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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2826 E Park View Lane Phoenix, AZ 85024

$538,000

3 Beds

2 Baths

1,674 SqFt

Status Active

MLS # 6675309

Property Type Single Family Residence

Price Type --

A wonderful opportunity to own a well-cared for home in the heart of North Phoenix. This home features a large living area upon entering the front door with a flex space that can be used as a formal dining room or office. The kitchen with the updated cabinets & granite counter tops as well as an island, kitchen nook & tile floors with walk in pantry adjoins a spacious family room with windows looking out to the back yard with its fruit trees and easy-care artificial turf. The Primary bedroom is very large with an amazing walk in closet, a bath with separate shower & tub , double sinks & a door that takes you to the covered patio. The other two bedrooms & guest bath complete this family friendly floor plan & the inside laundry leads you to your double car garage. Home is move in ready!

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16352 W Creedance Boulevard Surprise, AZ 85387

$537,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6574484

Property Type Single Family Residence

Price Type --

Discover this beautiful Cassandra home, ready for quick move-in. Included features: a sizable great room with multi-slide doors leading onto an extended covered patio; a gourmet kitchen with an expansive walk-in pantry, 42'' upper cabinets and quartz countertops; a quiet study with elegant double doors; a convenient powder room; two secondary bedrooms with a shared bath; and a lavish primary suite with added windows, a large walk-in closet and a private bath with marble countertops. This home also includes 6'' x 36'' tile flooring, 10' ceilings, a charming double gate, front yard landscaping, and a concrete-paver walkway and driveway. This could be your dream home!

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5532 W Thurman Drive Laveen, AZ 85339

$537,990

3 Beds

2.5 Baths

2,507 SqFt

Status Active

MLS # 6679540

Property Type Single Family Residence

Price Type --

Welcome to this stunning newly constructed single-story home offering a perfect blend of modern convenience and classic design. There's plenty of curb appeal with a modern-desert elevation. Boasting 2,507 square feet of meticulously designed living space. This home features a spacious foyer, split floor plan, and open concept with 8 foot interior doors. There are three bedrooms, two and a half bathrooms, and a den. Grey tile floors are featured throughout for stylish look and easy maintenance with plush carpet in the bedrooms. The kitchen features a large island, white quarts countertops, gas range, grey tiled backsplash and 36 inch upper white cabinets. The great room features a beautiful 4 panel sliding glass door perfect for indoor/outdoor living! The primary bedroom in the back of the home offers a spacious and private retreat. The 3-car tandem garage offers ample parking or storage. Right now, Ashton Woods is pleased to include ALL APPLIANCES in this home, making your move-in process seamless. You'll find stainless steel dishwasher, stove, and refrigerator in the kitchen, and matching washer-dryer in the well-appointed laundry room .Don't miss out on making this residence yours. Completion is on track for May 2024. Located right off the new Loop 202 and Elliot. Great location close to dining, freeways, parks, and entertainment.

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31769 N 130th Avenue Peoria, AZ 85383

$537,990

3 Beds

2 Baths

1,841 SqFt

Status Active

MLS # 6703838

Property Type Single Family Residence

Price Type --

alling all remote workers! This gorgeous Pinehurst plan features a private study at the front of the home, allowing for maximum privacy for your next zoom call. Create lasting memories in your new open-concept great room, perfect for game or movie nights, and overall entertainment. Situated on a southwest-facing homesite with a front porch, perfect for taking in the gorgeous mountain views. Your new home is located within the highly desired Vistancia masterplan community. You will enjoy access to a state-of-the-art recreation center. Featuring pavers at the driveway, walk, and entry, 8' interior doors throughout, and, granite bathroom countertops.

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16953 W Merrell Street Goodyear, AZ 85395

$537,900

3 Beds

2.5 Baths

1,825 SqFt

Status Active

MLS # 6680869

Property Type Townhouse

Price Type --

3 Years New! Gorgeous corner lot villa nestled in the 55+ PebbleCreek Community. Discover a harmonious interior showcasing a neutral tile floor, soothing color palette, stylish light fixtures, & multi-sliders merging indoor with the outdoor living. The remarkable chef's kitchen boasts wood cabinets adorned with crown moulding & pull out organizers, GE Profile Appliances, Quartz Counters, Custom Tile Backsplash, a Pantry, & a large center island for entertaining..The primary bedroom features soft carpet ,a private bathroom with dual sinks,huge walk in shower & a walk-in closet.Upgrades incl. a whole home water system,Murphy Bed w/closet in the office/den and Epoxy garage floor . Enjoy relaxing in the private backyard, offering a covered patio, & endless blue skies! The den has been upgraded with a Murphy Bed, closet, and window coverings and pocket doors / It is a very private 3rd bedroom when needed.

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4304 W Sebastian Lane San Tan Valley, AZ 85144

Open House

New

$537,680

4 Beds

3 Baths

2,344 SqFt

Status Active

MLS # 6707065

Property Type Single Family Residence

Price Type --

Desert Modern 4 bd 3 bath 2 car garage. Stainless steel appliances, tile surround at owner's suite shower. 8' doors tile throughout except bedrooms. 42'' White cabinets, quartz countertop in kitchen.

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12902 N 146th Lane Surprise, AZ 85379

$537,500

4 Beds

3 Baths

2,272 SqFt

Status Active

MLS # 6588935

Property Type Single Family Residence

Price Type --

Add this to your list of homes to see! 4 bedrooms and 3 bathrooms allows for all the space you need for your family. The home boasts many custom features that suit most every taste! Best part is that it is a Smart Home! How's that for modern? The list of upgrades is long as the homeowner chose the best of the best in flooring, cabinetry, appliances etc. when the home was built just last year! Energy Star qualified windows are a huge bonus! Not even the garage was spared, it comes with custom cabinetry itself! Low maintenance desert landscape front yard and synthetic grass in the back including a putting green to practice your swing. The community offers parks for the kids, public heated pools and spas and biking/walking paths. Clean, quiet community. The home is conveniently located near the 303 Freeway and in close proximity to dining, shopping and entertainment. Raving about the home isn't enough, you must come see for yourself!

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1802 W Isleta Avenue Mesa, AZ 85202

$537,500

3 Beds

2 Baths

1,895 SqFt

Status Active

MLS # 6681642

Property Type Single Family Residence

Price Type --

BONUS ROOM! 3 bedroom split bedroom plan with a BONUS ROOM that could be used as a 4th bedroom, office, library, you decide! Roof has 4 years remaining on the warranty, hot water tank replaced in 2023, Pool refinished with all new equipment in 2020. Close to schools, shopping and freeway access. Super East Valley location.

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22790 E Stacey Road Queen Creek, AZ 85142

$537,075

3 Beds

2 Baths

1,956 SqFt

Status Active

MLS # 6681067

Property Type Single Family Residence

Price Type --

Energy-efficient with an abundance of natural light, this home shines with 3 beds, 2 baths, enclosed study & 2 car garage. A chef's delight, this gourmet kitchen boasts designer-appointed shaker cabinets, upgraded granite countertops, oversized island, detailed tile backsplash & GE stainless appliances. The open plan allows incredible natural light in the family room with large energy-efficient windows with views to the extended covered patio - WOW! Indoor/Outdoor living at its FINEST. The Owner's Suite shines with a HUGE walk-in closet, dual sinks & incredible tiled walk-in super shower. 2X6 construction; extensive new home warranty.

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1685 Early Spring Lane Sierra Vista, AZ 85635

$536,070

4 Beds

2 Baths

2,051 SqFt

Status Active

MLS # 6638904

Property Type Single Family Residence

Price Type --

New In-Town Community! 2051 sf, 4br/2ba home with 3-car garage on an over 1/4 acre in-town lot and walking distance to stores & schools. Kitchen features Grey painted cabinets with hardware, soft-close, and 5x5 backsplash, granite countertops throughout with under cabinet lighting, pendant lights over the island. Bathrooms feature executive height cabinets, tile shower wall surrounds. Wood look tile throughout with upgraded carpet and pad in the bedrooms with 3.25'' baseboard. Primary suite has large walk-in closet and double sinks. Pre-wires and bracing for ceiling fans & wall mount tv, plumbed for soft water with fridge/freezer outlet in garage. Front yard irrigation with timer. Energy Star Certified, HERS Rated & Environments for Living Guaranteed Home.

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9350 S 179th Drive Goodyear, AZ 85338

Open House

$536,000

3 Beds

2 Baths

1,858 SqFt

Status Active

MLS # 6643300

Property Type Single Family Residence

Price Type --

BACK ON MARKET/BUYER NO LONGER QUALIFIED. This home features a COMPLETE remodel. NEW ROOF, NEW AC UNIT, NEW TILE FLOOR, NEW PLUMBING, NEW CABINETS & more.This stunning home features a spacious 3car garage in the community of Estrella Mtn Ranch. Discover a perfectly flowing layout offering wood look tile floor, soothing color palette, new plantation shutters, & charming arched doorways. The impeccable eat-in kitchen boasts gray cabinetry, speckled granite counters, stainless steel appliances, pantry, & an island equipped w/breakfast bar.The primary bedroom showcases plush carpet, a private bath with dual sinks, & walk-in closet. Enjoy entertaining in the amazing backyard including covered patio & refreshing heated pool! Backyard has four new Laurel Column trees. Gorgeous backyard.

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40371 W Michaels Drive Maricopa, AZ 85138

$535,995

5 Beds

3 Baths

3,000 SqFt

Status Active

MLS # 6695967

Property Type Single Family Residence

Price Type --

The main floor of the Yorktown was designed for entertaining, offering an expansive great room and an open dining room overlooking a covered patio and backyard. A gourmet kitchen with a large center island, built in wall microwave/oven combination, gas cooktop, and walk-in pantry awaits the inner chef. Enjoy Arizona sunsets in the morning room surrounded by windows, right off the kitchen. The 3-car garage leads to a convenient mudroom with walk-in closet, a full bath, and a bedroom perfect for overnight guests. On the second floor, there's an immense loft surrounded by three bedrooms(one includes a walk-in closet!), a shared bath, a large laundry room and an owner's suite with a deluxe bath including a separate soaking tub and shower and spacious walk-in closet.

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