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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40930 W Agave Road Maricopa, AZ 85138

$465,990

4 Beds

3 Baths

2,142 SqFt

Status Active

MLS # 6641288

Property Type Single Family Residence

Price Type --

START PACKING... It's the Castellano.. This home has 4 bedrooms, 3 baths and 3 car garage. Large walk-in shower at owner's bath. Multi slide door that leads out to the covered patio perfect for entertaining. Gas range for the cook in the family. Benton painted white cabinets with 42'' kitchen uppers and pull out trash drawer with two bins. DT One Quartz Evening Gray countertops in the kitchen and at the enhanced kitchen island. DT Marble Attache Matte kitchen backsplash and stainless steel undermount kitchen sink. 8' tall interior doors throughout the home. Upgrade flooring includes MZ Norwood Oak 6x24 tile in all areas of the home except bedrooms/closets. Gas drop to dryer, gas stub for BBQ, 8' garage door, garage service door and so much more.

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12565 N 175th Drive Surprise, AZ 85388

$465,900

3 Beds

2 Baths

1,836 SqFt

Status Active

MLS # 6688259

Property Type Single Family Residence

Price Type --

Beautiful property nestled on a desired corner lot! This gem displays a well-maintained front yard and a 2-car garage for your vehicles. The delightful interior features a spacious open floor plan, highlighting tall ceilings, a soothing palette, tile flooring, and soft carpet in all the right places. The kitchen is fully equipped with ample counter space, a walk-in pantry, rich wood cabinetry, recessed lighting, and an island with a breakfast bar, great for morning conversations. Double doors reveal a generous main retreat, offering a private bathroom with dual sinks and a large walk-in closet. Out the back, you'll find a covered patio for relaxing evenings after a busy day. Conveniently situated near schools, shopping, and parks. Stop searching!

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505 W Stanley Avenue San Tan Valley, AZ 85140

$465,500

3 Beds

2 Baths

1,999 SqFt

Status Active

MLS # 6689220

Property Type Single Family Residence

Price Type --

Welcome Home!! This beautiful 3 bedroom, Plus Den, 2 bath, 2 car garage home is located in the desirable and established Ironwood Crossing neighborhood. Large kitchen with granite counter tops, beautiful crown molding on cabinets, custom tile back splash, and stainless steel appliances. Open and spacious floorplan with 8' doors throughout. Ceiling fans in all rooms. Water softener and RO water system. Enjoy relaxing under your extended covered patio with sunshades or under the stars next to your gas fire pit. Exterior was repainted in 2020. This is a must see! Owner has access to Mary Lou Fulton & Ira Fulton Aquatic center. Great community features include parks, basketball courts, pickleball courts and much much more. **Some Furniture is Available on a Separate Bill of Sale*

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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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17708 W Eva Street Waddell, AZ 85355

Open House

$465,420

5 Beds

2.5 Baths

1,915 SqFt

Status Active

MLS # 6687003

Property Type Single Family Residence

Price Type --

This GORGEOUS Single Story New Construction home has it all! 1,915 square feet, 5 bedrooms, 2.5 bathrooms, w/ 2 car garage! ***Est COE in May*** Our Quick move-in homes will include appliances and backyard landscape with turf. This home features a modern, neutral color palette, offering 36'' white shaker cabinetry, a large kitchen island, upgraded white quartz countertops, and 9' ceilings throughout. It also includes a soft water loop. This home prioritizes efficiency, with features such as dual pane low-E windows, and a smart home system included. The exterior features front yard desert landscaping, a covered patio and private backyard. Conveniently located off the 303, this community is near Costco, Safeway, and shopping. **Finishes may vary from sample photos and virtual tour.

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9812 E Windy Pass Trail Gold Canyon, AZ 85118

$465,400

3 Beds

2 Baths

1,642 SqFt

Status Active

MLS # 6657193

Property Type Single Family Residence

Price Type --

This popular split floor plan is located in a gated community on a quiet corner lot with mountain views and mature, low-maintenance landscaping in both the front and back yards. The interior features 3bd/2ba split floor plan, open family room with fireplace & skylights, formal dining room (or den), ceiling fans throughout and 9ft+ ceilings. Large primary suite includes great views of the back yard & pool and an en-suite with dual sinks, shower and walk-in closet. The eat-in kitchen features maple cabinets, granite countertops, pantry and breakfast bar. Tile & laminate flooring throughout. Enjoy the pebble tec play pool with waterfall and above-ground spa! The pool has a self cleaning in-ground system. Welcome home!

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1850 E Bernie Lane Gilbert, AZ 85295

$465,205

3 Beds

2.5 Baths

1,812 SqFt

Status Active

MLS # 6693338

Property Type Townhouse

Price Type --

Beautiful, newly built condo now available in Towns at Annecy! This 2-story Spanish/Italian style property offers a lovely kitchen with Stainless Electric GE appliances including a refrigerator, Quartz countertops, and a Delta Faucet. Other highlights include Espresso Shaker style cabinets, Delta Bath Hardware, wood look flooring, two closets in the Primary Suite, and ample storage throughout. A stainless GE Washer and Dryer are also included! Soft Water Loop pre-plumbed only. Enjoy gated access and endless amenities including a pool, spa, playground, and more! Please note that the interior photos are not from this home, they are a reference from a finished model.

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1850 E Bernie Lane Gilbert, AZ 85295

$465,205

3 Beds

2.5 Baths

1,812 SqFt

Status Active

MLS # 6693434

Property Type Townhouse

Price Type --

Lovely new Spanish/Italian style condo now available in the private and gated community of Towns at Annecy. Enjoy endless amenities throughout the community and designer selections throughout the 3 bed, 2.5 bath home. Stainless Electric GE appliances including a Refrigerator, Washer, and Dryer! The kitchen boasts Quartz countertops, a Delta Kitchen Faucet, and Nutmeg Shaker style cabinets throughout. The unit has ample storage including two closets in the Primary Suite. Other highlights include wood look flooring and carpet flooring, Delta bath hardware, and a Soft Water Loop pre-plumbed only. Attached 2-car tandem garage. Please note that the interior photos are not from this home, they are a reference from a finished model.

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5258 E Calle De La Fressa -- Hereford, AZ 85615

$465,000

4 Beds

2 Baths

1,928 SqFt

Status Active

MLS # 6691769

Property Type Single Family Residence

Price Type --

A must see to appreciate is the elegance and peaceful beauty of this new built 4-bedroom modern, country charmer! Boasting magnificent views of the northern/ eastern mountain range & the gorgeous Huachuca mountains, a hike away. The front porch & yard provide an idyllic ambiance for the beauty of this quiet country style neighborhood. Featuring a wonderful spacious open floor plan, to include 4 bedrooms, 2 bathrooms, a den, vaulted ceilings, larger windows, taler doors & an open concept - split bedroom plan, with an oversized 3 car garage. Just beautiful are the buttercream-colored cabinets accented with the darker granite counters. A lovely kitchen island & charming dinning create such a relaxing yet elegant dining experience. The wood tile flooring throughout makes for easy living and a great look. Stop in to see this gorgouse home and you too will fall in love!

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25664 N 162nd Drive Surprise, AZ 85387

$465,000

3 Beds

2 Baths

2,041 SqFt

Status Active

MLS # 6672937

Property Type Single Family Residence

Price Type --

This gorgeous, highly upgraded floor plan is model home perfect. This 2041 Sq Ft. single level property has an open floorplan, 3 bdrms, 2 baths plus a den/flexspace! It was built in 2020 with lots of upgrades! Step inside to a home that is light, bright and a beautiful blend of luxury and comfort. This home is better than new, it boasts beautiful white shaker cabinets with a beautifully deigned backsplash, luxury wood-look flooring, Brand new Carpet throughout the house as well as stunning granite countertops which make for a sleek and sophisticated look! The impressive gourmet kitchen offers a gas cooktop and and an island breakfast bar. 8ft doors throughout the house. The owner's suite is spacious with a walk in shower. This home also comes with a backyard designed for easy maintenance.

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15622 W Yucatan Drive Surprise, AZ 85379

$465,000

4 Beds

2 Baths

2,407 SqFt

Status Active

MLS # 6672604

Property Type Single Family Residence

Price Type --

Meticulously maintained and cared-for home on a quaint, tree-lined street in Greer Ranch. Located in the beautiful city of Surprise. This 4 bed 2 bath home has a large living room with a separate formal dining room. Upgraded with durable, wood laminate flooring throughout. Fully landscaped front and back with auto watering system. Spacious kitchen with SS appliances. Built-in bookshelves. Custom front security screen door. Huge primary suite. Ensuite with privacy door. Covered back patio with an extended concrete slab. Split 3-car garage. 3rd bay has lots of built-in storage cabinetry. Great for a workshop or man cave. Must see this beautiful home!

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45240 W Windrose Drive Maricopa, AZ 85139

$465,000

5 Beds

3.5 Baths

3,432 SqFt

Status Active

MLS # 6674588

Property Type Single Family Residence

Price Type --

The home features an open floor plan with a formal living and dining room, as well as a great room that overlooks the backyard. It includes a half bath downstairs for convenience and 5 bedrooms upstairs with 3 additional bathrooms. The kitchen has plenty of cabinet space with a desk area, walk-in pantry, granite countertops, and an under-mount sink. Large tile is in the traffic, kitchen, and wet areas, with neutral carpet in the rest of the home.

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