Posted on: 12th Feb, 2007 10:22 am
my parents have a home that they would like to give to me and my fiancee since i am getting married and they can no longer make payments on the house. can they give it to me as a gift and quick claim it will i and my fiancee be the sole owners and our names be on the title; and if so can i refinance as soon as possibly.
hi niomiv,
welcome to mortgagefit forum.
yes your parents can use a quit claim deed to transfer ownership rights for the home in your name. after it is quit claimed to you and your fiancee you two will become the owners of the house.
you would be able to refinance the mortgage but make sure that the mortgage is not having a prepayment penalty. and even if it has one the time period for the penalty is over.
colin
welcome to mortgagefit forum.
yes your parents can use a quit claim deed to transfer ownership rights for the home in your name. after it is quit claimed to you and your fiancee you two will become the owners of the house.
you would be able to refinance the mortgage but make sure that the mortgage is not having a prepayment penalty. and even if it has one the time period for the penalty is over.
colin
Accept my heartiest greetings on starting your new married life. I wish you all the happiness in the world. :)
Niomiv,
Let me add that before it is quit claimed to you inform the lender that you intend to get the home in your name and would like to refinance the mortgage.
If you would like to have more information on how the quit claim deed can be created and properly recorded for changing the ownership in your & fiancee's name, then you should go through this page - http://www.mortgagefit.com/quitclaim-deed.html
Thanks
Blue
Let me add that before it is quit claimed to you inform the lender that you intend to get the home in your name and would like to refinance the mortgage.
If you would like to have more information on how the quit claim deed can be created and properly recorded for changing the ownership in your & fiancee's name, then you should go through this page - http://www.mortgagefit.com/quitclaim-deed.html
Thanks
Blue