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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5346 W Posse Drive
Eloy, AZ 85131
$499,000
3
Beds
3
Baths
2,139
SqFt
Status
Active
MLS #
6674842
Property Type
Single Family Residence
Price Type
--
FULLY FURNISHED! Beautiful home w/detached casita (bedroom, bath & closet) perfect for friends visiting or a hobby room. Entertainers backyard features a gas fireplace, remote sun shades on patio, beautiful water feature & built in BBQ. Low maintenance synthetic grass, extended paver patio, orange & lime trees! Paver courtyard leading to casita & main entry. 2.5 car garage has a 4 ft ext., epoxy, built in cabinets, sink & service door w/a security door. Den has built in shelving. Spacious laundry room w/lot of cabinets. Bay windows in the master & guest room. Great room has a gas fireplace & built-in shelving. Too many upgrades to list them all. This home comes fully furnished, everything stays & is move-in-ready!
4112 N 6th Avenue
Phoenix, AZ 85013
$499,000
3
Beds
2
Baths
1,215
SqFt
Status
Active
MLS #
6679324
Property Type
Single Family Residence
Price Type
--
Just steps from Phoenix's Melrose District awaits your new home. This remodeled gem boasts 3 beds, 2 baths, and a 1 car garage with easy entry. The kitchen stuns with quartz countertops and new cabinets. Gas stove enthusiasts will love the eat-in kitchen. Enjoy vinyl wood flooring and elegantly redone bathrooms. Dual pane windows flood the space with light. Outside, a covered patio offers endless entertainment possibilities. With Melrose's amenities nearby, embrace a lifestyle of culture and charm.
15 Maxfield Avenue
Bisbee, AZ 85603
$499,000
2
Beds
2.5
Baths
2,636
SqFt
Status
Active
MLS #
6680430
Property Type
Single Family Residence
Price Type
--
An exceptional 1915 structure positioned at the end of the brick road. Exterior walls are large Tufa blocks (a limestone material mined around Douglas, AZ); roof is corrugated metal; interior floors are pine and/or Douglas Fir and Oak. Windows are original, with wavy glass. Ceilings typically 10', except 12' at main bathroom; and 16' at kitchen. Upper level has generous space and light. Sitting rooms, Kitchen, Shower no Tub in Master bath, half bath in hallway, laundry and carport. Lower level was left in its original configuration and consists of a sitting room; bathroom; bedroom; and a partial undeveloped basement. All utilities - water, electrical, waste/drainage - were replaced. Exterior stairs connect upper and lower levels. A few mins walk to downtown Bisbee.
20825 W Hubbell Street
Buckeye, AZ 85396
$499,000
5
Beds
3
Baths
2,327
SqFt
Status
Active
MLS #
6681621
Property Type
Single Family Residence
Price Type
--
Better than new home in Verrado with 5bed/3 bath for under $500K. 12 X 24'' tile throughout most of the downstairs with a full bedroom and bath on the main level.Beautifully upgraded kitchen with quartz counters, herringbone tiled backsplash and stainless steel appliances w/gas range. Plantation shutters throughout the home. Large loft with four bedrooms and two baths upstairs. Enjoy all the amenities that the master planned community of Verrado has to offer with convenient access to restaurants, freeway, shopping/Costco and the new Verrado Marketplace coming next year!
1510 W Mission Drive
Chandler, AZ 85224
$499,000
3
Beds
2
Baths
1,472
SqFt
Status
Active
MLS #
6684075
Property Type
Single Family Residence
Price Type
--
Welcome to this unique Chandler home in an HOA-free neighborhood. Enjoy vaulted ceilings, natural light, and solid hardwood flooring. The master bathroom was custom built with solid Teakwood cabinets, new countertop & new shower flooring. The wood accents T/O this home are complimented by the mature Mesquite, Sweet Acacia, and Olive trees, which has a 10 x 12 treehouse built 10 feet off the ground. The laundry room offers extensive storage. Two 30 gallon Britta soft water filtration tanks. New S/S appliances throughout the home. Covered hot tub for relaxation. Breezeway garage leads to patios. Alley access with dumpsters. Amazing 2 way view fish tank between master and great room. Corner lot with views of school and park. Experience fun & unique.
4011 W Voltaire Avenue
Phoenix, AZ 85029
$499,000
4
Beds
2
Baths
2,070
SqFt
Status
Active
MLS #
6697045
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home nestled in the heart of vibrant Phoenix, Arizona! This stunning 4-bedroom, 1.75 bathroom oasis boasts a spacious 2,070 square feet of luxurious living space, meticulously designed for both comfort and style. No HOA. Step inside to discover a modern marvel featuring a blend of contemporary elegance and timeless charm. Adorned with premium upgrades throughout, including exquisite granite countertops, plank tile floors, and extra-tall cabinets, every detail exudes sophistication and quality craftsmanship. Entertain with ease in the expansive living areas, where natural light dances through the shutters, casting a warm glow upon the sleek surfaces. Unwind in the primary bedroom retreat, complete with a charming barn door and tranquil ambiance, offering a sanctuary of relaxation after a long day. Escape to your own private paradise in the backyard haven, where travertine tile and pavers lead the way to a sparkling diving pool, perfect for making a splash on sunny Arizona days. Enjoy dining under the shade of the aluminum gazebo, equipped with electricity for effortless outdoor entertaining. And with a small hand-crank awning on the west side of the patio, you can bask in the sunshine or seek shelter from the elements with ease. But the luxury doesn't stop there - this home is equipped with solar power (loan, not a lease), providing energy efficiency and cost savings for years to come. Plus, with gutters installed for added convenience, every detail has been carefully considered to enhance your living experience. Conveniently located near ASU West, shopping, dining, and more, this is more than just a home - it's a lifestyle. Don't miss your chance to make this exquisite retreat your own and experience the pinnacle of Arizona living. Welcome home!
1460 N Balboa --
Mesa, AZ 85205
$499,000
3
Beds
2
Baths
1,584
SqFt
Status
Active
MLS #
6689627
Property Type
Single Family Residence
Price Type
--
Nestled in the sought-after community of Cooper Crest, this stunning single-level residence boasts 3 bedrooms, 2 bathrooms, and a 2-car garage. A pinnacle of modern living, this Energy Star-certified home exudes elegance with its premium North/South facing lot, ensuring privacy without rear neighbors. Step inside to discover 9-foot ceilings that elevate the sense of space. The house features tile flooring throughout, adding a touch of luxury and easy maintenance. The kitchen is a chef's delight, with upgraded cabinets, granite countertops, a gas stovetop, and a sprawling island. Adorned with a tiled backsplash and undermount sink, every detail speaks of quality craftsmanship. The primary bedroom with an ensuite bath has dual sinks, a walk-in shower with cultured marble surround, plus a walk-in closet with plenty of room for all your clothes. The two guest bedrooms each feature walk-in closets and share a spacious bathroom. French doors lead to an extended covered patio with a gas BBQ stub, perfect for outdoor entertaining. Enjoy community amenities such as a pool, soccer field, and playground. Conveniently located near shops, restaurants, and top-rated schools, with easy access to Loop 202 and US-60. Don't miss out on this opportunity to own a stunning home with a split floor plan!
24451 E Karens Way
Florence, AZ 85132
$499,000
4
Beds
2
Baths
1,685
SqFt
Status
Active
MLS #
6687675
Property Type
Single Family Residence
Price Type
--
Welcome to this revonated home sitting on 1.28 acres! The property is fully fenced-in, surrounded by a beautiful lush landscape including 54 fruit trees! Entering the home you will be welcomed by a spacious floorplan with vaulted ceilings. Additional upgrades to the home include all new paint, new kitchen cabinets, sink, new faucets, and new granite countertops. Both full bathrooms have double vanities, new shower heads, and faucets. New beautiful floor tile throughout the house. 5 new windows (south side of the house) by Andersen Renewal. Enjoy coffee on the front porch in the mornings and entertain your guests in the evening by the firepit! Plenty of Storage and workshop space! This property has a 9ft by 9ft metal shed, an 8ft by 8ft barn, and a detachable metal garage built by Absolute Steel. 24ft wide by 35ft long by 15.5ft high. and offers a 12ft by 12ft roll-up door, pedestrian door, and 2 windows insulated, with electricity 110/220. An irrigation system is in place to water the garden. The attached garage has an AC split unit and is fully finished with 2 windows. and can be easily converted to additional living space adding approximately 400 sqft.
13351 W Rowel Road
Peoria, AZ 85383
$499,000
3
Beds
2
Baths
1,567
SqFt
Status
Active
MLS #
6697175
Property Type
Single Family Residence
Price Type
--
Prime location! Nestled within the beautiful Rancho Cabrillo subdivision with its expansive views, you will enjoy the privacy afforded by the open green space to the left of your home. This home offers an open concept layout with beautiful plank tile flooring throughout. The kitchen is ideal for entertainers with designer cabinets, quartz countertops, a spacious island, and stainless steel appliances. The natural light streaming in through the sliding glass doors will create a warm and inviting atmosphere, especially in the main living area. The owner's retreat is a luxurious sanctuary with a beautiful en suite featuring dual vanities and a subway tiled walk-in shower. A split bedroom floor plan allows for privacy when guests are visiting or use this space for your private office away from the noise. The inclusion of a garage wired for EV cars, ample storage space, and an RV gate are both practical and convenient features. Come check out this newer built home without the wait time.
16734 E La Montana Drive
Fountain Hills, AZ 85268
$499,000
2
Beds
2
Baths
1,452
SqFt
Status
Active
MLS #
6692422
Property Type
Apartment
Price Type
--
Updated ground floor condo overlooking the pool and garden area for year round relaxing and entertaining. Enter into the open floorplan with living, kitchen, breakfast island and dining area. Offering split bedrooms and baths for more privacy plus a den/office/bonus room. Walking distance to Fountain, shopping, post office and restaurants. Private garage and storage room. Lovely small community with Community heated pool and spa and low monthly fees. Community exercize room, gazebo and BBQ grill. Furnishings available on separate Bill of Sale.
2411 E Delgado Street
Phoenix, AZ 85032
$499,000
4
Beds
2
Baths
1,642
SqFt
Status
Active
MLS #
6691478
Property Type
Single Family Residence
Price Type
--
Single story fully remodeled home with 4 bedrooms and 2 full baths. No HOA. New Flooring throughout home, new electrical panel box, new roof, new energy efficient windows and many more. Home has new appliances (Stove, Microwave, Fridge, Dishwasher, Washer and Dryer) with a 5 Year Warranty repair/replace that will transfer over. Become the proud new owner of this beautiful residence in a very quiet North Phoenix area! Experience a good night's sleep in the primary bedroom, offering direct outdoor access and a walk-in closet for convenience. The private backyard, which includes a storage shed. This amazing home is ready for you to move in and enjoy!
204 S Thunder Mountain Mountain
Payson, AZ 85541
$499,000
3
Beds
2
Baths
1,378
SqFt
Status
Active
MLS #
6690579
Property Type
Single Family Residence
Price Type
--
Looking for serene mountain living? Welcome to this exquisite 3-bedroom, 2-bathroom home offering the perfect blend of comfort and luxury amidst Payson's stunning natural beauty. This newly constructed home features an open floor plan with vaulted ceilings, ideal for entertaining. The charming corner kitchen boasts new stainless-steel appliances and granite countertops. Easy-to-maintain vinyl flooring graces the main living areas, while plush, low-pile luxury carpeting adds warmth to the bedrooms. The bathrooms are adorned with elegant tile flooring. The expansive owner's suite includes an ensuite bathroom with a double vanity and an oversized walk-in glass surround shower. Relax on the covered back patio, perfect for observing wildlife or enjoying the summer monsoons. Located just an hour and a half north of Scottsdale, this home offers easy access to hiking trails, kayaking, and the fresh mountain air. Experience the tranquility of mountain living in this remarkable home.
