these telemarketers call my house asking me about it but my house is already paid off..
2007-01-17 14:13:13 · 11 answers · asked by Ketra 4 in Home & Garden ➔ Other - Home & Garden
Then you don't need a mortgage. It is money borrowed against your house...the place you make your hose payment to because they are holding your deed.
2007-01-17 14:16:57 · answer #1 · answered by ILOVELUCYFAN 3 · 0⤊ 0⤋
Tell them not to call round, if your house is paid off you don't need a mortgage which is a large loan usually stretching over 25 years where in the end you pay the price of your house just in interest. So well done for not having one!
2007-01-17 14:17:52 · answer #2 · answered by getfit chick 4 · 0⤊ 0⤋
Well, disregard telemarketers, they don't research their facts before they call...i'd get calls to consolidate my credit card debt all the time, when I didn't own a credit card.
A mortgage is a loan on your house. If you've paid off your house, you can still borrow money against it, making a mortgage. You can even get second mortgage's on your house, though that is something I wouldn't recommend.
2007-01-17 14:17:29 · answer #3 · answered by Pooky 4 · 0⤊ 0⤋
A mortgage is a method of using property (real or personal) as security for the payment of a debt.
The term mortgage (from Law French, lit. death vow) refers to the legal device used in securing the property, but it is also commonly used to refer to the debt secured by the mortgage, the mortgage loan.
In most jurisdictions mortgages are strongly associated with loans secured on real estate rather than other property (such as ships) and in some cases only land may be mortgaged. Arranging a mortgage is seen as the standard method by which individuals or businesses can purchase residential or commercial real estate without the need to pay the full value immediately. See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property.
In many countries it is normal for home purchases to be funded by a mortgage. In countries where the demand for home ownership is highest, strong domestic markets have developed, notably in Spain, the United Kingdom and the United States.
2007-01-17 14:17:06 · answer #4 · answered by AlaskaGirl 4 · 0⤊ 0⤋
Just tell them that you don't have a mortgage because your house is paid off.
2007-01-17 14:22:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Then just tell them you don't have one!
A mortgage is basically when you put up your home as collateral and then the bank lends you a large sum of money. But if you fail to pay the money back, the bank takes your home instead.
2007-01-17 14:16:57 · answer #6 · answered by the_fatmanwalksalone 4 · 0⤊ 0⤋
Something you should stay away from at all costs if possible.
Mortage =BAD BAD BAD!! Unfortunately many people today seem to think that a mortgage is something you do everytime you want a new toy.
2007-01-17 14:18:46 · answer #7 · answered by Bobby the Brain 4 · 0⤊ 0⤋
They want to get you to pay rent to their company again lucky you you can also do a reverse mortage and live more comfortable of the present value of your house which is probably at least triple of what you paid for it
2007-01-17 14:20:58 · answer #8 · answered by Chris 4 · 0⤊ 0⤋
A mortgage is a type of loan. It is a loan specifically for real estate.
2007-01-17 14:15:54 · answer #9 · answered by ♪ ♥ ♪ ♥ 5 · 0⤊ 0⤋
It is what you have to pay before your house is"paid" off.
2007-01-17 14:16:30 · answer #10 · answered by Regina 4 · 0⤊ 0⤋