covered patio with elegant tile, a ceiling fan, and a refreshing diving pool to cool off in the Arizona heat. Whether you're looking for a primary residence or an investment property, this home is truly move-in ready! Just minutes from ASU, Whole Foods, Trader Joe's, and downtown Tempe's many amenities. Don't miss out on this one!

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640 N Nevada Way Gilbert, AZ 85233

$550,000

3 Beds

2 Baths

1,847 SqFt

Status Active

MLS # 6768547

Property Type Single Family Residence

Price Type --

Cayman Square neighborhood of Gilbert. This home has some appealing features, including owned solar 3 bedrooms and 2 bathrooms Gourmet kitchen with stainless steel appliances white washer and dryer included. Master bedroom with an exit door to the backyard, master bathroom with an expanded shower, oversized second and third bedrooms. Separate formal dining, living room and family room. Whole house anti-scale water system, a fantastic feature for protecting plumbing and appliances from hard water buildup. 3-car garage with cabinets and oversized driveway. Backyard oasis a perfect space for relaxation, featuring an extended covered patio, artificial turf a gated private PebbleTec pool, palm trees giving you that tropical feeling! Convenient location: Close to freeways entertainment, and shopping, adding to the convenience of the property. This home will bring the new owner years of happiness and enjoyment!

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1607 W Shangri La Road Phoenix, AZ 85029

$550,000

4 Beds

3 Baths

2,073 SqFt

Status Active

MLS # 6771002

Property Type Single Family Residence

Price Type --

Beautiful 4 bedroom 3 bathroom home with a detached 4 car garage. 2 dwellings attached with 2 separate entrances. Total square footage of both dwellings is 2073. Guest home is 853sqft. Guest home is 1 bedroom with 1 bathroom and its own kitchen. Main home offers large laundry room/storage room, open eat in kitchen. Main living area has vaulted ceilings. Home has both an A/C , Heat and Evaporative system. 4 car detached garage is 30x21 with a front and back garage door and extra concrete in front and rear. Garage slab was poured extra thick for a car lift. Garage does have water, power, sewer, vacuum and cooling system. Property is completely fenced in on large corner lot. No HOA with amazing mountain views and hiking trails. Single family home but zoned for multi family use. Zoned R3.

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430 Circle 8 Lane Prescott, AZ 86303

$550,000

2 Beds

2 Baths

1,573 SqFt

Status Active

MLS # 6770948

Property Type Single Family Residence

Price Type --

This wonderful home has only ever known one family and it is ready for the next! Single level home in one of Prescott's most sought-after neighborhoods. This 2 bedroom, 1.5 bath home sits between Circle 8 Lane and Aspen Drive, with the main access on Aspen. Eat-In kitchen, large living room and a family room with a stately wood-burning fireplace, and deck to enjoy the beautiful sunsets. Plenty of storage at this home with 2 secret safe areas, 2 permanent sheds / workshops, one car garage and a custom steel carport fully equipped with electricity. This home is walking distance to downtown and in close proximity to all the amenities Prescott has to offer!

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