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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14035 N Burning Tree Place Phoenix, AZ 85022

$499,900

3 Beds

2 Baths

1,765 SqFt

Status Active

MLS # 6698881

Property Type Single Family Residence

Price Type --

Beautiful home in the highly sought after Moon Valley Community!! Home has lots of beautiful updates while still maintaining the unique character within. You will love spending time in the front courtyard with the serene water fountain and relaxing porch swing as well as the backyard oasis with a built in grill and bar while watching the game on the outdoor TV. Don't miss out on this great opportunity to own a beautiful home in Moon Valley.

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28712 N 132nd Lane Peoria, AZ 85383

$499,900

3 Beds

2 Baths

1,567 SqFt

Status Active

MLS # 6699110

Property Type Single Family Residence

Price Type --

Beautiful home in Sonoran Place. this 3 bedrooms, 2 bathroom home has so much to offer. Kitchen has white shaker cabinets, upgraded quartz countertops, tiled backsplash, kitchen island, stainless steel appliances with gas. Primary bathroom with separate shower/toliet, dual sinks, walk-in closet, upgraded wood tile throughout, carpet in bedrooms. 4-panel sliding glass dorr take out to a relaxing cover patio/backyard. Solar is ownered. Home is ''Energy Star. Great home for family or investors. Must see to beleive.

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10508 E Nichols Avenue Mesa, AZ 85209

$499,900

3 Beds

2 Baths

1,704 SqFt

Status Active

MLS # 6700453

Property Type Single Family Residence

Price Type --

Situated on a N/S Corner Lot within the ''New Old-Home Neighborhood'' of Mulberry. Featuring nice curb appeal with Front Porch and pavered driveway, a split great room floor plan with lots of tile, 2'' Blinds, Lots of Crown Molding, the beautiful kitchen features a huge island/breakfast bar, granite counters with Subway Tile backsplash, Lots of Cabinets w/hardware with crown molding, Stainless Steel Appliances incl Gas Range, Plumbed for gas dryer in laundry room, Large Owners Suite with Crown Molding, Walk-In Closets in Owners Suite & 1 Secondary Bedroom, Covered Patio Overlooking Nicely Landscaped w/synthetic grass area, Separate Awning w/Sitting Area. Plumbed for Sink in Garage. Mulberry is a master-planned community that EVERYONE falls in love with. It's almost like an enchanted land. ...magically reminiscent of the early 1900s when homes sprung up to create quaint neighborhoods. Our community features two beautiful main entrances with lush landscaping. Tree-lined boulevards lead to centrally located Mulberry Park, no more than a short walk from anywhere in the neighborhood. But the neighborhood beauty isn't all we have! Our amenities include sport courts, playgrounds, two pools, fitness, multipurpose room, a huge event lawn, and a Lifestyle program. Adjacent to the community, Desert Ridge Junior and High Schools, as well as two elementary schools, are all part of the top-rated Gilbert School District. The 202 Santan and US 60 Superstition Freeways are each within approximately 1.8 miles of Mulberry. Mesa's tech corridor, expected to provide thousands of job opportunities, lies just one mile south. Also, within a mile, you'll find major shopping, dining, and entertainment.

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16222 N 1st Drive Phoenix, AZ 85023

$499,900

3 Beds

2 Baths

1,523 SqFt

Status Active

MLS # 6699675

Property Type Single Family Residence

Price Type --

Welcome to your oasis nestled in the heart of Phoenix! This charming residence boasts a gardener's dream backyard, where lush greenery and vibrant blooms paint a picturesque landscape. The outdoor space features meticulously maintained gardens, offering ample space for both relaxation and cultivation. Whether you're an avid gardener seeking a tranquil retreat or simply enjoy alfresco dining amidst a verdant backdrop, this backyard sanctuary is sure to delight. Drip system upgraded front & back in 2024. Step inside to discover a thoughtfully designed interior, blending modern comforts with timeless elegance. The spacious living areas offer versatility and style, while the gourmet kitchen invites culinary creativity with its premium appliances, granite counter & ample storage... Retreat to the luxurious master suite, where peace & comfort await. Unwind in the spa-like ensuite bath, complete with spacious walk-in tiled shower, dual sinks and walk-in closet. NEW A/C, Upgraded Insulation & Water Heater in 2022. Well-maintained & sparkling clean...ready for move-in!

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6855 W Darrel Road Laveen, AZ 85339

$499,900

4 Beds

2.5 Baths

2,598 SqFt

Status Active

MLS # 6700576

Property Type Single Family Residence

Price Type --

Welcome to your dream home! This spacious 4-bed, 2.5-bath residence boasts a comfortable loft and a fresh, vibrant interior and exterior paint. Step into the newly renovated kitchen featuring sleek quartz countertops. Upstairs, enjoy the plush comfort of new carpets in all bedrooms and the versatile loft space. The main areas dazzle with luxury vinyl plank flooring, offering durability and style. Outside, the inviting pool has been resurfaced with Pebble Tec, perfect for relaxation and entertaining. Plus, the community offers a host of amenities, including a park with a splash pad, basketball courts, sand volleyball, and more. Don't miss out on this perfect blend of comfort and luxury!

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4158 N 298th Lane Buckeye, AZ 85396

New

$499,900

5 Beds

4 Baths

4,021 SqFt

Status Active

MLS # 6702533

Property Type Single Family Residence

Price Type --

Great opportunity to own in the growing area of Tartesso in Buckeye. Don't miss out on the chance to own a move in ready 5 bedroom, 4 bathroom home, on a premium oversized lot that has no neighbors to 1 side or behind. Just steps to all of the community amenities, this house checks all of the boxes. Formal living and dining, open concept family room and kitchen with tons of cabinet space, loft, spacious Primary Suite with huge bathroom and walk in closet. Enjoy the serenity of your backyard oasis. Don't miss the chance in this growing community.

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12211 N Fountain Hills Boulevard Fountain Hills, AZ 85268

$499,900

3 Beds

2 Baths

1,596 SqFt

Status Active

MLS # 6700723

Property Type Twin Home

Price Type --

Welcome to this meticulously crafted custom home nestled in a serene neighborhood boasting mesmerizing mountain vistas and, best of all, no HOA restrictions! Step into luxury through the iron front entry door, complemented by iron scroll window guards, and be greeted by a stunning large tile floor medallion, setting the tone for a Tuscany-inspired experience. Premium engineered REAL wood floors grace the main living areas, paired with a wood-iron banister staircase railing for a touch of elegance. The kitchen is a culinary delight, featuring abundant high-end cabinetry, custom cabinets, and chiseled Italian granite countertops, all accented by skillfully crafted crown molding. Upgrade your lifestyle with 6200 series windows from Home Depot, enhancing energy efficiency and aesthetics throughout. Both bathrooms have undergone stylish facelifts, while brand new neutral carpet and pad add comfort to all three bedrooms. Enjoy the natural light flooding in through newer Anderson windows and double sliding patio doors, augmented by three skylights in the tall ceilings, creating a soothing ambiance. Step outside to the newer balcony, offering panoramic views that are sure to impress. The backyard oasis beckons with custom iron doors leading to a luxurious custom pool and premium stone decking, perfect for relaxation or entertaining. Unwind with a nightly swim right outside the owner's suite, where comfort meets luxury. Nestled on a quiet street, this home offers the perfect blend of elegance, comfort, and tranquility.

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3711 N 9th Place Phoenix, AZ 85014

New

$499,900

4 Beds

3 Baths

1,454 SqFt

Status Active

MLS # 6702596

Property Type Single Family Residence

Price Type --

Historic meets contemporary in this charming home built in 1925! Boasting a spacious open concept floorplan that offers 4 bedrooms, 3 full baths which includes an En-Suite! The spacious living room invites you to unwind, while the adjoining dining room sets the stage for memorable gatherings with family and friends. The kitchen has been tastefully updated with modern conveniences that include white cabinets, granite countertops and white appliances. Fresh interior paint throughout, large laundry room, great backyard for entertaining, new AC and newer roof! Located in a desirable trendy neighborhood rich in history and community spirit, residents enjoy easy access to local parks, shops, and cafes, as well as convenient proximity to downtown amenities... If you are simply seeking a home with character and charm, this enchanting residence offers a rare opportunity to own a piece of history while enjoying the comforts of modern living. Don't miss your chance to make this timeless treasure your own!

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10403 N 54th Drive Glendale, AZ 85302

New

$499,900

5 Beds

3.5 Baths

2,953 SqFt

Status Active

MLS # 6701164

Property Type Single Family Residence

Price Type --

Welcome home, where spaciousness meets potential! Nestled on a nearly 1/4 acre corner lot, this 5 bedroom, 3 1/2 bath home with an RV gate and no HOA offers a canvas of possibilities waiting for your personal touch. As you step inside, you're greeted by the charm of flexible living spaces, perfect for accommodating various lifestyles and needs. The first floor boasts two bedrooms, providing convenience and accessibility for guests or family members seeking single-level living. Venture outside to discover a covered patio and resurfaced pool that are perfect for entertaining or enjoying a quiet, relaxing day. Conveniently located near shopping & dining amenities, this property offers the perfect blend of tranquility and convenience! Don't miss your chance to make this versatile home yours!

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855 N Lesueur -- Mesa, AZ 85203

$499,900

3 Beds

2 Baths

1,876 SqFt

Status Active

MLS # 6702012

Property Type Single Family Residence

Price Type --

Come and see this Beautifully remodeled 3 Bed / 2 Bath home with a pool in Mesa. Located in the Ellsworth Heights neighborhood you are just minutes away of all the new development that Downtown Mesa has to offer. Home is move in ready. NO HOA!! Brand new exterior paint and updated landscaping with freshly laid artificial turf gives the home great curb appeal with low maintenance. Thought the front door you are greeted by all new luxury vinyl plank flooring in the main living areas and plush carpeting in the bedrooms. This open floor plan flows seamlessly from the front living room to the brand new kitchen that boasts new white shaker cabinets, GORGEOUS white quartz countertops and brand new stainless appliances. Just to the right of the front living room is another large family room perfect for a cozy gathering area with a big TV and a sectional. All three bedrooms and both bathrooms are down the hallway. Master bedroom is ensuite and it features a brand new walk-in tiled shower, dual vanity sink and dual closets. New fans, door hardware and lighting gives the home a modern feel. Brand new window coverings throughout. Plenty of room to entertain outback with a large covered patio, sparkling pool and large grass area. Don't miss out on this gem!!

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806 N Almond Circle Mesa, AZ 85213

New

$499,900

3 Beds

2 Baths

1,567 SqFt

Status Active

MLS # 6704053

Property Type Single Family Residence

Price Type --

Tastefully Updated Cul-De-Sac Lot AND Corner Lot Home Located in Non HOA Community! 3 Bedroom, 2 Bathroom, Sparkling Diving Pool, Quartz Countertops, Open Air Garage, Close to Schools and Shopping.

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11872 W Alvarado Road Avondale, AZ 85392

$499,900

4 Beds

2.5 Baths

2,449 SqFt

Status Active

MLS # 6508458

Property Type Single Family Residence

Price Type --

Welcome home sweet home, ready to move in highly desirable neighborhood. Plantation shutters throughout downstairs, gorgeous large open kitchen with granite counter tops, upgraded kitchen appliances with French glass doors den downstairs. Covered patio, RV gate. Extended walk in master shower everything you need is here in this house. Close to freeways, Westgate, State Farm Stadium,Spring Training, Restaurants, shopping, all just few minutes away. Home faces a quiet community park. Owner agent. Buyer to verify all facts and figures. Home is also avail for short term please inquire.

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