Posted on: 26th Sep, 2006 09:29 am
My girlfriend bought the house we currently live in. I was recently advised by someone that we might be able to do a quit claim and I might be able to get some sort of mortgage for the house to give to her. We want both names on the house and looking to get some money. Have you heard of this before? I was told they might be able to do this without a credit check. Is this possible also?
Hi,
Yes, to have both of your names on the title of the house you can do a quit claim. It is a way by which a person's name can be added to the title of the property.
Chiarraí
Yes, to have both of your names on the title of the house you can do a quit claim. It is a way by which a person's name can be added to the title of the property.
Chiarraí
Hi,
It is not that lender offering a mortgage will not check for your credit. What can happen is that if your credit score is not good you will get what is called sub prime mortgage where the interest rate will be quite higher than normal.
It is always advisable to look for mortgage loans where you will have your credit checked and that way you would be able to qualify for better rates if your credit score is reasonably good.
Jeffery
It is not that lender offering a mortgage will not check for your credit. What can happen is that if your credit score is not good you will get what is called sub prime mortgage where the interest rate will be quite higher than normal.
It is always advisable to look for mortgage loans where you will have your credit checked and that way you would be able to qualify for better rates if your credit score is reasonably good.
Jeffery
hi,
let me add that you should properly draft the quit claim deed and get it recorded with the help of an attorney to be valid. please read this article on quit claim deeds for more information about the actual procedure.
thanks
colin
let me add that you should properly draft the quit claim deed and get it recorded with the help of an attorney to be valid. please read this article on quit claim deeds for more information about the actual procedure.
thanks
colin
Hi Flyinchippy,
You can do a quit claim without anyone having to check your credit status. But prior to getting a mortgage loan, the lender would like to check your credit score and payment history.
Thanks
You can do a quit claim without anyone having to check your credit status. But prior to getting a mortgage loan, the lender would like to check your credit score and payment history.
Thanks
Hi flyinchippy,
"We want both names on the house "
If you want both names on title, you may use any deed like warranty deed or grant deed instead of the quit claim.
"looking to get some money "
I guess you are looking towards taking a loan against the house. In that case, you need to contact a lender and find a suitable loan program as per your choice.
Thanks.
"We want both names on the house "
If you want both names on title, you may use any deed like warranty deed or grant deed instead of the quit claim.
"looking to get some money "
I guess you are looking towards taking a loan against the house. In that case, you need to contact a lender and find a suitable loan program as per your choice.
Thanks.