Posted on: 15th Sep, 2010 04:50 pm
If I was given a house as a gift, and I need money immediately but do not want to sell the house do I get a loan against the house, a mortgage on the house or do i borrow against the equity of the house? please help
Hi squirl,
If you're the owner of the property, then you can use the house as a collateral in order to get a mortgage. However, in order to get a mortgage, you should have a good credit score and income. Moreover, you should have the required debt to income ratio.
If you're the owner of the property, then you can use the house as a collateral in order to get a mortgage. However, in order to get a mortgage, you should have a good credit score and income. Moreover, you should have the required debt to income ratio.