Mortgage is consider what ...income?

Question

I WAS TRYING TO GET LINE OF CREDIT EQALITY LINE BUT NOW I ONLY CAN GET A MORTGAGE IT BECAUSE I WANT TO BUILT CREDIT NOW THEY SAYING A MORTGAGE ..WHAT IS IT IS THIS GOOD THEN CAN I REFINACE IN 6 MONTH IS THIS A GOOD WAY TO START ME OFF BUILT CREDIT YES OR NO I LOST IN THIS MONEY MAZE..HELP

Answer 1

A mortgage is something you owe, not income. And don't get one if you don't know the difference. That is what people get when they buy a house. Go to a credit counselor, they can help you on terms and actions. It is really bad now, the parents of the younger generations have not taught their kids values, money situations, or obligations. Help yourself, please.

Answer 2

I think what you are asking is "How do I build credit?" Am I right? If so, I will tell you how I got started. This is, incidentally, also a great way to improve your credit score if it has slipped. If you have a bank that you work with already, go there and ask them for a secured loan. This is a loan that you will take out and you have to have at least the same amount of money in an account with the bank to cover it if you default. They give you the loan (I started small...$500.00.), you put ALL of the loan money in a savings account at the same bank, and as the payments come due, you simply make the scheduled payments from the account where you put the money until the loan is paid off. MAKE SURE TO MAKE PAYMENTS ON TIME. That is how you build credit. It does cost a little. It will cost you whatever interest accrues on the account as you pay it off. I think I paid about $12.00 interest on my $500.00 loan...but it was worth it for the credit! You can do this at several different banks and you will have credit before you know it! It is very important to make the payments on time...and to MAKE PAYMENTS rather than just paying the loan right off. This shows your creditors that you are trustworthy. They will eventually be more than happy to extend you more credit. I hope this helps. You talk about an equity line of credit also. This is something that you can ONLY get if you already have a mortgage on a house. Or some kind of property. I would not recommend this if you have no credit to start with. When you go to apply for the mortgage they will look at your income but they will also look at your credit score. If you have no credit, the mortgage company will more than likely charge you a very high interest rate. You do not want to pay high interest. Just build up your credit score slowly using the secured loan method and eventually when you are ready to purchase a house, the mortgage companies will be falling over themselves for your business...and giving you very competitive interest rates! If I can be of any other help, please let me know! Best wishes!

Tina

Answer 3

My banker suggested to build credit, go to your bank and open up a secured credit card... one where you front the money which would be your limit and the bank gives you a credit card then you have to use it every couple months not over half your credit limit and after a year of paying your balances off you'll be able to get a loan . The people your talking to are trying to charge a large intrest rate at first and then charge you to refinace at a lower rate and it goes on and on.

Answer 4

There are two main lines of credits - secured and unsecured lines. Under these 2 categories they are further divided into - closed end lines of credit & revolving lines of credit. The difference is that you can re-draw on the balance on a revolving line as you pay it off e.g. credit cards are revolving credit lines. Lines of credit usually are provided at interest only payments and are used to suppourt very specific things..eg home improvements, debt pay off etc....A line of credti can be secured by anything including real estate, cars, stocks, cash deposits with a bank, machinery & equipment, accounts & notes receivable etc. A mortgage is secured by real estate and therefore erquires that the borrower own the property that is pledged as collateral. Most conventional mortgages that are amortizing are P&I (i.e. require payments on the principal & interest)...

Hope that helps!!!!!!!!!!

Answer 5

A mortgage is when you put your property as credit. You are basically saying you will pay back the money you borrow or they can take your property. It is good to build your credit if you make sure you make those payments!

Answer 6

ok in order to get an equity line of credit your house must have equity ....you may think ur house does have some but they will send an appraiser to establish the value of the house....if you want to know more send me an email and ill give you a call... im a senior loan officer and real estate agent witht he ability to finance loans in 36 states....

[e-mail]

Answer 7

Understand and do what I write under here EXACTLY, so one thing to DO, then under that, next thing to do, EXACTLY!:

Good credit is good

Mortgage paying builds credit-it builds REVOLVING credit

Revolving credit is (BEST CREDIT THING TO BUILD and HAVE)

Think to FIND good mortgage FIRST and KEEP IT and NOT to think of refinance now-RATES ARE VERY LOW NOW

LENDERS need YOU more NOW-You need them less NOW

Find good mortgage best for you and your credit by INTERNET LOOKING (searches)> at MORTGAGE LENDERS in looking (search).

Put your personal information into internet spaces at different places ON INTERNET PLACES <(sites) for MORTGAGE LENDERS, and find SMALLEST NUMBER RATE (lowest number %) FIXED rate.

FIXED RATE number payment DOES NOT CHANGE MONTHLY PAY TO LIVE IN HOUSE!

A.R.M.S>>> (ADJUSTABLE RATE MORTGAGES)CHANGE PAYMENT MONTHLY TO LIVE IN HOUSE-you do not want this now AT ALL!!-RATES ARE LOWEST! BEST RATES FOR YOU NOW IN ECONOMY!!

You will WRITE LOWEST FIXED RATE NUMBERS on paper FROM COMPUTER LOOKING, then go to MORTGAGE LENDER where you live now, and tell them THIS RATE, NO HIGHER RATE, FIXED RATE ONLY or you will LEAVE! THEN LEAVE PLACE IF THEY SAY NO TO ALL!

*****AGAIN if LENDERS say no LOWEST FIXED rate for YOU, tell them DIFFERENT LENDER said YES to FIXED RATE for you and TELL THEM THE LOWEST RATE FIXED NUMBER %FROM INTERNET LOOKING YOU DID WRITE ON PAPER some said YES TO YOU, and leave place NOW at LENDER saying no FIXED FOR YOU-they will say then YES< COME BACK!! PLEASE RETURN!! and they will stop you and give you WHAT YOU WANT, or they will call on the phone later and give you WHAT YOU WANT!!! . IF THEY DO NOT STOP, OR CALL ON PHONE LATER AND GIVE YOU, KEEP LOOKING!

IT IS SMART AND LUCK THAT RATES ARE LOWEST IN ECONOMY IN MOST LONGEST TIME-so you will maybe be SMART TO KEEP RATE YOU GET NOW FOR LONG TIME-then learn more.

SO this tells you then MORTGAGE LENDERS are NEEDING TO SELL NOW-so get what you want! NOW! THEY need YOU-you DONT need THEM! Tell them this very nice and smile.

Do not think about your post question here>>>MORTGAGE IS WHAT, INCOME? now in time-PAYING MORTGAGE builds EQUITY-NO REFINACE THINKING NOW!

But they will give you-you will be sure on this

AND, there also is FEE to pay to get-ANOTHER THING TO PAY for FIXED, so FIND on INTERNET money number AMOUNT of FEE CHARGE MOST LENDERS will ask for MOST people to PAY for FEE called CLOSING CHARGES by most LENDERS. So look up numbers of THREE CLOSING CHARGES price AMOUNT from THREE DIFFERENT LENDERS, ADD the three together and DIVIDE by tree this number of all together to find AVERAGE to EXPECT <<(what you think you must pay for CLOSING CHARGES), so you are not surprised, be sure it will happen, it will happen, it is normal and okay..