I have a 390,000 mortgage privately held at a rate of 8% for the next 54months then a balloon of approx. 300,000 to finish the terms of the loan. I may be able to cover the 300k before the payoff date. I would just be more comefortable with a longer term. currently my payments are almost 4k per mo. In order to satisfy by the end of my term I have to pay 8,675.00 per month to zero out at the end of my mortgage. you see the delima. The mortgage is on a 1.2- 1.7 m property (marina) that we put up almost 50% in cash on. A private mortgage in this case was the seller holding the paper on the debt.
How at 46 years old, never having any credit, do I establish credit for a mortgage?
If you want to establish credit, you can do so by starting with store charge accounts, I recommend 2. Macys. JC Penney's, and Sears are the easiest cards to get. You can also establish credit with gas cards. Use them and pay the balances off at the end of the month. There are also many banks that will give a credit card with no credit. If your sole purpose for wanting to establish credit is just to get a mortgage, then you should not let that deter you. As a mortgage banker, I have used alternate credit to get my borrowers approved for a loan. A few examples of alternate credit include utlilty bills, car insurance, and cell phone bills. We also use your privately held mortgage as credit.
If you need assistance on getting a loan or have any other questions feel free to emial me at mortgageallday@aol.com
Good Luck!
How at 46 years old, never having any credit, do I establish credit for a mortgage?
If you already have a mortgage, shouldn't you ask the lender this question?
How at 46 years old, never having any credit, do I establish credit for a mortgage?
Sorry- but, at the age of 46 how can you still have such a large mortgage? Assuming you lived with a partner during the 1990's- i don't understand. Anyways regarding your question- many large banks will allow you to take out an additional mortgage without any credit history, however your house will be used as equity.
I suspect the validity of your question- how about going to an Establishment known as a BANK? and finding out?
How at 46 years old, never having any credit, do I establish credit for a mortgage?
Dave Ramsey says there are lenders that do the real underwriting work and that you can get a mortgage with no credit-- he says poeple dont need credit cards or anything like that. I think if you check his website you can find mortgage companies that verify OTHER portions of the lending (that you've paid regular bills, have the income, etc.)
OR your option is to get 2 credit cards now and let it build your score for 4 years. With only a 300K mortgage and equity worth 5 times more, you should still get a great rate!!
How at 46 years old, never having any credit, do I establish credit for a mortgage?
Is this a residential mtg? (you referred to the property as $1.2m marina) Either way, residential or commercial, w/o established credit %26amp; sufficient credit scores you are limited at that loan amount. I'm sure your private investor is not reporting your history to the credit bureaus so you will have build your credit. - secured credit card if you cannot obtain a traditional one, you can also obtain a asset secured installment loan -- you will need at least 3 tradelines paid perfectly over 12 months to establish a valid score.
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