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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5512 W Olney Avenue Laveen, AZ 85339

New

$499,990

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6703313

Property Type Single Family Residence

Price Type --

''Welcome to your dream home! Nestled on a spacious corner homesite, this charming single-story residence boasts comfort, style, and modern convenience at every turn. With 2,100 square feet of living space, this meticulously designed home offers ample room for relaxation and entertaining. As you approach, you'll be captivated by the inviting farmhouse exterior and charming front porch. The paver driveway leads you to a three-car garage, providing ample space for vehicles and storage. Step inside and be greeted by an abundance of natural light that illuminates the open-concept floor plan. The heart of the home is the expansive living area, featuring a stunning four-panel sliding door that seamlessly connects the indoor and outdoor spaces. Imagine hosting gatherings with loved ones or simply enjoying tranquil moments on the covered patio. The kitchen is sure to delight the chef in the family, with tall 42-inch cabinets, sleek hardware, and a beautiful backsplash that adds a touch of elegance. The white quartz countertops provide ample workspace, while the large island offers additional seating for casual meals or homework sessions. Equipped with top-of-the-line stainless steel appliances, including a gas range and built-in microwave, this kitchen is as functional as it is stylish. Adjacent to the kitchen, you'll find a versatile den, ideal for a home office, study, or playroom. Three spacious bedrooms offer comfort and privacy for family and guests, each featuring plush carpeting and ample closet space. The primary suite is a true retreat, boasting a luxurious ensuite bathroom with dual square sinks, upgraded fixtures, and a separate walk-in shower. Throughout the home, you'll appreciate the modern aesthetic of 12 by 24 plank tile flooring, offering durability and easy maintenance. Except for the bedrooms and den, this stylish flooring extends seamlessly throughout the living spaces, creating a cohesive and welcoming atmosphere.

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2875 W Shanley Avenue Apache Junction, AZ 85120

New

$499,990

4 Beds

2 Baths

2,051 SqFt

Status Active

MLS # 6704077

Property Type Single Family Residence

Price Type --

Welcome to Radiance at Superstition Vistas, a brand new master planned community located on the border where Mesa meets Apache Junction. This is a rare opportunity for optimal living - to have the convenience of city living while enjoying the breathtaking Superstition mountains! Small town feel meets modern amenities at its best! The KINGSTON-2051 sq ft, 4 bed/2 bath adorable, energy efficient single level home in which you will find tile in all common areas, 9 foot ceilings and on trend extra bright white walls. The kitchen has gorgeous maple cabinets, granite countertops & large island. Located close to the 24, 60 & 202.

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32204 N Sonny Jim Road San Tan Valley, AZ 85140

$499,990

4 Beds

3.5 Baths

3,020 SqFt

Status Active

MLS # 6679026

Property Type Single Family Residence

Price Type --

New Construction!! Nestled perfectly in the sought after city of San Tan Valley. Adorable 2-story home with 4 bedrooms, 3.5 bathrooms, large den and a loft, with a 3 car tandem car garage. Ashton Woods offers a spacious owner's suite, stainless steel appliances, granite kitchen countertops and classic white shaker style cabinets makes this a place to call home. Conveniently located off of Combs Rd and Schnepf Rd. As with all of our homes, this one is also constructed as ''Energy Star'' for remarkable comfort, energy efficiency and environmental sustainability!

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5622 W Thurman Drive Laveen, AZ 85339

$499,990

4 Beds

3 Baths

2,124 SqFt

Status Active

MLS # 6690313

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 in Laveen's beautiful Estrella Crossing Community featuring mountain views, miles of walking paths, open green spaces and parks! . There's plenty of curb appeal with a modern-desert exterior finish complete with a welcoming front porch and front yard landscaping. The interior boast 2124 square feet of meticulously designed living space including 4 bedrooms, 3 bathrooms and a den just off the second bedroom and bathroom which is designed perfectly to be used for a guest retreat, work from home space or private in-law or teen sweet. This home presents the Harmony pallet interior design finishes with open concept living through out the kitchen, dining and great rooms and features 8 foot doors through out giving it a feeling of grandior. The kitchen boasts a large island, quartz countertop and stainless steel appliances with a gas range accented with a signature Harmony backsplash and black cabinet pulls. The primary bedroom with on suite bath is situated at the back of the home offering quiet and privacy and has a window view of the backyard area. The 4-car tandem garage offers ample parking or storage and includes a garage door opener for your convenience. Right now, Ashton Woods is pleased to include ALL APPLIANCES in this home, making your move-in process seamless. You will 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. Located right off the new Loop 202 and Elliot. Great location close to dining, freeways, parks, and entertainment.

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32166 N Buckaroo Road San Tan Valley, AZ 85140

$499,990

3 Beds

2.5 Baths

2,507 SqFt

Status Active

MLS # 6693627

Property Type Single Family Residence

Price Type --

Introducing Topaz floor plan. This single-story haven boasts a perfect fusion of modern charm and functional design. This home spans a comfortable and efficient layout across 2507 square feet.Nestled in the city of San Tan Valley, the exterior exudes curb appeal with its spanish facade and desert landscaped front yard. Step through the front door into a welcoming foyer, where the seamless flow of the open-concept design invites you further into the heart of the home, showcasing the 8' doors.The heart of the home, the kitchen, is adorned with quartz countertops, stainless steel appliances, separate dining and a convenient center island.The owner suite includes a well-appointed bathroom, and ample closet space. Two additional bedrooms provide comfort and convenience for family members or or guests. The den, a versatile space serves as the perfect home office, library, or cozy retreat for relaxation. 4 panel sliding glass doors open to the backyard where outdoor living comes to life. Whether hosting barbecues, gardening, or simply enjoying a quiet evening under the stars, the backyard offers a private escape. Embrace the ease of single-story living in this thoughtfully designed residence, where every detail has been carefully considered for the ultimate in modern lifestyle.

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17672 W Encinas Lane Goodyear, AZ 85338

$499,990

4 Beds

3 Baths

2,309 SqFt

Status Active

MLS # 6698007

Property Type Single Family Residence

Price Type --

''Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender.'' The Cantania floor plan includes 4 bedrooms, 3 bathrooms, a den, a luxurious super shower in the owner's suite, a water softener loop, and an 8-foot garage door for extra height. The home also offers a chef-style kitchen with quartz countertops, gas stubs in both the kitchen and the backyard, and window blinds throughout.

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15912 W Bronco Trail Surprise, AZ 85387

New

$499,990

4 Beds

3 Baths

2,434 SqFt

Status Active

MLS # 6703902

Property Type Single Family Residence

Price Type --

Congratulation on finding this wonderful quick close home with such awesome upgrades, the quartz countertops and upgraded backsplash will add a touch of elegance to your kitchen but also provide durability, the oversized glass door in the great room will bring in natural light! Gas connections for your range, BBQ, and dryer provides more efficient dryer, and cooking and grilling, so with a combination of modern electrical features and carefully chosen window coverings, you can enjoy a sophisticated and energy-efficient living space right from the moment you move in. A tankless water heater is a great choice for your home as it provides hot water on demand eliminating the need for a storage tank the home is Energy Star Certified to save you money and Smart home modern!

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3610 E Peralta Canyon Lane San Tan Valley, AZ 85140

$499,990

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6688521

Property Type Single Family Residence

Price Type --

Up to 3% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6688521 Ready Now! Model home sale! The Edmonton at the new Combs Ranch Discovery community is a thoughtfully designed single story home offering 4 bedrooms, spacious owner's suite, and outdoor living space. Just off the foyer is the dining room that opens to the beautifully upgraded kitchen. There is plenty room to entertain or relax in the gathering room that overlooks the outdoor living. Design upgrades include: paver front porch, fully landscaped backyard, custom built in, curtains, GE top load white washer and dryer, Ge profile refrigerator, insulated garage, soft water loop and outdoor gas stub. Design upgrades include: paver front porch, fully landscaped backyard, custom built in, curtains, GE top load white washer and dryer, Ge profile refrigerator, insulated garage, soft water loop and outdoor gas stub.

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42806 N Hudson Trail Anthem, AZ 85086

$499,990

4 Beds

2 Baths

1,827 SqFt

Status Active

MLS # 6684033

Property Type Single Family Residence

Price Type --

Private corner homesite, adjacent to common area on two sides, with only one single story neighbor next door! Highly upgraded Holiday model home includes stone flooring, upgraded tall white baseboards, granite countertops, tile backsplash, white cabinets, stainless appliances. Kitchen island and a pantry. New modern light fixtures, tons of natural light, and new carpet in the bedrooms. Main bedroom has a full bathroom with dual sinks & a walk-in closet. Oversized professionally designed backyard to watch the awesome Anthem sunsets. Extensive use of pavers and a natural gas fire pit. This home is immaculate!

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40900 W Agave Road Maricopa, AZ 85138

$499,990

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6527806

Property Type Single Family Residence

Price Type --

READY FOR MOVE-IN!!! It's our popular Belice floor plan. - 3 bedrooms + flex space, 2 baths and a 3 car tandem garage. Multi Slide door off the great room that leads to the extended covered patio. Walk in shower at owner's bath. Stainless steel gas appliance package with microwave. Wentworth painted white cabinets with 42'' uppers in kitchen. AZT Calcatta Capella quartz countertops in kitchen and owner's bath. 2x5 DT Marble Attache Matte back splash in kitchen. 8' tall interior doors. Upgrade flooring includes level 9 carpet ''Urban'' in bedrooms and owner's closet. MZ Norwood 6x24 Norwood Oak tile in remaining areas of the home. Garage door and a 8' tall garage door for those high profile vehicles and much more.

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30820 N 229th Avenue Wittmann, AZ 85361

$499,990

3 Beds

2 Baths

2,200 SqFt

Status Active

MLS # 6690723

Property Type Manufactured Home

Price Type --

Need your space to stretch out a little? This is the one for you! Come see this 3 bed, 2 bath, 2200 sq ft home situated on nearly 5 acres! PLUS a 1200 sq ft garage/workshop to store all your toys. The entire property is fenced and flat. Much of the home is updated including newer vinyl flooring, granite countertops, newer appliances and the AC is just 6 years old.

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3636 S 97th Avenue Tolleson, AZ 85353

$499,990

5 Beds

3 Baths

2,688 SqFt

Status Active

MLS # 6694608

Property Type Single Family Residence

Price Type --

Beautiful Brand New Home in a Highly Desirable West valley location. Features countless upgrades such as 9' ceilings, Shaw 17x17 Tile, Granite countertops in the kitchen. Whirlpool Stainless steel appliances. White shaker cabinets with Stainless Steel Pulls. Energy-efficient features throughout, WIFI & programmable thermostat. Spacious walk-in closet in the primary suite. Front yard landscaping, covered patio in the backyard. Spectacular Mountain Views! The community features a greenbelt, a premium neighborhood park with playground. Conveniently located near the new 202 freeway, schools, shopping and dining, and Estrella Mountain Regional Park.

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