how at 46 years old, never having any credit, do I establish credit for a mortgage?

Question

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.

Answer 1

This doesn't make sense. You have a 390K mortgage that you got with no credit? Even private lenders like to know that you have the ability to repay a loan. How can you afford 4K a month and somehow you don't have a credit history? How can you put 50% down on over a million dollar property and somehow never establish a credit history?

Something is missing in this.

However, find another lender and refinance this. If it is worth over a million and you only have 390k mortgage on it, you shouldn't have a problem finding a lender. And for Gods sake, get a 30 year fixed rate mortgage. I don't know who invented the balloon payment but it's sent a whole bunch of people into foreclosure here in the last year or so.

Answer 2

Is there some reason you can't go into a bank and apply for a loan?
Having no credit history is better than having a bad credit history. Stop in a bank and ask questions, then shop around for the best interest rates and terms and fees.

Answer 3

I'm confused. Your question asked about establishing credit but you obviously have credit if you have a current mortgage. I think you need to clean up this question a bit.