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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9451 E Becker Lane Scottsdale, AZ 85260

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$460,000

3 Beds

2 Baths

1,259 SqFt

Status Active

MLS # 6692644

Property Type Apartment

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RARE FIND. Ground floor condo with garage and 1 covered parking space. Home features granite countertops, stainless steel appliances, full-size washer & dryer, 20'' tile and wood look laminate flooring, walk-in master shower, raised vessel sinks, glass shower doors, window coverings. New HVAC in 2018, water heater 2019, Windows replaced in 12/22, resurfaced patio in 3/24, Retractable door screens front and back in 2024, Dry bar and cabinets added in 2/23. HOA includes tennis courts, swimming pools, hot tubs, clubhouse with fitness room. Walk to shopping, restaurants, and grocery stores. Entertainment venues and golf courses close by. Short drive to Mayo Clinic and MLB Spring Training, near Scottsdale Greenbelt Trail. Near church and schools.

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17719 N 113th Avenue Surprise, AZ 85378

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$460,000

3 Beds

2 Baths

1,934 SqFt

Status Active

MLS # 6663313

Property Type Single Family Residence

Price Type --

Welcome to the Gated Community of Canyon Ridge West! This stunning home offers privacy with no neighbors behind and boasts a sparkling pool with a soothing waterfall feature, along with a convenient RV gate and added parking for all your outdoor storage needs. Inside, vaulted ceilings with tubular skylights and neutral tile floors create a spacious ambiance. The flexible layout includes a private den and ample living space. New HVAC in 2024! *Edited Neutral paint photos added.

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10718 E Secret Canyon Road Gold Canyon, AZ 85118

$459,999

3 Beds

2 Baths

1,646 SqFt

Status Active

MLS # 6685607

Property Type Single Family Residence

Price Type --

Nestled near the Superstition Mountains this property offers a variety of special features and accommodations like: flexible floor plan, plantation shutters, mountain view, quiet gated community, ***sparkling pool (w/mesh child safety pool fence included)***, automatic sun shade, office den, newly remodeled kitchen and floors throughout the house, ***quality slab granite countertop***, farmhouse kitchen sink and faucet, ***new bathroom vanity countertop & faucet***, 2 car garage, ***new roof***, fireplace AND its a corner lot so no neighbors to the right of this property. Single story homes surround this lot so those looking for privacy this is where it's at! It's also near hiking trails so for those looking to do some desert exploring its perfect! Don't wait too long!

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20599 W Nelson Place Buckeye, AZ 85396

$459,999

3 Beds

2 Baths

1,623 SqFt

Status Active

MLS # 6677655

Property Type Single Family Residence

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You don't want to miss out on this move-in ready beauty. Located in the stunning and sought after subdivision of Verrado in Buckeye. The home is in immaculate condition from ceiling to floor. Wood-like tile flooring though all the main living & walking areas. Your new kitchen offers granite countertops, breakfast bar, contemporary light fixtures, upgraded cabinetry with lots of storage space, and stainless steel appliances. The backyard has no maintenance landscaping, covered patio, and plenty of room to relax and entertain. Don't miss out on this one! It won't last long on the market. Thanks for stopping in.

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