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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1925 W Indianola Avenue Phoenix, AZ 85015

$467,900

3 Beds

2 Baths

1,500 SqFt

Status Active

MLS # 6689011

Property Type Single Family Residence

Price Type --

Pride of ownership...the ENVY OF THE NEIGHBORHOOD! NO HOA. Near light rail. This block home has ~$69K in UPGRADES inside & out. OVER 10,600SF lot. Paradise landscape in front & back. Backyard had feel of resort living w/ RV gate, lots of room to add a guest house/a giant pool/a garage. Basketball pad installed. Auto sprinklers & drip lines. Granite countertops in kitchen. Stainless steel appliances, W/D INCLUDED. Counter depth fridge has a built in look. All hardwood custom cabinets, large pantry. Slate floors in all main rooms, long tiles in bedrooms. 2ND BA has glass mosaic tile floor & Italian porcelain surround. Main bath has tile surround & marble tops. ALL low-E windows. Canned lights. Large dining area behind the kitchen and water feature in the LR. NEWER exterior paint. HURRY.

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7819 N 79th Drive Glendale, AZ 85303

$467,376

4 Beds

2 Baths

1,682 SqFt

Status Active

MLS # 6701697

Property Type Single Family Residence

Price Type --

Check out this Modern Spanish single story 4-bedroom home that is conveniently located in desirable Glendale! Minutes to shops, restaurants, entertainment and the 101 Hwy! This Godavari plan offers our curated LOFT LOOK with Light stained Shaker 42' cabinets, quartz countertops, brushed nickel cabinet hardware, beautiful upgraded Light grey faux wood 6x24 tile and lush carpet in bedrooms. ^^^Up to 5% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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17410 W Fulton Street Goodyear, AZ 85338

$467,120

3 Beds

2.5 Baths

1,939 SqFt

Status Active

MLS # 6696778

Property Type Single Family Residence

Price Type --

Welcome to El Cidro, where luxury living meets vibrant outdoor spaces. Our home features a spacious three-car garage, ideal for storage and convenience. Inside, discover a deluxe gourmet kitchen and a laundry room with ample storage. Offering spacious backyards and a wonderful community park with picnic tables, a basketball court, and two playgrounds. Gather with neighbors for picnics, games, and leisurely strolls along scenic pathways. Experience the perfect blend of modern comforts and natural beauty in our welcoming community. Welcome home.

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15820 W Windsor Avenue Goodyear, AZ 85395

New

$467,000

2 Beds

2 Baths

1,706 SqFt

Status Active

MLS # 6704361

Property Type Single Family Residence

Price Type --

Now here's a nice one. Excellent curb appeal. Situated on a common area lot and a low traveled street this wonderful home features 2 bedrooms, 2 baths, office, and open concept living, and is available for immediate occupancy. Kitchen is updated with white cabinets, updated appliances, and granite counters. Interior is painted in a nice neutral color. This one was appraised and priced at appraisal. Appraisal and home inspection in Doc section of MLS. This one is absolutely worth the money.

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6219 S Vista Point Drive Gold Canyon, AZ 85118

$467,000

3 Beds

2.5 Baths

1,763 SqFt

Status Active

MLS # 6627830

Property Type Single Family Residence

Price Type --

SPECTACULAR SUPERSTITION MOUNTAIN VIEWS to enjoy from the UPDATED & TRANQUIL BACKYARD that has pavers, retractable awning, MISTING SYSTEM, Pergola w/ceiling fan, built-in GAS BBQ GRILL with GRANITE counter top.! Perfect for entertaining or just relaxing and taking in the BREATHTAKING SUNSETS! Inside you will find a BEAUTIFUL UPDATED KITCHEN with GRANITE COUNTERS, breakfast bar, STAINLESS STEEL APPLIANCES & Pantry which overlooks the dining area. TOP OF THE LINE GE front load WASHER & DRYER, ALL NEW TOILETS, NEW WATER HEATER, NEWER HVAC, NEW VINYL WOOD LOOK FLOORING on steps and in the 3 upstairs bedrooms. Master has full bath & double sinks. Downstairs has tile floors & SPACIOUS GREAT ROOM! Extra storage under the steps. Located just steps away from the HEATED COMMUNITY POOL & SPA!! This is a GATED COMMUNITY located across from the popular GOLD CANYON GOLF COURSE which offers TWO 18 hole CHAMPIONSHIP GOLF COURSES, the SIDEWINDER AND DINOSAUR!!

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9430 W Minnezona Avenue Phoenix, AZ 85037

$467,000

3 Beds

2 Baths

1,924 SqFt

Status Active

MLS # 6683540

Property Type Single Family Residence

Price Type --

Charming 3-bedroom home with a spacious great room and stunning mountain views, with the added privacy of no neighbors in front of the home. Nestled within a gated community offering park amenities, children's playgrounds, and scenic walking trails, this residence is designed for both comfort and convenience. Just outside the gated community you will find Westgate Entertainment District, which includes shopping, dining, sports and music. Want to stay inside? No problem, the chef's kitchen is a culinary delight, featuring stainless steel appliances, a gas stove, subway tile backsplash, white quartz countertops, and ample cabinetry with sleek handles, centered around a large island perfect for entertaining. Enjoy the seamless flow of large tile flooring throughout the living spaces. With a split floorplan and open layout, including a large slider leading to the back yard. This home offers versatility and elegance, enhanced by modern amenities such as a soft water loop, tankless water heater, and contemporary square sinks in the bathrooms with marble countertops and white cabinets. Additional highlights include a low-maintenance backyard with pavers, a covered patio for outdoor relaxation along with a very low-maintenance backyard. This home also features can lights throughout, a Ring doorbell for added security, and fresh interior paint for a polished finish. Experience the epitome of modern living in this meticulously crafted residence, where every detail is thoughtfully designed to elevate your lifestyle and create a sanctuary you'll be proud to call home.

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11017 W Hadley Street Avondale, AZ 85323

New

$466,995

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6704838

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate floorplan, ready for quick move-in on a homesite boasting front yard landscaping, a stone covered patio, and driveway/walkway/patio pavers. Included features: an inviting covered entry; an eat in dining room, a well-appointed kitchen offering 42'' white shaker cabinets with satin nickel hardware, quartz countertops, 3x6 subway tile backsplash, stainless-steel appliances, a center island with pendant light pre-wire, and a spacious walk-in pantry; an expansive great room; a lavish primary suite showcasing a generous walk-in closet and a private deluxe owner's bath with separate tub and shower, and dual sinks with cultured marble countertops; a convenient central laundry; a guest bedroom featuring en-suite bathroom, a covered patio, and a 2-car garage with 8' door and belt drove opener. Find other desirable finishes, like 7x22 tile in the main living areas, two tone paint, a convenient soft water loop in the garage, tankless gas hot water heater, and a gas stub at the patio. This home also offers additional windows in the great room and owner's bedroom, as well as ceiling fan prewire in all bedrooms, great room, and patio.

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19139 W San Miguel Avenue Litchfield Park, AZ 85340

Open House

$466,990

4 Beds

2.5 Baths

1,943 SqFt

Status Active

MLS # 6673444

Property Type Single Family Residence

Price Type --

Surrounded by the White Tank Mountains and featuring a front porch perfect for taking in the breathtaking views. An open-concept kitchen includes ample countertop space, a center island, and an expansive walk-in pantry. The true heart of the home is the open-concept great room, amazing for your next movie or game night. Granite kitchen countertops, a powder room addition, soft water loop with drain, upgraded interior doors, and a tile kitchen backsplash are just some of the additional highlights. Located within the IronWing masterplan offers breathtaking mountain views and top-notch amenities. Our homeowners enjoy walking trails, a community park and a BBQ gathering area.

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19617 W Cambridge Avenue Buckeye, AZ 85396

$466,638

4 Beds

3 Baths

2,070 SqFt

Status Active

MLS # 6675995

Property Type Single Family Residence

Price Type --

Discover this ranch-style Agate home, ready for quick move-in! Included features: a covered entry; a large flex room; a corner kitchen boasting an alternate layout, 42'' cabinets, stainless-steel appliances, an island and an adjacent dining room; an inspired great room; a serene primary suite showcasing a sizable walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms; a full shared bath and a charming covered patio. This home also offers 7'' x 22'' stone tile flooring, cultured marble bath countertops, ceiling fan prewiring and additional windows in select rooms, coach lights, front yard landscaping and concrete pavers at the driveway and walkway.

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17764 W Superior Avenue Goodyear, AZ 85338

New

$465,990

3 Beds

2 Baths

1,971 SqFt

Status Active

MLS # 6704555

Property Type Single Family Residence

Price Type --

QUICK MOVE IN****Beautifully designed single story home with 3-bedrooms, 2 bathrooms and a study. Open floorplan with plenty of light. Home is on an over-sized lot that backs to common ground with an extended patio and gas stub to enjoy the sunsets. Spacious kitchen with granite countertops, undermount sink, stainless steel appliance with gas range. Granite countertops included in secondary bathrooms with undermount sinks. Home has 8' interior doors and upgraded interior package throughout, including tile, carpet, cabinets, plumbing fixtures and light fixtures. 8' double gate and garage door opener included. Home comes with Century Connect which includes being set up for a Smart Home that includes many features.

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41000 W Agave Road Maricopa, AZ 85138

$465,990

3 Beds

2 Baths

1,987 SqFt

Status Active

MLS # 6400949

Property Type Single Family Residence

Price Type --

THIS HOME IS READY FOR YOU!!! Belice - perfect for entertaining with a 12x8 sliding glass door that leads out to your extended covered patio. Large walk-in shower at Owner's bath and ceramic tile surrounds, Designer gas appliance package, Lausanne Espresso cabinets with 42'' upper kitchen cabinets and upgraded hardware. Himalaya white granite countertops in kitchen and on the enhanced kitchen island. 8' tall interior doors throughout home. Upgraded flooring includes level 9 carpet in all bedrooms/closets and Linden Pointe Grigio 12x24 floor tile in remaining areas of the home. Dual sinks at bath 2. We're also adding in the pre-plumb for soft water. Interior two tone ''Agreeable Gray'' paint. Garage service door and an 8' tall garage door.

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16755 W Buckhorn Trail Surprise, AZ 85387

$465,462

4 Beds

3 Baths

2,291 SqFt

Status Active

MLS # 6686984

Property Type Single Family Residence

Price Type --

Can't find what you want on the resale market, look no further. This 4 bedroom, 3 bathroom Pastora plan is open, spacious and livable. The kitchen overlooks the great room and is loaded with upgrades. The kitchen includes 42'' upper cabinets with a gourmet layout, stainless steel appliances, quartz counter top and beautiful back splash. The flooring throughout is upgraded. The 12ft. sliding glass door allows more light into the great room and provides a seamless transition between the indoor and outdoor spaces. Our High Performance Homes come standard with home automation technology and a Reme Halo air purifier to promote a healthy lifestyle. EZ access to the 303 loop. Elementary school is close to community. Home is MOVE-IN READY

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